The Complete Buyer’s Guide to Conveyancers in VIC

Are you considering a property purchase or investment? If so, you've likely encountered the term 'conveyancing.' But what does it mean, and why do you need to hire a conveyancer in Victoria?

This comprehensive buyer's guide clarifies the entire process, providing you with the essential knowledge and guidance for a successful property transaction. We'll cover everything from their role and why you need one to the requirements and tips for finding the best conveyancer in Victoria. Let’s dive in and start with the basics.

What is a Conveyancer?

So what exactly is a conveyancer, and what do they do? They’re licenced professionals that specialise in transferring a property’s ownership from the seller to the buyer. Some people call them conveyancing solicitors. But what sets them apart from lawyers, and why is it essential to work with someone with the proper licence? Let's find out.

Most first-time buyers and sellers think conveyancers can only assist with property transactions. That’s not necessarily the case. In certain circumstances, you will also need a conveyancer to transfer a title from a joint name title to one name and vice versa.

Conveyancers take care of all property transfer documents. They can also advise you on any legal implications concerning property transfer and assist in settlements and negotiations.

Do I Need a Conveyancer to Buy a Property in Victoria?

No, Victorian laws don’t strictly require that you hire a conveyancer when you buy or sell a property. But there are several benefits to hiring one. Here are some of the most compelling ones:

• Legal knowledge. Conveyancers are experts in the legalities of property conveyancing, like clearing titles and defining lease terms.
• Liaison. Conveyancers act as your liaisons between and keep clear and transparent communications between buyers and sellers.
• Local expertise. A local conveyancer— especially an experienced one— has extensive knowledge about local real estate issues that may affect the sale or purchase of a home.
• Legal advise. Conveyancers can provide advice on buying properties, auctions, and contracts.
• Transfer process. Conveyancers seamlessly manage the transfer process. All that paperwork? They’ll take care of it for you, and there’s a lot of paperwork involved, mind you.
• Save time and money. Hiring a conveyancer can save time and money if you consider the opportunity cost, the time it takes to finish everything, and the legal issues you avoid.

You can do your own conveyancing, don’t worry. However, given the complex and time-consuming process, it’s better to outsource it to someone who can commit to doing it and do it right.

How Much Does Hiring a Conveyancer Cost in Victoria?

In Victoria, Australia, conveyancers will charge a fee of around $720 to $2,200. That fee can go up or down depending on factors like:

• The value of the property;
• The location of the property;
• How much work the conveyancer needs to do;
• The complexity of the transaction;
• The type of property involved; and
• The conveyancer's experience level.

We recommend taking multiple quotes from conveyancers before you land on one. If you need a place to find conveyancers, check out Easyhome, a platform that makes home buying, renting, and selling more accessible for Victorians and Australians. Sign up to get conveyancing quotes for free.

Finding conveyancers no longer has to stress you out. We've compiled some of the most trustworthy conveyancing firms in your area.

Steps in the Conveyancing Process

To be honest, the conveyancing process is far from straightforward (hence the need for a conveyancer), but here’s a quick run-down of the major steps all parties undertake to complete a property sale:

1) Arrange a Contract of Sale

Your selling agent or conveyancer will draw up a contract of sale between the buyer and seller. The contract should include all essential details of the transaction, including:

• Price;
• Transfer of ownership information;
• Names of the buyer and seller;
• The property details;
• Conditions of the transaction;
• Terms of payment; and
• Loan details.

The conveyancer will have to review the contract before anyone signs.

2) Both Parties Sign the Contract

After all parties agree to the contract of sale’s contents, both parties should sign the document. Remember that this is a legally binding document, so thoroughly read and understand all the nuances. Conveyancers can explain parts that you don’t know.

At this point, the buyer will also pay a holding deposit. This differs from the home deposit and acts more as a fee to signify to the buyer that you’re serious about acquiring the property. This fee is usually refundable, but that’s up to the buyer's and seller's agreement.

3) Buyer Pays the Deposit

Once you’ve signed and exchanged the contract of sale, the buyer should pay the deposit on the property purchase. This is a sign of good faith held on trust by the real estate agent, conveyancer, or solicitor.

The deposit is usually 10% of the purchase price as standard practice. However, the amount can vary depending on the seller and their agent. Most times, these deposits are non-refundable, but rules vary by state. In Victoria, the deposit is fully refundable until the contract is binding.

4) Start the "Cooling Off Period"

This is when sellers give buyers a chance to “get out” of the contract if they find any issues or run into circumstances that make the purchase problematic. Sometimes, buyers must pay a small termination fee to cancel the purchase.

Buyers should use this period to get a building inspection or get a pre-purchase loan approval. For properties on auction, there’s no cooling-off period.

5) Seller Signs the Transfer of Title

The buyer’s conveyancer can prepare the transfer of property or land and then have the buyer sign.

6) Pay the Stamp Duty

Stamp duty (also called transfer duty or general duty) is a one-off tax imposed by the state or territory on certain sales, including property. The buyer should pay for this.

7) Have the Transfer Documents Stamped

Once the buyer signs the transfer of title and pays the stamp duty, the seller or seller’s representative should sign the document. The buyer’s conveyancer will arrange for the transfer document to be stamped before settlement so the buyer can lodge it for registration immediately and start processing the home loan.

8) Get Insurance for the Property

Before getting a home loan, most lenders require you to get insurance on a property.

9) Buyer Sends “Requisitions of Title”

There are around 30 to 90 days between a property purchase and settlement. During this time, the buyer can send title requisitions. This is a formal document sent to the seller about any information that he or she might not have disclosed before the sale.

10) Perform Final Building Inspection

After the requisitions, a buyer must hire a building and pest inspection agency to investigate any possible defects or problems. The buyer and their conveyancer can also do additional searches to ensure no issues with the property title.

11) Calculate Loan and Adjust Settlements as Needed

Before settlement, the buyer can finalise the loan calculation and payments. If any problems arise from building and pest inspections, the buyer and seller (with the help of the conveyancer) can negotiate the final settlement price.

12) Final Settlement

The final step is to complete the settlement based on final negotiations. In the past, this had to be a physical meeting. But now, conveyancers can complete this step electronically via PEXA (Property Exchange Australia). The buyer gets the final title after settlement.

How Long Does the Conveyancing Process Normally Take?

In total, the entire conveyancing process can last from 12 to 16 weeks. Much of that timeline depends on external factors outside a conveyancer's control like negotiations, processing, inspection results, and so on.

Here's a quick look at the timeline broken down:

Conveyancing Isn’t Easy

No one ever said buying a property would be easy. The conveyancing process is arduous and tedious. That’s why you need the help of professionals like Conveyancers. If you’re planning to purchase a property but don’t have a conveyancer yet, Easyhome has you covered.

Sign up, and we’ll connect you with screened conveyancers who are more than ready to help you complete the steps outlined above. We wish you all the best and hope you finalise your dream home purchase soon!