What is conveyancing and should you seek help from a professional?
The process of transferring the ownership of a legal land title to a new owner is conveyancing. This exchange can involve both persons and legal entities, such as a government or institution. Typically, the conveyancing Melbourne process can be broken into three segments; pre-contract, pre-completion, and post-completion.
A conveyancer is a licenced professional that can provide you with information and advice in regards to the sale of a property. Conveyancers should be used whenever you; subdivide land, update a title, buy or sell property, or register, change or remove an easement.
A paid professional conveyancer can make sure you have correctly completed all paperwork, and they will remind you of important deadlines throughout the process. If you choose to forgo the help of a professional conveyancer, you risk losing the property and forfeiting your deposit. Alternatively, should a conveyancer be at fault for a mistake, their professional indemnity insurance will protect you.
The legal documents associated with the change of a land title can be difficult to obtain, understand, and lodge. A conveyancer can prepare, explain, and lodge legal documents and research to property of concern. They represent your interest via a vendor or their agent. A conveyancer will sort your finances into appropriate accounts with adjusted rates and taxes. For a few hundred dollars, you can save yourself time and frustration and focus on moving into your new home.
Conveyancing is important
So you want to find the right person to help you navigate the process. You should search for a conveyancer the same way you would a realtor. Face-to-face interviews with multiple candidates will ensure that you find the best person for the job. References from friends and family will be the best place to start your search, and real estate agents, accountants and lawyers can help point you in the right direction. Conveyancers often specialize in different types of real estate, so you’ll want to learn about which each prospective option does best. Professionals should be a member of the Australian Institute of Conveyancers.
When conducting interviews, be sure to ask about fees and charges, costs at settlement, and any other hidden costs. Learn how they plan to communicate with you, and how often. You should also plan to ask about the specifics of settlement day, especially if you plan to coordinate with other parties (such as movers).
While you can save money by sifting through the conveyancing process on your own, hiring a professional can help you avoid potential mishaps. Conveyancing is a complex process that can be simplified with the assistance of an experienced Melbourne’s leading conveyancer.
Written by Jeffrey Brooks