What is Conveyancing?
Conveyancing is the legal transfer of a property’s title from the seller to the buyer. It is important that buyers research who they wish to use for conveyancing when they have a contract of sale.
Use a Solicitor
The REIQ recommends the use of a qualified solicitor (for details of qualified solicitors contact the Queensland Law Society) for any property matter, including conveyancing.
Using a solicitor often saves time on paperwork such as title searches and stamp duty, and can often provide peace of mind when making what may be the largest single financial transaction of one’s life.
Conveyancing will incur costs such as searches of the:
Council and property searches can identify any planning issues or problems, and highlight what the area might look like in five to 10 years. They ensure major changes like new freeways and major road upgrades are not planned for a property’s backyard.
Searches for zoning and titles will determine whether the property has any restrictions such as adverse planning, demolition orders, outstanding taxes or encumbrances on the title (for example, easements or caveats).
Most of these searches are standard in the conveyancing process but are often overlooked when buyers elect to do the conveyancing themselves.
Once a contract has become unconditional it is time to start packing! It is important for a buyer to keep in touch with their solicitor through this time with regards to any issues that may arise approaching the settlement date.
Buyers are encouraged to arrange a pre-settlement inspection with the agent to ensure that everything is per the contract conditions, noting any included chattels or excluded fittings. Pre-settlement inspections should be conducted once the property has been vacated by the seller or its occupants.
Commonly, the solicitor will attend the actual settlement on the buyer’s behalf and both the seller’s and buyer’s solicitors will notify the agent once settlement has occurred. Only after an agent has received notification from both parties, can keys be released to the new property owner.
Your quest of buying a house, unit, townhouse or any other property is now complete – enjoy!
Warning: This content is not designed to replace professional advice. It has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the advice, in light of your own objectives, financial situation or needs before making any decision as to whether this scheme is appropriate for you.