The concept of transferring property from one owner to another might seem simple on paper – dot the I’s, cross the T’s and sign where necessary – but conveyancing is a far more involved process than you may initially believe.
Some property transactions may seem simple, but it should not be assumed this will be the case for all property transactions. Far from it, in fact – complex legal documents are common during property transactions, and can leave even a confident buyer or seller in a spin.
What does conveyancing involve?
According to the 2018 Law Handbook, a conveyancer will typically manage the following comprehensive list:
- Advising the buyer before the contract is signed about special conditions that are included and the effect of signing the contract;
- Checking the contract and the vendor’s statement;
- Conducting searches and making applications for certificates, and reporting to the buyer – the buyer is expected to examine the property;
- Exchanging contracts with the seller’s solicitor (if a contract of sale is used);
- Preparing the transfer of land;
- Advising the buyer about finance and providing all the information that the lender requires about the title to the land;
- Checking the mortgage documents and advising the buyer;
- Preparing a statement of adjustments and settlement statement showing how the cheques are drawn and paid;
- Arranging settlement on the buyer’s behalf;
- Lodging a notice of acquisition of land at the SRO;
- Notifying the council and the water authority of the purchase; and
- Paying stamp duties and lodging documents for registration (unless the lender does so).
The duties of a seller’s conveyancer include:
- Preparing a vendor’s statement and special clauses to go into the contract;
- Preparing a contract of sale;
- Exchanging contracts with the buyer’s solicitor;
- Checking the transfer, statement of adjustments and settlement statement;
- Preparing the statutory declaration about the value of chattels in the sale;
- Arranging for discharge of the seller’s mortgages and for a clear title;
- Attending settlement on the seller’s behalf; and
- Notifying the council and the water authority of the sale.
As evidenced by the number of steps, conveyancing is more complex than it first appears.
Engage with expert conveyancers today
Goodman Group Lawyers are highly experienced in all conveyancing matters, saving you time, money and headaches in the long run. If you’re ready to organise the conveyancing of a property ownership with the help of professionals, get in touch with our team today. We’d be happy to offer any advice you might require regarding conveyancing and similar property law.