If starting out for the first time investing in property or buying the first home or apartment, getting the best possible advice and support is a necessity. Sometimes it can be difficult to know where to start or who to engage, so knowing what the role of a conveyancer is, will identify when you need to hire one.
What is the role of a conveyancer?
When selling or buying property from commercial to residential, off the plan or for leisure ventures such as marina berths, conveyancing is a necessary part throughout all these transactions. A professional conveyancing firm also offer a range of wrap around services as they deal with more than just buying and selling. However, their core role is to ensure that the client meets all their legal obligations, protecting client’s rights during a transaction, by assisting with the settlement and title transfer process.
What tasks and responsibilities can they undertake on your behalf?
In any transaction, whether buying or selling, a conveyancing solicitor will undertake the following:
- Preparing legal documents
- Arranging the settlement
- Giving legal advice
If you are preparing to buy or sell property which involves any/all of the above, this is the time to speak to a conveyancer about the support and services they can offer. Any form of land or property transaction is going to be stressful, so having a professional on board who can take a lot of the pressure away and keep you on the straight and narrow when it comes to legal issues, is worth their weight in gold.
Preparing legal documents
Unless you have legal expertise in drawing up a Contract of Sale or Vendors Statement and are well versed in the relevant legislation in your territory or state, it is time to hire a conveyancer. This is one of the primary tasks that a conveyancer will undertake on your behalf, which is to help prepare all of the legal documents needed to undertake real estate sales and purchases. You may also need to include special conditions in the final contract to help avoid conflict later on, such as shared access, for example.
Whether it is land or property, from commercial to car parks, if selling is involved, there has to a properly drawn up Vendors Statement. This requires checking out searches on any planning requirements, reviewing land registry for the title and deeds and any special conditions that the seller must disclose on this legally required document. Not only that but it must relate to the appropriate state or territory, to ensure it meets the required laws. There may also be other documents required which the conveyancer can advise on but for the seller, the Vendors Statement is the key one.
If buying a property, then the conveyancer will prepare all the transfer documents to ensure the property is transferred in a rightful and legal manner.
Arranging the settlement
If you are having to juggle your day-to-day business while sorting out finance options for the purchase of land or property, this does not leave much time to coordinate the ideal time for both parties to settle the Contract of Sale. The settlement date is laid out in the Contract, but a conveyancer can liaise with both parties to bring together the best time for both. They can also communicate with the real estate agents to inform them when to hand over the keys, so this is one less job for you to arrange.
The buyer’s conveyancer also can contact the bank or finance company to ensure funds are in place to pay the seller and provide the bank with the required cheque/finance details. Funds held by the buyer can be brought to the conveyancer 24 hours prior to the settlement date. The conveyancer will communicate with the vendors real estate and arrange for the keys to be delivered once the sale is complete. These are all necessary jobs that take up time, but a conveyancing firm will carry these out on your behalf.
Giving legal advice
A Contract of Sale forms the core part of any transaction process, when it comes to property, there are often special conditions attached to what land can be used for or property that can be developed. If you are selling property, the conveyancer is going to be able to advise you on any such conditions and give advice regarding the documents needed to help complete the settlement. If required, they can also contact your mortgagee and organise for this to be discharged on the settlement date.
Conversely, if you are looking to purchase, your conveyancer can highlight any specific terms or conditions in the Contract of Sale. Planning consent required, or restrictions, or anything that could present as a barrier to what you want to do with the property, will be pinpointed by the conveyancer and discussed with you. This is vital as it allows you to make an informed choice on how to move forward with the transaction in mind. If dealing with any complex sale or purchase it is important to add hiring the conveyancer to the top of your “to do” list.
Time and money are a precious resource and land and property transactions can be time consuming and complicated. Hiring a conveyancer can ensure a smooth streamlined transaction, saving effort and cost for both vendor and buyer.