What does a Conveyancer really do?

Conveyancing is an essential process in buying or selling a property. A competent conveyancer or conveyancing solicitor aids in fulfilling legal documents and other obligations prior to settlement. Buyers and sellers need to use conveyancing services to satisfy certain responsibilities included in the contract of sale.

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The job scope of a conveyancer

A conveyancer or solicitor typically performs the following tasks:

Preparation of documents

The primary role of a conveyancer is to assist in preparing or legal documents that are part of the real estate acquisition.  For property sellers, the conveyancer must ensure special conditions are included in the final contract. This protects the seller from any potential conflicts down the road.

Apart from the contract, the seller also needs to prepare the Form 1 Vendor’s statement. This document is either prepared by the real estate agent or the Vendor’s conveyancer.  Through this process it is required to conduct title and planning searches to be included in the statement. This is to ensure that the vendor has met all the disclosures required by law. In some cases, the conveyancer may also be required to prepare ancillary documents needed in the settlement process. 

For buyers, a conveyancer can help prepare all the documents needed for the transfer of property. The documents should include all essential details regarding the sale to meet legal regulations imposed by the state.

Guidance and Legal assistance 

Being an expert in the legal side of buying and selling properties, a conveyancer can help you make the right decisions and navigate the process wisely.

For sellers, the conveyancer can provide guidance in case there are any conditions that need to be included in the contract of sale. For instance, you want the settlement date to happen with another purchase settlement. This is usually the case for individuals who buy and sell properties at the same time.

A conveyancer can expedite the process for you. Since they are knowledgeable of the ins and outs of conveyancing law, they can walk you through the process of preparing the documents that need to be issued to the buyer to complete the settlement. Your conveyancer will contact your mortgage provider if required and arrange the discharge at settlement date.

For buyers, the conveyancer normally provides advice about the terms and conditions included in a contract of sale or Form 1 vendor’s statement. They will define any legal terms that you need to know about. Especially if you are new to buying a property, it is a good idea to consult a conveyancer before signing the contract.

While your conveyancer may not get involved in financial arrangements, they can assist you during this process and make sure that you pay only the costs involved in the property on the date of settlement. This will save you from unnecessary payments such as water and council fees before you sign anything.  In addition, they can help you figure out the statutory fees that need to be paid. The amount of these fees will depend on the price of the property and its current location.

Settlement arrangement

The conveyancer can also ease the process of property settlement by coordinating with the buyer and seller.

For buyers, the conveyancer will coordinate the best time of settlement for both parties. They can also contact the bank to make sure that there are sufficient funds to pay the vendor. If you are handling the funds yourself, you must hand them to your conveyancer 24 hours before the settlement date. Also, they can contact the seller’s real estate agent to provide notice when the property is ready for occupancy.

For sellers, the conveyancer will set a time for settlement for the buyer’s conveyancer. The settlement date will be laid out in the contract of sale, but the conveyancers of buyer and seller can modify this based on their availabilities. Once the settlement has occurred, the conveyancer will reach out to the real estate agent to hand out the keys to the buyer.

As you can see, there are loads of benefits of using a conveyancer when you’re trying to sell off or acquire an estate. Considering the time and energy they can save you, we strongly recommend partnering with someone reliable, efficient and professional to make sure the buying or selling process is streamlined and well-taken care of legally.

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