What Does a Conveyancer Do for Buyers & Sellers?

What is a Conveyancer? 

Conveyancing is the legal process of transferring the ownership of property from one person to another. In Australia, this process is typically handled by professionals known as conveyancers. 

A conveyancer is a legal professional who specialises in property law. They are experts in the intricacies of property transactions, from the initial contract to the final settlement, making them crucial in ensuring a smooth and efficient transfer of property ownership. 

Conveyancing is essential for both buyers and sellers because it involves a complex series of legal procedures, including contract preparation and review, property searches, stamp duty calculations and payment, settlement preparation, and post-settlement tasks. 

While both conveyancers and settlement agents are involved in property transactions, there are key differences between the two: you can contact conveyancers as legal professionals who offer a broader range of legal services, including advice on property law and contract negotiation. Settlement agents, on the other hand, primarily focus on the administrative aspects of property transactions, such as handling paperwork and coordinating settlements. 

What does a conveyancer do? 

A conveyancer is a legal professional who specialises in property law, which includes handling all the complex legal requirements involved in property transactions. 

They manage the legal aspects of buying, selling, or transferring property, ensuring that every detail is taken care of, which helps their clients avoid unnecessary headaches. 

Conveyancers work to protect your interests and ensure that all legal obligations are met, making the entire conveyancing process smooth, efficient, and stress-free. Their expertise can be especially valuable when dealing with unexpected challenges or questions that might arise during a transaction, offering peace of mind to their clients. 

What are the Tasks and Responsibilities of Conveyancers? 

A conveyancer provides a wide range of services to guide you through the property transaction process. Here are some of their tasks and responsibilities: 

Initial consultation 

A conveyancer will begin by discussing your property transaction goals so you can understand what you want to achieve. They will explain the conveyancing process, including all associated costs, so you know what to expect. 

This is the time to ask any questions you may have so they can address your concerns and ensure that you are informed about the process moving forward 

Contract review 

Your conveyancer can investigate the details of the contract of sale for you. They will check for accuracy and fairness and look for any potential risks or issues that could affect your transaction to protect your interests. If there are any issues, they can negotiate the terms on your behalf. 

Property searches 

A conveyancer plays a crucial role in safeguarding your investment by conducting property searches to uncover potential issues or liabilities. These searches ensure you are fully informed about factors that may impact the property’s value or the transfer process. For instance, they may verify the property’s ownership through a title search and identify any restrictions or encumbrances that could affect your ownership rights.  

Additionally, the conveyancer may review environmental assessment reports to identify potential risks, such as contamination or flooding, that could impact the property. They can also arrange building and pest inspections to uncover structural issues or infestations that might not be immediately apparent. For properties within a strata scheme, a strata search provides crucial details about shared liabilities or obligations. By addressing these elements, the conveyancer ensures a well-informed and seamless property transaction, protecting your investment at every step. 

Document preparation 

A conveyancer prepares all the essential legal documents required for the transaction. This includes contracts of sale, transfers of land, Section 32 statements (in Victoria), and any other relevant paperwork. Proper document preparation is crucial to ensure that everything is legally binding and that there are no delays in the process. 

Stamp duty calculation and payment 

Your conveyancer calculates the amount of stamp duty payable for the property transaction. They also organise the payment of stamp duty to the relevant government authority, ensuring that this important step is completed on time and without issues. 

Settlement preparation 

Settlement is the final stage of the property transaction, and your conveyancer coordinates the entire process with all parties involved. This includes real estate agents, lenders, and other legal representatives. Your conveyancer will organise the transfer of funds and property titles, making sure that everything is in order for a successful settlement. 

Post-settlement tasks 

After settlement, your conveyancer registers the transfer of ownership with the relevant land registry, making the change official. They also handle any post-settlement adjustments or paperwork that may be required. Finally, your conveyancer provides you with a final settlement statement summarising all aspects of the transaction. 

Conveyancer’s Role in Property Transactions 

Typically, both the buyer and the seller will hire their own conveyancer. While it may seem redundant, having separate conveyancers ensures that each party’s interests are protected, as each will work independently to: 

• Review contracts. They will ensure they are fair and protect their client’s interests. 
• Conduct property searches. They will identify any potential issues with the property’s title or legal status. 
• Handle the financial aspects. Your conveyancers will calculate and pay relevant taxes and fees, such as stamp duty. 
• Coordinate the settlement process to ensure a smooth transfer of ownership and funds. 

What does a conveyancer do when selling a house? 

When selling a property, a conveyancer will typically: 

• Prepare the contract of sale. Your conveyancer will draft or review the contract to ensure it accurately reflects the terms of the sale. 
• Discharge the mortgage. They will coordinate with the lender to pay off any outstanding mortgage on the property. 
• Handle property searches. They will also conduct necessary searches to identify any encumbrances or other legal issues. 
• Ensure legal compliance. Your conveyancer will adhere to all relevant laws and regulations, including tax laws and property transfer laws. 
• Coordinate with the buyer’s conveyancer. They will communicate with the buyer’s conveyancer to exchange documents and schedule a settlement. 

What does a conveyancer do when buying a house? 

When buying a property, a conveyancer will typically: 

• Review the contract of sale. Your conveyancer will check the contract to ensure it protects the buyer’s interests. 
• Conduct property searches. They will investigate the property’s title, zoning, and any potential legal issues. 
• Prepare the transfer of ownership. Your conveyancer will draft the necessary legal documents to transfer ownership to the buyer. 
• Handle financial settlement. They will coordinate with the buyer’s lender and ensure that the purchase price and other costs are paid. 
• Register the property transfer. Your conveyancer will lodge the transfer documents with the relevant land registry to finalise the ownership change. 

Benefits of Hiring a Conveyancer 

A conveyancer provides a range of benefits that can make your property transaction much smoother and more efficient. Below are some of the key advantages you can expect when you hire a conveyancer. 

Cost-Effectiveness 

While there’s an upfront cost to hiring a conveyancer, they can actually save you money in the long run. Their expertise can help you avoid costly mistakes, such as overlooking legal issues or failing to meet deadlines. Additionally, they can negotiate favourable terms in contracts and efficiently handle complex paperwork, reducing the time and effort required. 

Legal Knowledge and Expertise 

Conveyancers possess in-depth knowledge of property law and regulations. They understand the complexities of property transactions and can provide expert advice on various legal matters. 

Peace of Mind 

Hiring a conveyancer can significantly reduce stress and anxiety during the buying or selling process. They will handle all the legal paperwork and negotiations, allowing you to focus on other important matters. 

Common Questions About Conveyancers 

Should I hire a conveyancer before or after making an offer? 

It’s ideal to hire a conveyancer before making an offer. This allows them to review the contract of sale, conduct property searches, and provide expert advice before you commit to the purchase. 

How long will the conveyancing process take? 

Generally, a typical conveyancing process can take anywhere from 4 to 12 weeks. The duration of the conveyancing process can vary depending on several factors, including the complexity of the transaction, speed of response from other parties involved, and other unexpected issues like title disputes or mortgage delays. 

Is a solicitor or conveyancer better for my property transaction? 

Both solicitors and conveyancers can handle property transactions. However, conveyancers specialise in property law and are often more cost-effective for transactions. If your transaction is complex or involves significant legal issues, consulting a solicitor may be more appropriate. 

What documents do I need to prepare to submit to my conveyancer? 

The specific documents required can vary, but generally, you’ll need to provide the following: 

• Proof of identity: Passport, driver’s license, etc.    
• Proof of address: Utility bills, bank statements, etc.    
• Financial information: Bank statements, mortgage approval letter, etc. 
• Property details: Title deeds, council rates notices, etc.    
• Any relevant contracts or agreements: Previous contracts of sale, lease agreements, etc. 

Don’t worry, your conveyancer will provide a detailed list of specific documents needed for your particular transaction. 

What happens if there’s a dispute during the conveyancing process?  

If a dispute arises during the conveyancing process, your conveyancer can help negotiate a resolution or represent you in legal proceedings. They can also provide advice on potential legal actions and the likelihood of success. 

What happens if the settlement falls through? 

If the settlement falls through due to unforeseen circumstances, your conveyancer can help you understand the legal implications and explore options such as renegotiating the contract or seeking legal remedies. They can also assist in recovering any costs or deposits that may have been paid. 

Can I change conveyancers during the process? 

Yes, you can change conveyancers during the process. However, it’s important to inform your current conveyancer and the other parties involved in the transaction. There may be additional costs and delays associated with switching conveyancers, so it’s best to consider this carefully. 

Hiring the Right Conveyancer 

Conveyancing, while complex, is a crucial step in any property transaction. By understanding its importance and the role of a conveyancer, you can ensure a smoother and less stressful process. 

Remember, a skilled conveyancer is your partner in navigating the legal intricacies of buying or selling property. They will handle the paperwork, conduct necessary searches, and protect your interests. 

Don’t leave your property transaction to chance. Partner with a trusted conveyancer today. Contact us now so we can discuss your property needs.