What is conveyancing?
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, purchase, transfer, and lease of both commercial and residential properties.
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 conveyancing transaction, what are the differences?
Conveyancers are licensed to operate in only one aspect of property law: conveyancing. As such, it is common that conveyancers possess much more specialised skills, 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.
In contrast to lawyers, conveyancers cannot advise on areas of the law outside of conveyancing. If you need general legal advice, conveyancers will refer you to a qualified lawyer. Lawyers are trained to advise clients on their legal rights and obligations 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. Lawyers are more of a general practitioner with knowledge in the area that isn’t as in-depth.
When should I engage a conveyancer for property transactions?
As soon as you’ve decided to buy, sell, or transfer property, you should contact a conveyancer immediately to set up a ‘pre-purchase contract review’. Like anything, the quicker you start, 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 documentation.
How does conveyancing work?
Your typical conveyancing transaction generally consists of three stages: pre-contract, pre-completion, and post-completion. Your conveyancer will do everything necessary to ensure you’re prepared for critical dates during the process.
Conveyancing involves the following actions:
- Research property background and title certificate
Prepare, clarify, and lodge legal documents
Make sure any agreed-upon conditions within the contract 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 of 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.
Conveyancers take the guesswork out of buying, selling, and transferring property and are skilled across all aspects of the conveyancing procedure and experienced in filling out the relevant paperwork’s necessary for finalisation.
What happens at settlement?
Property settlement is the legal process necessary for the transfer of ownership from one party to another. Buyers, sellers, solicitors, and banks are all involved at settlement.
The length of the 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.
On settlement day, the purchasers’ bank will provide the funds needed to purchase the 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 an “off-the-plan” purchase?
An “off-the-plan” purchase involves a plot of land that has not yet been divided or a property that does not exist physically and instead only resides on an approved or proposed plan.
For example, suppose someone has a large paddock and wants to subdivide it into smaller plots. In that case, he may sell the divided blocks in theory and then separate them later once he knows that people are interested in purchasing them. This strategy minimises risk for the seller.
In this scenario, it should be noted that a vendor typically has 18 months to 3 years to sub-divide the land. If not, purchasers get their money back. Purchasers will select the blocks of land they want off the plan
Off the plan purchases are extremely common for apartments, especially when new skyrise buildings are built. This can be risky in some cases, as there is potential for you to be dissatisfied with the completed property’s appearance of liveability.
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.
Why should I choose Entry Conveyancing?
At Entry Conveyancing, we understand the emotional attachment one has to their property and how hard it can be to let go of sentiment. When we see a residential property, we don’t see dollar signs, we see stories, memories, and relationships.
Our one and only aim with our conveyancing services is to help you get the result you’re after with the least amount of stress possible.
When you choose us for your conveyancing needs, you receive the following:
- Quality, genuine advice
- Legal expertise
- Skilled conveyancing services backed by extensive experience
- Personalised service and insight
- Fixed-fee payment structure
- Professional indemnity
- Comprehensive onsite evaluation and inspection
- A calm, considered approach to property transactions
- Friendly customer service
- Detailed communication with clients
At Entry Conveyancing, you’re our priority. Whether you’re a first home buyer, new investor, experienced investor, overseas buyer, or property developer, you can count on us to deliver practical, cost-efficient conveyancing services.