Picture this: you’ve finally found your dream home. It has just the right space for your family, it’s near the school and the mall, and it’s in a peaceful and friendly neighborhood. Just when you’re ready to buy the property, you realize that it’s not that easy.
Conveyancing 101: The Basics
Most people think that buying land is easy. If you have the means to pay for it, then you won’t have to worry about the financial side of it. However, there is also the legal side of buying and selling a property. This is where conveyancing takes place.
Conveyancing is the process of transferring a land title from the seller to the buyer. The seller can be an individual or it can also be an entity. In both cases, you will still need a lot of documents and do some due diligence. Conveyancing has four phases, namely, preparation, execution, verification, and lodgement of legal documents. Before you get hold of the title, you would have to go through all of these steps.
Depending on the land you are buying, the process can either be easy to go through or not. Yes, there are four different phases, but a clean title will always be easier than a complex one. For example, in conveyancing, you will investigate if the land has outstanding rates or proposed projects (especially from the government). If it has these things, buying your coveted house and lot will be more complicated. This is why you should hire a conveyancer.
What is a Conveyancer?
A conveyancer is a licensed professional who guides and helps you during the conveyancing process. They facilitate investigations and due diligence for the property you want to buy. In Australia, they are also called settlement agents.
Conveyancers are hired mainly because they are knowledgeable on the laws that govern buying and selling of properties. They also have the resources to investigate the land so that any outstanding obligations are paid before the title is passed to you. Apart from this, a conveyancer also inquires with government agencies regarding projects that might affect the property. This means that they will make sure that the government has no plan of building a project on the property you want.
There are other things conveyancers can also do. Some of them are aiding in the negotiation of the price, preparation of legal documents, and the calculation of price and taxes. If you will notice, conveyancers don’t just stop in sealing the deal, but they also handle the pre- and post-negotiation processes.
If you have had previous experience in dealing with buying and selling properties, then you might think that you don’t need a conveyancer. But conveyancers offer more than just expertise; they also offer convenience for their clients. You no longer have to process your papers yourself because a conveyancer can take care of all those things for you.
6 Reasons Why a Conveyancer is a Must
If you are still unsure of whether to hire a conveyancer or not, you might want to read on these 6 advantages:
1. They are experts in what they do.
The first reason why you need a conveyancer is that they definitely know more than you do when it comes to buying and selling a property. Conveyancers who have experience will also know how negotiations work between both the buyer and the seller. So if you don’t have any experience in this, a conveyancer is there to guide you.
There are also many aspects of the conveyancing process that needs expertise. For example, handling legal documents. Legal documents can be tedious. Since this is the primary job of conveyancers, you can trust that they already know which documents are going to be submitted. Moreover, they will also know where and how long legal documents can be given.
2. They will be on top of your deal.
A top-quality conveyancer knows how to prioritize their clients. Even if they have more than three clients they are currently handling, they will not be flustered. In fact, a conveyancer that is good at their trade will always be communicating with you about the progress of your deal. In this way, you will have the peace of mind that someone responsible has their full attention on the property you are eyeing. This is especially helpful for people who are too busy at work.
When you don’t have time to deal with government agencies and to research on the whole real estate process, then a conveyancer comes in handy. They will know what is needed and when it is needed. If they are really good at what they do, you won’t even have to worry about them.
3. They have the resources to hold investigations.
Another benefit of having a conveyancer is also having the resources to do investigations. Part of the conveyancing process is title searches, planning searches, and a whole list of searches to be made about the property. Because of the expertise of a conveyancer, they already know who to contact when it comes to these tasks. In fact, they will already have a network that will help them look for information regarding a certain property.
For example, there are conveyancers who are part of the Australian Institute of Conveyancers SA Division. The AICSA is an organization of conveyancers that guarantee ethical conduct and expertise. And this isn’t the only conveyancer association in the country. So if you are worried about not having connections, your conveyancer has got it covered.
4. It might actually save you money.
Contrary to popular belief, having a conveyancer might actually save you money. Just think about it. If you have no idea what to do, you will end up going back and forth agencies just to ask and pass documents. You will also be wasting time in the process. Add to that the fact that you are working and in order to fix your legal documents, you have to take a few days off.
But when you hire a conveyancer, you don’t have to waste your resources with all the processes. Their fee always includes doing the minimum required to get a sale done. Besides, conveyancing rates differ depending on the firm and the complexity of your transaction. Hence you can always look for a quotation that you can afford.
And in the long run, having a conveyancer will save you from additional costs when your property encounters a problem. You might just be able to avoid a financial problem if your conveyancer knows how to deal with complicated deals.
5. They serve as a guide during negotiations.
Most people have no idea how to negotiate, be it for certain items or for properties. If you are one of these people, then you know how important it is to have someone guide or represent you during negotiations. Conveyancers may not be lawyers, but they are licensed to do these kinds of things especially considering they have been trained for them.
6. You no longer have to waste your time.
Last but definitely one of the most important advantages is convenience. With a conveyancer dealing with all the papers, investigations, and the research, you don’t have to spend so much time fussing over the property. It’s not just money you are saving, but also a lot of time to do other things. When you already have a conveyancer, the only time you’ll spend with buying or selling a property is the actual meetings that need your signature. Other than that, your conveyancer will just give you updates over the phone or via email.
What to Consider When Picking a Conveyancer
By now, you are probably convinced of how important a conveyancer is. To help you know who you’re going to hire, here are a few things you should consider.
- Expertise – At the end of the day, it all comes down to expertise. Your conveyancer should show a few years of experience to prove that they are knowledgeable of the ins and outs of property selling.
- Reputation – You should also look for someone who has a good reputation. A conveyancer is someone you should be able to trust so someone who has a track record for selling the property is a must. You can get a sense of their reputation by looking for reviews.
- Work Ethic – You should also hire someone who has an exemplary work ethic. The point of getting a conveyancer is to have someone help you with your transaction. If they end up not doing that, then you will only waste money and time. So before you hire a conveyancer, set an appointment to get to know them and their track record.
- Trustworthiness – Having a conveyancer goes beyond a transactional relationship. Because they will be dealing with your legal papers, they should show a certain level of credibility and trust. Even if it’s your first time meeting the conveyancer, you should be conscious of how both of you relate to each other. Ideally, you want to hire someone who understands you and has a certain connection to you.