Property conveyancing is an essential aspect of the property buying and selling process, ensuring that the legal transfer of ownership is completed smoothly and efficiently. But while many are aware of the term, few know the intricacies of the process and the role a property conveyancing lawyer plays in it. This article will detail five little-known facts about property conveyancing that can help you better understand the process and make informed decisions when buying or selling property.
Conveyancing Can Be Done DIY, But It’s Not Recommended
Technically, you can handle the property conveyancing process yourself without hiring a property conveyancing lawyer. However, this approach isn’t recommended for most people, as the process can be complex and time-consuming, with many legal documents and procedures to navigate. A single mistake or omission could lead to significant delays or even jeopardise the entire transaction. It’s always best to engage a professional who has the expertise, experience and resources to ensure a seamless and efficient process.
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Not All Conveyancers Are Lawyers
While many conveyancers are lawyers, it’s important to note that not all conveyancers are legally qualified. In Australia, conveyancers can either be licensed conveyancers or solicitors who are qualified to practise law. The main difference between the two is that a property conveyancing lawyer can provide legal advice and representation in court if any issues arise, while a licensed conveyancer cannot. Depending on the complexity of your transaction, you may want to consider hiring a lawyer to ensure all legal aspects are thoroughly addressed.
Conveyancing Fees Can Vary Widely
When hiring a property conveyancing lawyer, it’s crucial to understand that fees can vary significantly between firms and individuals. Factors that can influence the cost include the complexity of the transaction, the location of the property and the level of service provided. It’s essential to obtain quotes from multiple conveyancers and compare their services and fees before making a decision. Be sure to ask about any additional costs, such as disbursements, to avoid unexpected expenses later on.
Timing is Crucial in Property Conveyancing
Timing plays a critical role in the property conveyancing process, with specific deadlines that must be met to ensure a smooth transaction. For example, in Victoria, the standard settlement period is usually 30, 60 or 90 days from the date of signing the contract of sale. Missing a deadline can result in penalties or even the termination of the contract. A property conveyancing lawyer can help ensure that all deadlines are met and any necessary extensions are negotiated if required.
Conveyancing is More Than Just Paperwork
While paperwork is a significant aspect of property conveyancing, the process involves much more than just document preparation and lodgement. A property conveyancing lawyer also conducts extensive searches and enquiries to identify any potential issues or risks associated with the property, such as outstanding rates or land tax, restrictive covenants or easements. They also liaise with various parties, including the buyer’s or seller’s representative, financial institutions and government agencies, helping to ensure a smooth and efficient process.
Final Thoughts
Property conveyancing is a complex process that requires expertise and attention to detail. By understanding these lesser-known facts, you can make informed decisions when engaging a property conveyancing lawyer and ensure a seamless and successful property transaction.
