What is Conveyancing And What Does It Entail?

Buying a Home in Canberra CityWhen buying a home, you’ll be presented with different offers from different vendors. And if you give an agent your offer and it is accepted, the conveyancing process begins. Conveyancing is the process of transferring the legal ownership of property from the seller to the buyer. However, a lot of home buyers do not understand the difference between the pre-sale legal procedures and the after-sale conveyancing process.

Conveyancing is done by a licensed professional whose job is to give you advice and information on the sale of the property, help you prepare the necessary documents, and conduct the settlement process.

In Canberra, you can consult a conveyancing expert if you’re buying or selling property, or updating a title. A conveyancing transaction is made up of three stages namely before the contract, before completion, and after completion.

Why should you hire a conveyancer?

While most people would rather do it alone, hiring a conveyancer has numerous benefits. For example, if you’re buying, a conveyancer will help you research the property and its title certificate, clarify any documents like the contract of sale, deposit money in a trust account, calculate taxes and adjustment rate, and help settle the property.

Sellers can also benefit from the services of a conveyancer as he will ensure all documents are sorted as well as represent you to the buyer when it comes to title questions and extend dates.

What conveyancing is and is not? 

The process of conveyancing is about real estate interests, meaning that it’s the duty of the conveyancer to ensure the property is handed to the new owner free of any other interests such as easements, mortgages or caveats.

Conveyancing can also continue even after a settlement. Issues such as signatures not being similar on the contract of sale and on the transfer of land could warrant the continuation of the process to ensure that ownership has been rightfully and legally transferred. It is important to note that conveyancing does not start until there’s been a sale. Additionally, the preparation of sale documents is not conveyancing, but it is a legal process.

Contracting a lawyer involved in conveyancing remains the best option as attorneys have the expertise, knowledge, and skill to properly advise you on issues to do with taxation, estate planning, and family law. Contact your attorney today to further understand how conveyancing works.