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Whether you are buying a new property or ready to sell, you will likely need to employ a conveyancer or a solicitor to help you satisfy all the legal requirements needed in order to transfer ownership from one person to another.
If you are curious about the ins and outs of the conveyancing process or, more importantly, how much utilising a conveyancer costs, this article will dive into the most commonly asked questions when it comes to conveyancing.
Conveyancing is a legal process that ensures all required documents involved in the transfer of property ownership from one owner to another are prepared correctly and that you are represented during the process. Conveyancing is typically carried out by a conveyancer or solicitor specialising in property law. These professionals ensure that all legal requirements are met and that the transfer of ownership is completed smoothly and securely.
The conveyance of a property is undertaken by both parties, including those who are selling and those who are buying. The general conveyancing process typically follows three steps:
If, at any stage during this process, any appropriate paperwork is incorrectly completed or lodged by the required dates, your contract may be voided.
A conveyancer is a licensed professional who oversees and manages the transaction of the sale of a property while ensuring it complies with the legal regulations of your state or territory.
The responsibilities of a conveyancer differ across each step in the conveyancing process, which are outlined below.
Pre-contract, as the name suggests, is the initial phase of the conveyancing process and it involves several steps, including:
This phase begins when the seller accepts the buyer's offer. From that point forward completion includes:
Post-completion is the final phase of conveyancing and includes:
Conveyancing costs can vary greatly depending on the particulars of your sale, and whether or not the conveyancer works in a solicitor’s office, small business, or is self-employed.
As an estimate, you can expect to pay between $500 to $2,500 in conveyancing fees. It’s important to note, depending on your relevant state or territory, you may be required to allocate separate funds for additional disbursement costs.
For reference, some of the disbursement costs involved in conveyancing according to the Australian Institute of Conveyancers NSW Division (AICNSW) include:
Note: These costs are approximate and NSW based only. If you require conveyancing in another state or territory, these figures may differ.
Before hiring a conveyancer, make sure to ask them for a detailed quote that outlines all the expected inclusions and fees that may be charged to you.
Buying a property is an exciting milestone, but it can also be a daunting experience. A conveyancer can provide peace of mind by handling all the legal documentation, allowing you to focus on other aspects associated with new home ownership.
Conveyancers are able to spot any discrepancies that may require attention, ensuring a seamless transaction. While you can opt for a conveyancing kit to save money, it is essential to remember that the process can be intricate and time-consuming. Failing to comply with specific state or territory laws or missing deadlines for document submission can have dire consequences, including the loss of your deposit. Importantly, unlike conveyancers who have professional indemnity insurance, you won't be covered by insurance if something goes wrong.
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