What is Property Conveyancing? Melbourne and Brisbane, Australia, 2021?
If you’re buying or selling property in Australia in 2021, you will probably need to consider hiring a conveyancer to help guide you through the complex legal aspects of the transfer of property ownership. Current reports indicate that due to relatively strong economic growth and government support, Australian house prices are set to rise by as much as 16% during 2021, so it’s a great time to get involved in property investment. If you’re buying or selling real estate, a conveyancer can make the process much less stressful by ensuring the legal aspects of property transferral go smoothly.
The Australian property market is booming in 2021, with considerable rises reported in both conveyancing Brisbane and Melbourne as well as many other states and territories. The process of buying or selling property can be very complex, so it’s worth considering hiring a conveyancer or solicitor to assist you with the legal aspects of the process. But, before you hire a conveyancer, it is worth making sure that you understand what it is that they do.
So, what is property conveyancing?
Conveyancing is the legal process of transferring property ownership from one party to another.
Who can perform the conveyancing role?
It is possible, although not generally advisable, to perform the conveyancing yourself, but generally, the Conveyancing will be done by a solicitor or conveyancer.
When should I hire a conveyancer?
It is worth hiring a conveyancer as early as possible to streamline the sales process and begin work on the significant legal documents and research required as part of the property conveyancing process.
If you’re buying a property, you should be enlisting a conveyancer as soon as your offer to buy a property has been accepted and preferably before the Contract of Sale is signed. A conveyancer can review Section 32 to assist in identifying any issues that may impact the sale as well as helping with the negotiations to ensure the terms and conditions of the sale are fair.
If you’re selling a property, hiring a conveyancer should be one of your first priorities. Early on in the sales process you will need to prepare a Section 32 (or Vendor’s Statement) document, so you will need a solicitor or conveyancer to assist you with this. You will also need your conveyancer to create a Contract of Sale document and assist you with choosing a settlement date.
How do I find a good property conveyancer?
The earlier you contact a conveyancer, the better your position moving forward with the sale as either buyer or seller. Searching for a conveyancer early on can also have the added benefit of avoiding a rushed process. Get quotes and compare rates before moving forward with your chosen conveyancer. Try to choose a qualified conveyancer who works locally and will be familiar with local council rules and regulations.
Conveyancers tend to be cheaper than solicitors and more efficient if it’s a straightforward sale. Generally, it is not necessary to hire a solicitor unless it is a more complicated or sale or if there are other legalities that you would like a solicitor’s advice on.
What does roles will a property conveyancer perform?
If you’re hiring a conveyancer or solicitor, it’s important to understand what work you will be requiring them to assist you with. For property conveyancing, the main areas of legal work include the following tasks and transactions:
- The preparation of essential legal documents, including necessary research and verification. One of the main tasks that your conveyancer will be required to perform is to prepare the legal documents that are a necessary part of the legal property ownership transferral. As part of this, your conveyancer will need to perform a range of property and title searches. Your conveyancer will also conduct property searches to ensure there are no legal factors that the buyer should be aware of, such as flood risk, water authority issues, or relevant council planning permits.
- The review and verification of legal contract conditions. It is crucial that you, as the client, understand the contract contents and conditions as it can be extremely difficult to change the conditions in a contract after it is signed.
- The transfer of property ownership. Your conveyancer will prepare the legal documents required to enable a property to be legally transferred into the buyer’s name.
- Attending the property settlement. As part of the conveyancing role, your conveyancer will coordinate and attend the property settlement to transfer legal paperwork and hand over property keys. This is the final step in the process of buying, or selling, property!
For more information about Jim’s Conveyancing Melbourne, or here for information about Jim’s Conveyancing in Brisbane. Or for expert advice on property conveyancing services in Australia, please contact our friendly and experienced staff on 13 15 46.