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.
So, we asked conveyancer Sharyn Ingram from Ingram Rothe Midson to explain.
Conveyancing is the term for the legal and statutory processes required to effect the transfer of ownership of real estate from one person to another. The preparation, execution, verification and lodgement of numerous legal documents are important elements of conveyancing.
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. Drawing upon your instructions, we will also assist you to meet your legal obligations and protect your rights and interests.
Investigating the title of the property is one of the most important elements of conveyancing.
Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. On your behalf, the conveyancer will conduct the appropriate searches and inquiries on the property.
In summary, conveyancers undertake:
Things for buyers to look out for include:
- Certificate of Title searches
- Searches of government departments and local authorities
- Advice on the effect of the contract
- Preparation and certification of legal documents
- Stamping of required documents
- Calculation of adjustments of rates and taxes
- Preparation of settlement statements
- Liaison with mortgagors and financiers; and
- Attendance at settlement.
- What encumbrances, charges etc there are on the property? What happens to these?
- Are all appliances etc in good working order and condition?
- How is the electrical wiring and plumbing etc?
- What is included/excluded? Lists should be detailed like is the TV antenna staying?
- Can I do a final inspection before settlement? (most contracts don't allow for this)
- Whose interest does the agent represent? (not the buyers)
- Is GST applicable on the purchase price?
If you want to be sure that your interests are looked after, appoint your own conveyancer. You can engage the services of a conveyancer whether you’re buying or selling a home. The earlier you speak to a conveyancer, the better as they can help you look over the contracts and give you advice.
So, you might ask, how do I find a good conveyancer? Ask them the below questions and compare:
- Are you a member of the Australian Institute of Conveyancers?
- What's the maximum I can expect to pay in fees and charges?
- What are your fees and what services are included in those fees?
- What will any additional services cost?
- What government fees and charges will I need to pay?
- How long will settlement take?
- How will you keep me up to date with what's happening?
You can find other useful resources from the Australian Institute of Conveyancers (SA)
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