Buying or selling property is a stressful experience. Many things need to be taken into account, including the legal guidelines and the implications of the contract. Hiring a conveyancer can make the conveyancing process easier. Here's some general information about conveyancing in Australia.
What's the Process of Conveyancing?
Conveyancing involves preparing documents to help in transferring property. The property in question is anything from land or land with houses or buildings and spaces within the building. In Australia, real estate property has a Torrens Title. This means after property has been bought, complete ownership is transferred to the buyer. Where the property has been mortgaged, the bank will hold onto the ownership documents waiting for the property to be fully paid for.
There are two contracts involved during property conveyancing — one contract deals with the land and the land with the improvements, while the other deals with building space like townhouses and flats. Whether one contract or another is applicable in your case will depend on the state where you are conducting the transaction. This is why it is crucial to have a conveyancer who will advise you about the legal procedures required in your particular case.
Why Do You Need a Conveyancer?
A conveyancing transaction has three stages; the pre-contract, pre-completion, and post-completion stages. During the pre-contract stage, you'll agree on the terms of the sale to help in the drafting of the contract. Searches and inspections are conducted at this stage.
In the pre-completion stage, you'll sign the contract and pay a deposit, your lawyer will draft a transfer deed to ensure the property is registered in your name and you will agree on the closing date. In the post-completion stage, you'll finalise all the pending transactions, including getting the title to the property and paying any pending stamp duty land tax. Some of the services a conveyancer will provide during the conveyancing transaction include preparing legal documents and researching the property and its title. Your conveyancer will also be involved in placing deposit money in your trust account and calculating taxes. Generally, a conveyancer will represent your best interests with a seller or their real estate agent.
The conveyancing process is complex, and it takes a while before the land is transferred. There are many legal implications involved in the transfer of property, and any oversight by the seller or buyer can lead to significant repercussions. It's advisable to employ legal counsel during the conveyancing process to ensure nothing is missed and the process runs smoothly.Share