What is conveyancing?
Conveyancing is a legal term which refers to the transfer of a property title from one party to another. In principle it is the legal process of buying and selling property. A conveyance carries out all legal aspects of buying or selling a home including searches, land registry, stamp duty, etc. The conveyance will confirm that the property can be sold, and arrange for the property’s legal title to be passed from one individual to another. A mortgage or lien can also be transferred using this process.
Who does it?
Most people automatically assume that conveyancers are solicitors, but conveyancers can either be practicing solicitors or licensed conveyancers. Property solicitors are regulated by the Law Society and normally practice all areas of law including conveyancing. Essentially, they are lawyers who traditionally deals with any legal matter in court. Licensed Conveyancers on the other hand are specialists or legal professionals who have been trained to deal with all aspects of property law and specialise only in conveyancing.
Since there are legal documents involved, it’s highly recommended to use a licensed conveyancer or conveyancing solicitor for this purpose as they have the experience and the knowledge essential in dealing with specific council regulations, laws, and procedures in the state or territory.
Essentially the conveyancer is acting on behalf of either the buyer or seller and representing their interests in the property acquisition or sale. Their job is to ensure that the terms and conditions of the contract for sale are fair and reasonable and that all of the financial information is correct.
How much does it typically cost?
The process costs can vary from state to state, depending on local property regulation and safeguards. The fees are mostly based on time and activity – time spent and work done from the commencement of the purchase or sale process to the end when final contracts have been drawn and signed. All and any other buying or selling a property related fees obtained on your behalf during the transaction deal will be included on the solicitor fees.