Are you looking to add to your property investment portfolio?
Maybe you’re a first-home seller or buyer seeking the perfect dwelling in Melbourne’s outer suburbs? Whatever your situation is, if you’re looking for property ownership transfers of domestic or commercial property in Melbourne Vic, transfer ownership of residential or commercial property in Melbourne, you’re going to need the help of an efficient, transparent conveyancer. Enter the best conveyancers Melbourne has to offer: Entry Conveyancing.
Frequently Asked Questions
What is conveyancing?
Conveyancing is the process of transferring the legal title of a property to the new owner. The complete process of conveyancing requires the assistance of a property conveyancing firm, property lawyer or licensed conveyancer to take care of the legal work involved in transferring the title.
Conveyancers are licensed professionals who deliver expert advice and information regarding the transfer of property from one party to another. A typical conveyancing transaction goes through two main phases: the exchange of contracts and completion. Conveyancers work with you to assist in the sale, pre-purchase advice, the purchase, property transfers, and lease of both commercial and residential properties – ensuring that all legal paperwork and legal matters are diligently taken care of. Buying, selling, or conducting property transfers is a stressful time – the last thing you want to be doing is getting legal matters or paperwork wrong or paying fines for not having it completed accurately. Feel confident in your property transaction knowing that you’ve got a property conveyancing lawyer you can trust with the best conveyancers at Entry Conveyancing.
How does conveyancing work?
Your typical conveyancing transaction generally consists of three stages: pre-contract, pre-completion, and post-completion. Your conveyancing firm, solicitor or service provider will do everything necessary to ensure you’re prepared for critical dates during the entire conveyancing process.
Conveyancing is a professional service that involves the following actions:
- Research property background and title searches for a title certificate
- Prepare, clarify, and lodge documents as per legal requirements
- Make sure any agreed-upon conditions within the contract of sale are satisfied
- Calculate any adjustments arising from rates or taxes
- Ensuring payment of land tax, water consumption charges etc.
- Settle the property on your behalf.
Understanding the complicated legal jargon and services of commercial and residential property transactions can be challenging without the necessary knowledge. Of course, you could fill out the forms yourself if you wanted to, however, it’s not as easy as it sounds. And if you get it wrong, you run the risk of losing your property, as well as your 10% deposit. While it is possible to do conveyancing your own, most people choose to work with property conveyancing lawyers in Melbourne Vic to remove the legal risks involved in a property transaction.
Conveyancers and conveyancing lawyers take the guesswork out of buying and selling property in Melbourne. Conveyancing solicitors are skilled across all aspects of the conveyancing procedure and experienced in filling out the relevant paperwork and legal documents necessary for finalisation.
When should I engage a conveyancer for property transactions?
As soon as you’ve decided to buy, sell, or transfer property in Victoria, you should contact a conveyancer, law firm, or professional service immediately to set up a ‘pre-purchase contract review’. Like anything, the quicker you start with Melbourne quality conveyancing services, the easier the process will be for you. It’ll also make the conveyancers’ life easier, as they have much more time to work on and prepare any necessary legal documents.
What is the difference between conveyancers and lawyers?
It’s easy to get confused by the difference between conveyancers and lawyers. While both occupations are qualified to act for you in a property conveyancing Melbourne transaction, there are differences in what a general lawyer will do, and how a conveyancer or property conveyancing lawyer can help across residential and commercial conveyancing.
Conveyancers are licensed to operate in only one aspect of property law: conveyancing. Property conveyancing lawyers may be qualified to operate in areas outside of property law, but have chosen to specialise in property conveyancing. As such, it is common that conveyancers possess much more specialised skills than property lawyers, given it’s the only thing they focus on. There’s also less chance of a conveyancer being out of the office or in the courts dealing with other issues. Conveyancers are only responsible for making sure you meet every legal obligation involved in your property transaction.
Conveyancing lawyers may be able to offer law services outside of conveyancing. In contrast to conveyancing lawyers, a conveyancer cannot advise on areas of the law outside of conveyancing. If you need general legal advice or legal services, conveyancers will refer you to a qualified conveyancing lawyer. Property lawyers are trained to advise clients on their legal obligations and rights and represent them in the courts across various issues.
Typically, conveyancers have more substantial knowledge regarding the rules and regulations of conveyancing, as this is their only area of specialty. However, there are many property lawyers who specialise and operate only in the field of conveyancing. At Entry Conveyancing, we operate as conveyancers but also have solicitors who specialise purely in the conveyancing service. If you’re looking for a conveyancer in Melbourne Vic, you’re going to see the two terms used interchangeably – both are qualified. The most important thing is that you work with someone that you can trust for your property transaction.
If I sell my house without the intervention of a real estate agent, do I still need a conveyancer?
Yes. It is not possible to have a property listed on the property market or advertised by a real estate agent before a proposed contract for sale has been prepared. Anyone who makes an enquiry or offers a property in Melbourne is entitled to ask for a proposed contract for sale. This is a legal requirement – failure to do so can result in fines.
To draw up a proposed contract of sale and vendor statement, you’ll need to enlist the services of a conveyancer or conveyancing lawyers in Melbourne Vic. At Entry Conveyancing, we make the process of buying, selling, or transferring property as stress-free and straightforward as possible; you won’t have to worry at all about little details or legal jargon. We can help you prepare a contract for sale and deliver much advice regarding the other aspects of the process, pre-completion, and post-completion measures.
If you’re looking for the best service with conveyancers who hold high standards, call us today on 1800 518 187for a free consultation and quote for all of your conveyancing needs.
Should I have the contract and Section 32 checked before I buy?
It is crucial to have your contract and Section 32 checked before your property purchase – residential or commercial property. At Entry Conveyancing, our pre-purchase legal advice allows you to navigate the many ups and downs of buying, selling, and transferring property with more confidence. Too many people fail to receive conveyancing or legal advice from a qualified professional before purchase, which can unfortunately lead to substantial financial issues later on in life.
If you’re in the early stages of purchasing, selling, or transferring property ownership, your best bet is to work with a conveyancing company in Melbourne VIC 3000 that you can rely on for professional advice during the entirety of the process.
What is “gazumping”?
Gazumping occurs when a seller accepts a verbal offer on commercial and residential property transactions from one potential buyer but then reneges and accepts a higher offer from another party. In Melbourne, it is assumed that a purchaser understands that a sale has not taken place until all involved parties have fully executed the contract and that a purchaser who claims to have “been gazumped” has merely failed to understand the law.
To prevent yourself from being gazumped on a property, we recommend formalising a written contract agreement with your offer as soon as possible – this will be included in Melbourne conveyancing services.
What happens at settlement?
Property settlement is the legal process necessary for the transfer of ownership from one party to another. Property buyers, sellers, conveyancers, and banks are all involved at settlement. The length of the property settlement process varies from state to state and property to property; however, as a rough guide, it typically takes anywhere from 30 to 90 days in Melbourne VIC 3000.
On settlement day, the purchasers’ bank will provide the funds needed to purchase the domestic or commercial property to the buyers’ agent or solicitor, and in return, receive the Certificate of Title from the seller’s bank. Keys can then be handed over to the purchaser, provided all other agreements listed in the contracts have been met. From here, the buyer’s bank registers the relevant documentation and mortgage, notifying services such as electricity and water of the change.
What is a cooling-off period, and how long is it?
A cooling-off period is an interval of the conveyancing process and property sale during which both sides of the transaction can cancel the contract and ‘walk away’ from the property purchase without incurring a penalty. Cooling-off period regulations and length differ from state to state. However, in Victoria, the cooling-off period lasts for three days and begins as soon as the buyer signs the contract, even if the seller hasn’t. In Melbourne VIC 3000, if the buyer decides to exit or cancel their contract within the cooling-off period, they will have to forfeit either $100 or 0.2% of the purchase price, whichever is higher.
That’s why we recommend property buyers undergo a comprehensive review of their contract, making sure they’re happy with the terms before the final agreement or the cooling-off period. Conveyancing offers invaluable insight and advice regarding property contracts and final sale actions, allowing you to better navigate the often-complex nature of legal jargon and residential or commercial property contracts.
What do I need to know about buying at an auction?
Real estate auctions are a risk for everybody involved, however, they can be highly rewarding, especially for the seller. At an auction, a vendor will list their residential or commercial property for a reserve price. If the final ‘winning bid’ is below this reserve price, the house is not sold. Auctions can go very well for sellers if multiple parties are interested in the property and bid against each other. As a buyer, you should compare the listed reserve price to how much you or an agent believe the property to be worth. It is possible to get a good deal on a home that goes to auction.
Depending on who you work with and what your goals are, conveyancing quality services may begin before the auction.
What is stamp duty and do I need to pay it?
Stamp duty is a tax imposed by your state government upon the purchase of a property. Whilst both parties are liable, the terms of a standard sale contract place liability on the buyer. The amount of stamp duty payable is determined by the purchase price of the property.
Different states in Australia have differing rates of stamp duty. The payment deadline also varies from state to state.