Conveyancing is the transfer of the legal title of property from one person to the other. There are two main steps involved in conveyancing: exchanging contracts and closing the deal. In Australia, the law states that contracts of sale and purchase of land should be in writing. It is advisable to consult a conveyancing solicitor during the sale or purchase of land. Here are some of the roles of a conveyancing solicitor.
Compiling Documents
The conveyancer is involved in preparing the legal documents required for the transaction. If you are selling property, the conveyancer will prepare a contract of sale and ensure any conditions required are featured in the final contract. Another crucial document that sellers should prepare is a vendor's statement. The conveyancing solicitor will carry out all planning and title searches required for your vendor's statement.
If you are a buyer, the conveyancer will prepare transfer documents to ensure the property is lawfully transferred to you. Your conveyancer will perform property searches with the local and water authorities. After comparing the draft contract with the results from the property search, your conveyancer will submit pre-contract enquiries to the seller. These enquiries need to be answered to make sure the property passes all the legal checks and balances.
Legal Advice and Arranging Settlements
A conveyancing lawyer will deal with the legal work required to ensure the transfer of property runs smoothly. If you are a seller, the conveyancer will advise you on the conditions required for the contract of sale to be binding. This includes adjusting your rates and taxes. The solicitor will also contact your mortgagee to organise for the necessary documents. If you are a buyer, your conveyancer will advise you about the terms of the contract of sale. The conveyancer will be involved in making financial arrangements and ensuring the banks receive the appropriate documents on time. In both cases, the conveyancer will be involved in reviewing the contract and explaining to you, in layman's language, the implications of the contract.
Another crucial role of property solicitor is arranging settlements. If you are a seller, your conveyancer will work with the buyer's conveyancer and agree on the most appropriate time to close the deal. If you are a buyer, your conveyancer is involved with ensuring funds are released from the bank on time. To close the sale, your conveyancer will hand over the sale price to the seller's conveyancer.
