Here are the reasons you need a lawyer to do property conveyancing for your next property purchase.
Most people, regardless of whether ever having bought or sold a property, have a fairly good understanding of the role that real estate agents play in the process.
This role is highly visible and interactive – after all – you “buy” the property and the agent is selling it.
Property Conveyancing, on the other hand, lacks this visibility and may be perceived (as a result) as less important, a fact that many “unfortunate” buyers who had bought not just a property but a stack of … risks… will totally agree with.
So … Property Conveyancing is important.
But what is it and why do I need a lawyer to do it?
Put it simply, it is the act of transferring ownership of land or property from one person to another. However, although the explanation is simple, the process is not simple and should not be taken lightly.
The property conveyancing process is not simple
Property Conveyancing is performed by a specialist, who is essentially a real estate or property lawyer. It is important to engage with a lawyer that has experience with conveyancing and whom you can trust. Conveyancers act as a guide through the legal world of real estate. It is not an easy one to navigate and there is a lot of legal jargon that can become confusing and stressful. There are companies that specialise in conveyancing, however most that do budget conveyancing, use article clerks or paralegals to do the majority of the low level enquiries and a lawyer would need to sign off on the work done.
How do you know if you are engaged in a quality property conveyancing process?
There are several important steps in the conveyancing process:
- The conveyancing lawyer will prepare and review with you (as a buyer) all the necessary documents so that you can make fully informed decisions.
- The conveyancing lawyer will also research the property and come back with any issues they have found. Issues may include property boundary issues, land contamination issues, government leases, environmental issues, land tax, building and pest issues, unpaid levies, body corporate, litigation and a number of other factors that could affect the successful settlement of the property.
- Deposit money is vital. The conveyancing lawyer will place it in a trust account to make sure it is ready before settlement. They will also calculate the rates and taxes so you are aware of up-coming costs …. and finally…
- They will settle the property, which means they will work with the existing owner’s lawyer, bank, and local government agencies (like the titles office and council) to transfer the ownership title of the property. They also work with the existing lawyers to release any mortgage security from any lenders, remove any caveats, liens or other obstructions to ensure that title of ownership can be successfully transferred to the new owner.
If you are a seller, your conveyancing lawyer becomes a safety net protecting you from unreasonable offers and buyers while getting all the documents in line so everything is done right the first time.
It Truly is an Art
Representing people during the biggest purchase of their lives is an enormous task.
As is wading through mountains of legal papers and requirements.
Going it alone is simply not an option.
To ensure that one is protected and everything is done above board a conveyancing lawyer is vital.
As with any legal professional a buyer/seller needs to choose someone they relate to and trust.
If you are buying or selling a property, interview as many people as necessary to find the correct one for you.
Conveyancing is important, it is not a tick and flick process. Take some time and find the person and/or company who will make “moving” your property stress free!
To get a lawyer to do property conveyancing makes sense to protect the settlement process.