Frequently Asked Questions
What ownership structures are there?
When transferring property, it’s important to consider the type of ownership structure present. Typical structures include outright ownership, joint tenancy, tenants in common, trust ownership and company ownership.
How do you transfer a property title?
Land and property transfers involve a number of steps, including checking for any mortgages, obtaining copies of the property title, and submitting a property title transfer form. Be prepared to wait for the property transfer form to be processed and pay any relevant fees.
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 like a property transfer, it’s important to understand how their professions differ when it comes to conveyancing services.
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. Buying, selling, and property transfer are their specialty. Lawyers are more general practitioners 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.
Should I have the contract and Section 32 checked before I buy or transfer?
It is crucial to have your contract and Section 32 checked before you purchase any type of 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 or a property transfer, 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, call us on 1800 518 187 for a free consultation and quote. Our fixed fee rates also remove the possibility of being charged. We’re here to help you navigate the stresses of property ownership, and you’re our only priority.
What do conveyancers search for when evaluating property?
Conveyancers conduct searches to assist the buyer in evaluating the property before the final purchase. These searches help identify any legal, property or ownership issues, such as land being on the contaminated land registry, if the building has the relevant approvals, if it has heritage lists or if there are any issues over the title. These searches are also done to make sure any debts in land tax or other rates are present or if they’ll be remediated before settlement.
If you have any special requirements for the property, let us know so that we can search the property with these issues in mind. Given our experience in the industry and conveyancing expertise, we’ll be able to advise you as to whether or not you should go through with the purchase.
However, to conduct specific searches, special conditions will have to be present in the contract to allow for different types of searches. If these special conditions are not present, you may not be able to terminate the agreement based on findings from the investigation.
What do I need to know about real estate contracts?
The most important thing a seller or buyer should know about real estate contracts is that real estate agents do not have to see or edit them; it is recommended that you do not involve agents in the writing up of your contract, just in case.
For example, it is illegal for an agent to draw up contract conditions and advise vendors to the legal effect of the conditions.
Before you sign any written documents concerning the purchase or sale of real estate, you should obtain legal advice from a qualified lawyer or conveyancer. Conveyancers and lawyers are your best bet when it comes to drawing up and handling real estate contracts.
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.
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.