Looking to know about the term "conveyancer" and how it can speed up your property transfer?
If you’re wondering if they're just another unnecessary step in the process or if their expertise can be genuinely beneficial, this article is for you. Let’s discuss the definition, purpose, and standard steps of how a conveyancing service procedure is carried out. Read on.
What is a Conveyancer?
A conveyancer is a legal professional specialising in facilitating property ownership, either transfer or turnover. The main role of a conveyancer is to help make sure that the process of buying, selling, or mortgaging properties is compliant with the requirements and that the process is conducted smoothly.
They SHOULD exist because transactions involving properties require a certain level of knowledge, understanding, and expertise. They involve complex legal steps to protect the rights of everyone involved, both consumers and vendors.
Note: With a certain level of expertise, a conveyancer can also be a Solicitor, licensed conveyancer, or chartered legal executive.
Purpose of a Conveyancer
The primary purpose of a conveyancer is to do a smooth and thorough conveyance of properties. Conveyancers help their clients by managing all legal aspects of property transactions. They conduct property research and audits and look for any transaction issues.
A conveyancer also handles paperwork and ensures that all legal obligations are met. Their role is to protect their client’s interests and lead a seamless transfer of property ownership.
One of the most common misconceptions about conveyancing is that it’s a quick process. Outside looking in, it does look easy but unfortunately, it’s NOT. Here’s why:
It’s a common belief that the entire conveyancing process can be completed in just a matter of days. In reality, the process can last several weeks and months before it reaches full completion.
Although property conveyancing is standardized, the pace of the process may vary depending on its complexity, the availability of the parties involved in the procedures or transaction, and other outside factors such as negligence and document complications.
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| Find Conveyancers In: | |
|---|---|
| Altona Meadows | Altona |
| Williamstown | Newport |
| Altona North | Seabrook |
| Laverton | Spotswood |
| South Kingsville | Seaholme |
| Brooklyn | Williamstown North |
A Step-by-Step Guide to the Conveyancing Process
Transferring for property ownership is tedious, so conveyancers follow a standardized procedure. If you’re a property buyer or seller looking to outsource a conveyancing service, the step-by-step process is as follows:
1) Finding a Conveyancer
Looking for a qualified property specialist shouldn’t be difficult. You can ask a friend or family member for a recommendation, check online for comparison websites, or ask your trusted mortgage lenders and estate agents if they can refer you to a conveyancer.
2) Getting a Quote
Don’t focus on one yet. After finding a conveyancer, focus on getting quotes for comparison. Then, you can use them to compare pricing structures and service packages and match them to your capability and needs.
3) Agreement and Starting the Process
This step signifies officially hiring the conveyancer. During this step, you’ll be asked to sign the engagement letter, a document that outlines the agreed-upon fees, specific services to be provided, and communication protocols, and start discussing the property details, identification documents, and any relevant paperwork.
Your conveyancer will begin tasks like searches, inquiries, and exchanging communication with other parties involved in the transaction.
4) Drafting the Contract
This crucial stage involves meticulously examining the legal document outlining the property transfer. Step 4, your conveyancer will provide a draft contract outlining the sale or purchase agreement. This document specifies the sale price, completion date, and specific conditions.
Carefully review the contract with your conveyancer. Raise questions and discuss potential amendments or negotiations with the other party. Ideally, your conveyancer should guide you through the contract, ensuring you understand every term and implication before proceeding to Step 5.
5) Finding Potential Property Issues
The property specialist will conduct in-depth checks to identify any potential conflicts and restrictions associated with the property. They will commission various searches from relevant authorities to gather information about:
Local authority planning restrictions and development plans Environmental hazards like flooding or contamination Rights of way, access limitations, or potential boundary disputes Outstanding debts or legal claims tied to the property
6) Enquiries
This step focuses on resolving any lingering discrepancies that may be brought up during the conveyancing process.
Rundown:
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After conducting searches, your legal representative will deal with any problems found and talk to the other party's legal representative to clear up any uncertainties in the contract.
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Finding solutions through negotiation: If needed, your legal representative will try to solve any remaining issues through discussion and possibly negotiation.
This is to making sure the transfer goes smoothly. By handling these properly and reaching agreements, this stage, in fact, sets the stage for a trouble-free and successful property transfer.
7) Mortgage Offer
In step 7, the client must carefully review the mortgage offer document, which lays out the loan terms, like the interest rate, repayment plan, and any fees.
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Some lenders might have specific requirements that must be met before finalising the loan. These could involve property assessments or additional income verification.
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Sometimes, a "contract exchange" might happen with the condition that the mortgage offer is finalised. This means there's a legally binding agreement between the buyer and seller, but it depends on getting the mortgage.
Once received and approved, the mortgage offer and any conditions are met, and you're well on your way to completing the property purchase.
8) Exchange of Contracts and Completion
The next important step will be the buyer-seller exchange of signed contracts. This usually happens over the phone. Once it’s done, both parties are legally committed to the deal. The exchange sets a date for exchanging the money and keys and for the buyer to finally move into the new house.
Following Completion
After the transaction is done, the buyer's conveyancer will apply to the Land Registry to officially transfer the property into the buyer's name and arrange any new mortgage. It typically takes the Land Registry about 3-4 weeks to process these applications unless they're more complicated—so more.
Related topic: 7 Compelling Reasons to Hire a Conveyancer in Victoria
Final Thoughts
The role of a conveyancer is to help clients navigate the complexities of property transactions. These legal professionals streamline the process, ensuring compliance and protecting the interests of both buyers and sellers. While the conveyancing process may seem tedious, each step is essential for a smooth and successful transfer of property ownership.
By hiring a conveyancer, you gain expert guidance and support, making the journey toward property ownership manageable and secure. Looking to hire a property specialist? To hire a conveyancer, click here.
