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Conveyancing is the legal work involved in the preparation of a sales contract, mortgage and other related documents. It is done by a state or territory-licensed professional who is familiar with real estate law. Therefore, it is needed for both the buying and selling of property. Unless you’ve owned or sold a property previously, it’s highly likely that you are unfamiliar with the ins and outs of conveyancing. This is understandable as it’s an area that’s only needed when it’s needed. However, conveyancing is an extremely important part of the property buying and selling process and thus, you should become knowledgeable about the process and its requirements. If not done correctly or with a skilled professional, you can risk personal liability.
When do you require conveyancing services?
You will need to secure the services of a lawyer in two instances:
- Selling – In NSW, conveyancing is required to put your property on the market. If you are selling, a lawyer will help prepare your sales contract and any other legal documentation required. If you hire a lawyer early, they can also help to determine the most advantageous date to put your property on the market.
- Buying – For buyers, a lawyer can be utilised before a contract is signed to, among other things, verify boundary issues or planning restrictions. This is extremely valuable as it can drastically alter the property’s potential or initial usage.
How do you secure conveyancing services?
You can hire a lawyer at any time, however, we recommend that you hire a lawyer before you begin the selling process, as this is the safest and most efficient way. Although there are conveyancing laws across Australia, they differ according to state or territory. In NSW, there are three ways to go about conveyancing.
- Hire a lawyer with experience in real estate or conveyancing law – Prominent Lawyers have property lawyers knowledge and experience in conveyancing.
- DIY kits – general guidance is provided in these kits.
Should you do the conveyancing yourself?
While you can do your own conveyancing, we generally do not advise that you do this. Several issues can arise when you do it yourself such as:
- you are still personally liable for problems with the sale, even if you follow the kit’s instructions and,
- if you experience difficulties or miss things, it could be too late and there could be unfortunate consequences.
What happens during the conveyancing process?
The conveyancing process involves several steps with strict attached timeframes, another reason that you should hire a lawyer. A lawyer will handle the entire process on your behalf, including ensuring that there aren’t any loopholes in your contract and that deposits are paid. The process is as follows.
- Pre-contract
- This stage involves preparing and examining the written contract for the property sale. A few important details will be checked at this stage, including charges on the property that can impact the sale, whether title deeds are in order and if restrictions exist on the property. The owner will also be verified and all legal forms will be completed. This stage can take several weeks. Both parties will need to agree to the terms and offer and sign the contract.
- Exchange
- At this stage, the contract will become binding on both parties. Each party’s lawyers will exchange the signed copies of the contract to ensure that they are identical. Even though the contract is legally binding at this point, there is a 5-day cooling-off period that begins as soon as you exchange the contract. During this period either party can rescind the offer and forfeit .25% of the purchase price. For off-the-plan properties, this is extended to a 10-day cooling period. However, you can wave this period with a 66W certificate.
- Settlement
- The settlement stage is the final step of property conveyancing. All outstanding financial matters are settled, the buyer takes possession of the property and the transaction is complete.
At Prominent Lawyers, we understand that buying and selling property is one of the most important financial decisions you’ll ever make. That’s why we can guarantee that our team has competent lawyers who are skilled in property law. Our Prominent Lawyers team understand that buying or selling your family home or first apartment is not any old transaction and certainly, not one to take lightly. That’s why our property law team looks at the full picture, taking account of your family’s emotional needs, as well as financial ones. We will guide you through every step of the daunting process until you and your family are content with the arrangement decided.
Get in touch with us on 1800 77 66 46
