You’ve drunk endless cups of coffee pouring over the real estate section of the newspapers. You’ve also visited what seems like hundreds of properties, schmoozed with an untold number of real estate agents, and finally found the perfect home.
So all that’s left to do now is arrange the finance and move in…right?
Oh, if it were only that easy.
Property sale transactions of any kind are a minefield of legal documents and paperwork. So if you’re not experienced in the settlement process, perhaps it’s time to talk to a conveyancer.
Property sale transactions of any kind are a minefield of legal documents and paperwork. So if you’re not experienced in the settlement process, perhaps it’s time to talk to a conveyancer.
What is conveyancing?
You’ve heard the term, but what exactly is conveyancing and more importantly, why are they necessary?
By definition, conveyancing is the process of transferring ownership of a legal title of land to the new owner…whether it’s from a person or entity.
Along with that comes all the checks and balances over the title and the property.
And, while there are those out there who like the idea of saving money on one of those DIY conveyancing kits, the reality is that if something goes wrong, there’s a real risk that the sale of the property will fall through and you’ll be out of pocket.
Should you use a conveyancer, however, if a mistake is made, their professional indemnity insurance will cover you.
So what exactly does a conveyancer do?
Essentially, a conveyancer is a licensed professional whose job it is to provide advice and information about the sale of a property.
Importantly, you’ll need them on board when you buy and sell property, subdivide land for redevelopment, register, change, or remove an easement, or update details on a certificate of title (e.g., registering a death).
As to what they do, a conveyancer is skilled in property transaction processes that often entail:
- preparing any legal documents including a contract of sale and memorandum of transfer
- researching the property and its certificate of title — e.g., checking for easements, type of title
- representing you before and during the settlement process
- placing and holding deposit money in a trust account
- adjusting rates and taxes when buying or selling a property
- liaising with the vendor or buyer’s conveyancer during settlement
- advising you when settlement or subdivision is complete and also contacting your financial institution (where applicable), regarding how and when the final payments are to be made and received
- applying to Revenue SA for any grants you may be eligible for — e.g., first home owner’s grant
- negotiating offers on your behalf with a vendor or their agent lodging all necessary documents with the relevant agencies.
What else do I need to know about a conveyancer?
Using the right conveyancer is vital in any property transaction. Some things to look for when deciding on a conveyancer include:
- Professional, reliable, and ethical service
- Experience in all aspects of conveyancing including residential, commercial transactions, leasing, subdivisions, family transfers, deceased estates, and more
- Professional service and up-to-date advice that comes from regular professional development training
- An active user of E-Conveyancing and a PEXA Certified user
- Services both Adelaide metropolitan and regional South Australia
To find out more about conveyancing and how a good conveyancer can make the whole property transaction process as stress-free as possible, contact the professional team at Adcocks Conveyancing Solutions