The process of buying or selling a house or any type of property, residential or commercial, can involve a significant number of legal issues. It is really important that these are dealt with by a professional conveyancer, who can either be a licensed conveyancing agent or a solicitor. They have a number of duties that they will undertake during the conveyancing process.
Contract of sale
Perhaps the most important thing a conveyancer does is to prepare or examine the contract of sale. This often involves a number of detailed legal checks about the title of the land, the nature of the contract, what it includes and excludes and any restrictions or covenants that it may include.
Once the contract has been looked at and cleared by the conveyancer, they will arrange to exchange the contract with the other party, and they will also arrange to pay the deposit on the property.
They may also be involved in other financial matters, such as examining and preparing a mortgage agreement and making sure all conditions are complied with, including any insurance requirements. They may also arrange payment of stamp duty and payment for any other inspections that may need to be done.
Such inspections often include an inspection of the building or a strata report, any pest or rodent inspections that are needed and any reports needed on issues concerning adjoining land.
Whilst a conveyancer primarily concerns themselves with immediate issues concerning the property they are working on, they are also likely to look at any issues that may affect the property in the future. These normally involve other building developments nearby that may have an impact on the property or its value. This can either be a building close by or any type of government infrastructure work such as building a new road that may be of benefit or harm to the value of the property being inspected.
This can sometimes involve a significant amount of work to check what planning developments are in place or are likely to happen in the near future.
What conveyancers charge
Fees for any professional involved in conveyancing work can vary considerably, depending upon the nature of the work involved. However most conveyancers will have a set schedule of fees, and it should be possible to agree to a figure in advance, normally subject to any unforeseen circumstances.
This should cover all the work the conveyancer does, mentioned above, including any paperwork involved at the end of the sale. This normally includes making sure the title of the property is handed over correctly and is registered with the Land Titles Office.
Some people want to do their conveyancing themselves as a way of saving money. In general, this is a bad idea for two reasons. Firstly, most people are probably not legally qualified to be able to do the work effectively, and if they make mistakes, it could prove very costly in the long term.
Secondly, even if the person is legally qualified to do the conveyancing work themselves, they are unlikely to be as objective about it as a third party would be. This might mean that they will unintentionally take shortcuts that could prove financially damaging.