Conveyancing is the legal process of transferring property from one party to another.
So what do we do?
When you buy and sell there are many things that happen between signing the contract and settlement.
Conveyancers work hand in hand with buyers and sellers during the conveyance to provide you with guidance in relation to carrying out items you, as a party to the contract, must organise such as:
Payment of the deposit;
Insurance requirements for the property;
Engaging Building and Pest Inspectors (if allowed for);
Liaising with your brokers and financiers for approval of finance or discharge of mortgage;
Liaising with all parties in respect of any contract negotiations.
Conveyancers will also handle the "behind the scenes" matters such as:
Review of contract prior to signing to ensure the conditions meet your needs;
Preparation and/or review of official transfer papers and ensure they are lodged with the relevant authority after settlement;
Provision of the contract and associated property transfer documents to financiers;
Required property searches with the state and local government and other authorities;
Additional property searches if requested by you (for buyers);
Calculation of and attending to payment of stamp duty;
Calculation of settlement figures including rates, water consumption, body corporate (if applicable) and rental income (if applicable);
Schedule settlement with all parties including financiers;
Attend settlement on your behalf and ensure all final payments are made so the property is unencumbered at the time of transfer settlement.
In short, a conveyancer is there to guide you and represent your interest in what is one of the biggest transactions many buyers and sellers make in their lifetime.
Jessica Bray and Bianca Philp are part of the Conveyancing Team at local firm Rees R & Sydney Jones.