5 Tasks Your Conveyancer Will Do On Your Behalf⁣

You may be tempted to do your own conveyancing when buying your new home to save money. Hiring a conveyancer is a one-time expense that could save you money in the long run, as well as precious time. They take a lot of work off your hands, including the below...

1. Preparing essential documents⁣

One of the main tasks your conveyancer completes is to prepare all of the legal documents that form part of your real estate transaction. As part of this, your conveyancer conducts a range of title and property searches, which ensure you meet the relevant legal disclosure obligations in your State or Territory (if selling), or that you have done ample due diligence (if buying). This is important because the Certificate of Title and other relevant documents allow you to see whether limitations exist, such as easements and caveats. These types of encumbrances can restrict your use and enjoyment of the property, so it’s important to know about them prior to the contract.⁣

2. Reviewing contract conditions from a legal standpoint⁣

Most property sales contracts would include additional Special Conditions above and beyond the standard or general conditions of sale. Hence, regardless of whether you’re buying or selling, it’s essential that you fully understand these conditions – because the possible ramifications, if you default, can be significant. For instance, most contracts have a ‘subject to finance' clause. It may sound straightforward, but the wording used in a subject to finance clause should also be chosen with care.

For example, there is a difference between the buyer seeking finance from the lender of their choosing; from a specific lender outlined in the contract; or from any and all finance providers in the market. This is important because you would not want to be caught in a position where you have unknowingly placed a restriction on the lender of your choice when proceeding with the purchase. As your conveyancer, we can provide guidance in this regard that may help you avoid falling into a trap.⁣

3. Arranging financial adjustments⁣

Are you selling a property, and you’ve only recently paid the council rates in advance for the next 6 months? In this situation, you obviously want to claw those funds back upon settlement, which is exactly what your conveyancer will do on your behalf. If there are any other adjustments required by the settlement, your conveyancer can arrange for these, making sure you only pay the costs associated with the property up to the day of settlement (if selling) and from the date of settlement (if buying). This is important because… It ensures every dollar is accounted for and all financial loose ends are tied up by the time your property settles.⁣

4. Transfering property ownership

Your conveyancer prepares all of the transfer documents that enable a property to be rightfully and legally transferred into your name. These important documents will include all necessary details to meet legal regulations in your state or territory. This is important because this is a crucial step in the legal process and it ensures you take lawful ownership of the asset you’ve just paid for.

5. Attending settlement⁣

It’s part of your conveyancer’s job to coordinate a settlement time with the other side’s legal representative, during which time the property is officially transacted and all paperwork and cheques are handed over. Upon settlement, your conveyancer will make contact with you and/or your real estate agent to confirm settlement and allow for keys to be handed over. This is important because it’s the final step in the process of buying or selling a property!⁣

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