When buying a property, there are a number of professionals you may need to work with in order to make the process run smoothly. A conveyancer, or conveyancer solicitor, is one such professional.
They are responsible for ensuring that all the legal agreements and contracts related to the property are airtight and can be finalised. Read on to learn more about what a conveyancer does, why you would need one, and how they can help you when buying a property.
What is a Conveyancer?
They will ensure that all the legal documentation regarding the transfer of property, such as the title report or the mortgage documents, is accurately prepared, reviewed, and executed.
It is important to note that they are not a member of the legal profession but a licensed person under the law of real estate in Australia. Conveyancers often work with a lawyer and/or an accountant to make sure that all aspects of buying a property are legal and legitimate.
Why Would You Need a Conveyancer When Buying a Property?
When buying a property, you need a conveyancer to assist with the legal aspects of the purchase. They will ensure that the contract is binding and can be legally and ethically upheld. They will also ensure that all the necessary legal documentation is completed thoroughly and correctly.
Any issues or concerns that may arise can be settled easily and quickly with a good conveyancer. A conveyancer will be able to identify any potential issues early, making it possible to address them before they become more complicated or serious.
A good conveyancer will also be able to answer any questions or queries you may have about the process and any paperwork related to the transaction. They will be able to guide you through the process and make sure that everything is handled properly, legally, and ethically.
This will help to keep you informed and in control of the purchase, as well as protect you from any potential scams or issues that may arise.
How Does a Conveyancer Help When Buying a Property?
A conveyancer will help you through the process of buying a property by preparing the title report and reviewing the mortgage documents and terms. They will ensure that all the paperwork is correct, legally binding, and legitimate. In addition to handling the legal aspects of the transaction, they may also be responsible for arranging or overseeing the insurance policies related to the property.
This will include obtaining any necessary insurance policies, such as home insurance, flood insurance, or earthquake insurance, and making sure they are up to date and valid. They will also assist with the escrow process and make sure that your money is secure.
A good conveyancer will be able to identify any potential issues related to the property and make sure you are aware of them. This will allow you to make an informed decision on whether to purchase the property or not. It will also help to better protect you from any legal issues and potential scams.
Case Study: The importance of having a conveyancer read the contract
Below is about a recent matter that relates to unpermitted works carried out on property.
Maria from Complete Conveyancing Solutions tells us, “I recently had a matter where the Purchasers had signed a Contract without having it reviewed and obtaining pre-contract advice. The Purchasers did not read the Contract before they signed either.
The Contract disclosed a Building Notice that had been issued by Council for a Shed that had been constructed on the land which was unpermitted. This immediately alerted me to make further enquiries with my clients about any further outbuildings that may potentially have been constructed illegally.
Shortly thereafter it was discovered that there were further outbuildings which were unpermitted and the Vendor failed to disclose this information to the Purchasers. We were pleased to have caught this issue in time as the Purchasers were still within their cooling off period.
This allowed us to action the matter with the Vendor’s Conveyancer and negotiate a Special Condition which required the Vendor to provide a Compliance Certificate for the illegal works carried out and settlement was able to be completed. The Vendor was compliant and the matter settled.
The moral of the story is to have your legal documents reviewed prior to signing.”
When Do You Engage a Conveyancer?
You should contact a conveyancer as soon as you have the contract from the real estate agent to get contract advice. You don’t want to have to find a decent conveyancer when you are ready to negotiate the price; therefore, you should get it across to your conveyancer immediately.
It is advisable to employ a conveyancer before making an offer on a property or participating in an auction. It’s also a good idea to find a conveyancer before you start hunting for a property to purchase, as they can assist you in avoiding complications at the pre-purchase phase.
Things to Look Out for When Hiring a Conveyancer
When hiring a conveyancer, it is important to shop around and get a few quotes from different companies. This will allow you to find the best company that provides the best services at the best price. You can use online review sites to find out what other people have to say about a company.
This can help you to find a company that has a good reputation and offers great services. You can also ask your friends and family members if they have any recommendations. You should also make sure that the company has a license and that they have been working in the field for several years. This will help to ensure that you hire a professional and experienced company that can offer you the best services.
The Difference Between a Conveyancer and Lawyer
While the terms “conveyancer” and “lawyer” are often used interchangeably, a conveyancer is not a lawyer. A conveyancer is someone who offers legal services – they might be lawyers, paralegals or even legal assistants.
In some cases, they work on behalf of the owner of land or property, while in other cases, they work on behalf of the buyer. They can also help people to plan their purchases and sell their properties.
There are many different types of conveyancers – some focus on residential real estate transactions and others focus on commercial real estate transactions.
There are several key differences between a conveyancer and a lawyer:
* A lawyer can draft legal documents (like wills, trusts and contracts). A conveyancer cannot do this.
* A lawyer is trained in law. A conveyancer cannot be trained in law – they can only offer legal advice.
* A lawyer has been admitted to practice law in a specific jurisdiction whereas a conveyancer has not