If you’re new to the home buying process, you may not be familiar with what conveyancers do and how they can help you with the process of buying your home.
Conveyancing is the term for the legal and statutory processes required to effect the transfer of ownership of real property from one person to another. This isnt just your typical home purchase between two unrelated parties. Conveyancing is a broad term that also includes things like Mortgages, Lease, Loan Agreements, Planning Agreements such as Section 173 Agrrements with council and Covenants, Subdividing or consolidating land, Estate transfers after someone has passed away, devising property after a family law arrangement, and so much more. For the most part it involves the preparation, execution, verification and lodgement of numerous legal documents which is the most important element of conveyancing.
You may be thinking is that it? It takes a good conveyancer years of learning and experience to gain the skills required to be able to fully understand the many different components involved. Moreover, it is impossible to be able to accurately advise a party in a conveyance unless they can hold a complex understanding of how these different elements work together.
From a practical sense of view your conveyancer is your personal assistant. They not only prepare, negotiate, and execute matters on your behalf but they also deal with the day to day management of these processes. Within the standard conveyance there are a number of timelines and tasks a party is bound to that most people aren't aware of until something goes wrong. Managing tenants, banks, realtors, statutory requirements and the other parties needs all at the same time whilst also keeping you in the loop.
A good conveyancer will explain clearly the meaning and importance of each process, using plain English (not complicated legal terms) to help you understand exactly what's involved and what documentation you are signing. When working upon your instructions, we will also assist you to meet your legal obligations and protect your rights and interests.
Undertaking investigations relating to the validity of title is also a essential component of conveyancing. How do you know you are getting what you think you're paying for, or that the property you are investing so much capital into isn't going to be demolished in a week to make way for the next freeway.
In summary, conveyancers undertake:
- Certificate of Title searches & verifications
- Investigation of details with government departments and local authorities
- Advice on the effect and validity of the contract
- Preparation and certification of legal documents with registration authorities
- Stamping and assessing of required documents for duty
- Calculation of adjustments of rates and taxes
- Preparation of settlement financial statements
- Liaison with mortgagors and financiers; and
- Attendance at settlement.
Nowadays parties also are required to jump through various subscriptions and registrations which make it almost impossible for a party to not be represented.