Everybody knows the sale and purchase of property is a significant financial commitment, with ongoing responsibilities. What is not always well known is the complexities of the legal and regulatory documentation you are required to complete with the transfer of ownership of a property. Thankfully, this is where your conveyancer comes in!
While you are not legally obliged to engage a conveyancer (or solicitor) for your property transaction, you do have to fulfil a range of essential requirements throughout the process of the sale. This includes the preparation of all legal documentation, compliance with a range of agencies such as the local council, and adherence to relevant regulations and legislation.
A conveyancer is trained and qualified to prepare, verify and lodge the documents required to officially transfer the ownership of real estate, and ensure that everything is in order for you to smoothly transition into your new home. But this is not all they do – conveyancers can also protect your rights by conducting the necessary inquiries to determine if there is anything you should be aware of in relation to your property.
Conducting investigations into the property title is an important part of the conveyancer’s work as it can prevent you from assuming the unnecessary risk associated with the transfer of title. This might include outstanding fees or council rates, or ensuring any modifications to the property have been done so in accordance with the correct approvals.
Conveyancers can assist you in establishing a clear understanding of the range of forms and contracts you are signing, and are able to translate the complex legal jargon within many of the documents into everyday English. They can also ease the burden of the sale process, by liaising with the vendor and financial institution, negotiating offers with the agent and representing you during settlement.
As with any legal service, engaging a conveyancer comes at a price. In general, you should expect to pay somewhere between $800-$1500 for conveyancing when combining service charges as well as a few other associated fees. In terms of selecting a service provider, your real estate agent or personal networks may be able to provide a recommendation, or you can refer to the Australian Institute of Conveyancers South Australian Division website.
The role of the conveyancer has a significant impact on your capacity to meet the requirements of the settlement, and errors or failures at this point can be time-consuming and costly. A key thing to remember is, as, with all aspects of property purchase and sale, you should do your research and be prepared.
