A Checklist to Property Conveyancing
Real Estate Institute of Queensland (REIQ) recently recommended that property buyers employ a qualified solicitor to perform the process of property conveyancing.
Pamela Bennett, Chair of REIQ, explained that going through a solicitor is advised because they are fully conversant with the property laws and procedures relevant to the legal title transfer of property from seller to buyer.
Some of these processes include conducting searches, dealing with matters related to mortgages and paying government stamp duty.
It’s important to understand the role of a qualified solicitor in the residential property transaction.
To undertake the process of conveyancing, a solicitor will conduct searches for zoning to ascertain if there are any major new planning changes in the future, such as a new motorway running right next to the property.
They will also perform title searches to determine whether the property has any restrictions such as adverse planning or demolition orders.
Your solicitor is there to represent your best interests and protect your legal rights, and will advise you on the fairness of the proposed contract.
They are also responsible for whether or not any amendments or special conditions should be made to the contract.