Property Market Cycles 101
You’ve probably heard the term ‘conveyancer’ and not given it too much thought. But these brilliant licensed real estate experts are your ticket to nabbing the property you have your heart set on – without the legal and financial pitfalls that many buyers fall into!
What is a conveyancer?
A conveyancer offers the legal assistance and specialist industry advice you need to ensure your property settlement goes through without a hitch. They are responsible for the legal process of buying and selling property, and are typically engaged once you’ve made an offer on a property or had your offer accepted.
They are one of the most important people to have on your ‘team’ when looking for your first home or next property, as they will ensure a smooth and fair transfer of property ownership so there are no headaches later on. And for that reason alone, they’re worth their weight in gold!
What exactly does a property conveyancer do?
A conveyancer’s job is complex – which is why they’re so valuable during the property buying and selling process. Besides overseeing the process of transferring ownership of a property title to a new owner, a conveyancer also handles, inspects and produces contracts for the parties involved, while offering sound legal advice that maximises opportunities for the client and minimises risk.
Conveyancers also have access to the information required to research the title of a property and conduct council searches, while also calculating taxes and liaising with banks, agents, vendors and purchasers.
What else does a conveyancer do?
Besides buying or selling a house or property, there are other significant times you may need to engage the services of a conveyancer. These may include:
- transferring real estate between family members;
- handling wills, leases or power of attorney documents;
- submitting subdivision lodgement plans; and
- buying or selling a business.
Can I save money by doing it myself?
If you love taking big financial risks, you can of course do the conveyancing yourself! But I’m guessing you want to curtail financial loss, and for that reason, I certainly don’t recommend going forward without the help of an experienced conveyancer.
As these real estate experts deal so heavily with the law throughout the settlement process, it may come as a surprise that even a practicing lawyer would not have the specific knowledge or skills required to assist in the conveyancing process.
Perhaps most importantly though, professional conveyancers and solicitors are protected by professional indemnity insurance; this means that if an error is made, they won’t be forced to pay, whereas you as a private individual are not covered by this same level of insurance and would be made to hand over way more cashola than you’re ready to part with. Read : bankruptcy and ruin.
Please friends, seek a conveyancer’s help so you don’t make any mistakes where time sensitivity is key, or end up costing yourself money where an expensive mistake is made.
How do I find a conveyancer for my property needs?
Don’t just settle for the first conveyancer that appears in the Yellow Pages or in a Google search. Take your time exploring your options and reading about what each conveyancer has to offer – starting with their experience and qualifications.
What is their specialisation? Are they a member of the Australian Institute of Conveyancers? Are they familiar with conveyancing in the state or territory you’re looking to buy or sell? What is the settlement period? And how much will you be expected to pay, including additional fees and costs after settlement?
So if there is one thing you must do before buying or selling, it is to engage the services of a skilled conveyancer who will guide you through the legal settlement with dedication. They really are the ultimate ‘life hack’ when it comes to property purchase and sale!
If the thought of weighing up who may be the right conveyancer for the job makes your head spin, then give us a call on (02) 8916 6172 or shoot us an email at email@example.com. We have worked with a ton of conveyancers and have vetted a handful of top-notch pros that we’d happily recommend to you. Problem solved!