Conveyancers play a crucial role in home buyers' official support network with a wise yet empathetic one able to dramatically lower your stress levels.
This is particularly the case for nervous first-home buyers struggling to understand the ins and outs of real estate legalities.
Yet even savvy long-term property investors need conveyancers.
Let's take a look at the world of conveyancing.
What is a conveyancer?
A conveyancer is a licensed lawyer who only deals with real estate details, including the buying and selling of property.
They can cut through head-spinning, legal real estate jargon in minutes and check contracts of sale and other mind-blowing paperwork for anomalies and other concerns.
What does a conveyancer do?
A good conveyancer can handle all of the following - and more - with ease:
- Check, prepare, clarify, and assist with legal documents including contracts of sale
- Identify potential issues with properties from a legal point of view
- Act as an intermediary and negotiator between home buyers and sales agents
- Manage and advise on finances including stamp duty, rates, taxes, and other property transfer costs
- Conduct background research, especially title, planning and property searches; land surveys and taxes; and local council and state laws
- Calculate figures for settlement including the balance purchase price; agent commissions and other legal fees
- Act for clients at settlement and organise final payments
Conveyancers vs solicitors: what's the difference?
Home buyers can engage either a conveyancer or solicitor.
Both people are licensed lawyers with the main difference being that conveyancers only deal with real estate ins and outs.
Solicitors are generally the go-to professionals for general legal advice and assistance but they can also specialise in property law.
Do home buyers have to engage a conveyancer?
You're not legally required to engage a conveyancer (or solicitor) when buying or selling a property in Australia.
You can even purchase DIY conveyancing kits if you wish.
However, unless you're confident handling all of the above details, it's best to engage legal help for property transactions.
When should home buyers engage a conveyancer?
Home buyers should start their search for a conveyancer well before they start their house hunt - and definitely, before they make an offer on a house or sign a sales contract.
Finding the right conveyancer for you can take time and as with your house hunt, this is one search you don't want to rush.
First-home buyers in particular should think carefully about their conveyancing options.
You'll want someone patient and empathetic who'll take the time to answer all your questions and soothe your stress levels while of course being 100% savvy when it comes to real estate legalities.
Remember too that property transaction laws including that of conveyancing are different in other states and territories.
So, depending on where you live, you may need a conveyancer even earlier than you expected to check particular documents.
How should home buyers engage a conveyancer?
Ask friends and family members for their recommendations and check online reviews.
Check that a conveyancer is registered, licensed, and practicing via such sites as the Australian Institute of Conveyancers (AIC)'s database.
Don't decide to engage the first conveyancer you talk to unless they're 200% perfect - and we're not just talking about the one who offers the best fees and charges.
Instead, just as you would when house-hunting, chat to a few potential conveyancers.
Ask them about their experience and determine if they prefer working with first-home buyers, long-term property investors, or those in between.
Tell them about your house-buying experience too (if any!) and if you're new to the buying world, don't be afraid to tell them so.
We’re here to help
Smart legal advice early on in the home-buying process will prevent major legal headaches, confusion, and stress later on.
Listing Loop is here to help make the conveyancing process even easier by offering this service under our roof.
Conveyancing Loop offers hassle-free, simple and secure property conveyancing whether you’re buying or selling.
Plus, we’re pleased to offer our members $100 off conveyancing services through Conveyancing Loop.
For more information visit ConveyancingLoop.com.au