How Does Conveyancing Work?
What is a conveyancer and how does conveyancing work?
What is conveyancing? Simply put, a conveyancer helps with the process of transferring home title ownership from one person to another.
A typical conveyancing transaction consists of the following steps:
HOW DOES CONVEYANCING WORK: BUYING PROCESS
Using a conveyancer when buying a house is incredibly helpful, as they can take an extensive look into the purchasing contract to ensure there are no hidden traps. This part of the process will involve looking for encumbrances on the property (legal claims to the estate), unpaid rates or even if there’s any planned development that could affect the future price of your property. With all the complicated legal jargon and paperwork involved, a conveyancer can help streamline the process and even negotiate on your behalf.
Read more about the buying process in our ‘buying conveyancing explained’ article here.
HOW DOES CONVEYANCING WORK: Selling PROCESS
If you’re thinking of selling your home, a conveyancer can help ensure the settlement process is as smooth as possible. This is because a conveyancer can help you with the contract of sale, the preparation of legal documents, and represent you when dealing with the buyer. Ultimately, a conveyancer can oversee the property transaction and keep an eye out for any potential legal issues.
Read more about the selling process in our ‘selling conveyancing explained’ article here.
CONTRACT OF SALE
Whether you’re buying or selling a property, you’ll be required to enter a contract of sale. At this part of the process, it’s crucial to have someone with legal know-how to over-see the preparation or review of contracts, to ensure there’s no special condition or strange clauses that could cause problems down the track.
COOLING-OFF PERIOD (BUYERS)
In Queensland, contracts have a cooling-off period of five days where the buyer can withdraw their offer without any legal repercussions. Common reasons a buyer may withdraw from a sale are the discovery of building problems or sourcing information that impacts the future of a home i.e., planned development or encumbrances. Please note that the Seller may impose a penalty if you terminate under cooling off.
BUILDING & PEST INSPECTIONS AND SPECIAL CONDITIONS
If a contract is a conditional offer (most common) it means the offer is subject to certain conditions being met. These include a property passing a building and pest inspection or the buyer successfully selling their own home or obtaining finance from a lender. A conveyancer can help to arrange all checks and inspections to ensure the buying and selling process doesn’t get needlessly complicated.
NEED A CONVEYANCER?
We hope our article on ‘What does a conveyancer do’ has given you some more information on the conveyancing process. If you’d like to get in contact with a conveyancer, contact MAP Lawyers today by calling 1300 680 584, sending us an email on email@example.com or by filling out an online form and a conveyancing lawyer will be in touch shortly.
FIRB WHAT? WHAT IS FOREIGN INVESTMENT REVIEW BOARD APPROVAL? Foreign Investment Review Board (FIRB) approval is required where a temporary resident or foreign investor wishes to invest or buy residential land in Australia. Penalties apply for foreign acquirers who fail to comply. Who has to apply? For the purposes of FIRB approval, a Buyer of
NO NEED TO SEND A HOUND TO COLLECT YOUR COMMISSION As most residential real estate agents will be aware, it is preferable for a Buyer to pay a substantial deposit which covers the Agent’s commission and advertising expenses, and leave a buffer for the Seller (keeping in mind that the deposit should not go over
WANT TO ADD YOUR SPOUSE ON TO THE PROPERTY TITLE? We often get asked about what is involved with adding a spouse on to a title. We generally encourage clients to do this when they refinance as consultation with the mortgagee will be required. In short, the process will involve: Discharging a mortgage in one