The importance of a Conveyancer or Solicitor
A professional conveyancer or solicitor is an independent party that is employed for both the buying and selling of a property. The conveyancer will handle the settlement and title transfer process by ensuring that their client is meeting all legal obligations all while ensuring the clients rights are protected during the time of this transaction. Both buyers and sellers need to employ and use the services of a professional due to legal obligations in respect to the Contract of Sale. It is a conveyancer’s job to take charge and do all the leg work while working with you and the agent on your behalf. Your conveyancer will also keep in close touch with your mortgage broker and between the two professions will keep each other up to date.
A contract is made up of two parts, the Contract of Sale and the Vendor Statement. The Contract of Sale details the terms of the sale, the buyer’s details, the vendor’s details, conveyancer details and any special conditions that may need to be included i.e.: subject to finance, building and pest inspections. Your conveyancer will cross-check everything to make sure everything is correct and that you have a clear understanding of the terms of sale.
The Vendor Statement is made up of multiple plans, council and water rates notices, design guidelines, if there are any encumbrances. There is no need to stress if you are unsure about these items as your conveyancer deals with this daily and will be able to explain each of them to you.
Most importantly, it is your conveyancer or solicitor who will transfer ownership to you at settlement.
A conveyancer or solicitor’s job role:
- Drawing Up of Documents
One of the main roles of a solicitor or conveyancer is to prepare all of the legal documents that are part of a real estate transaction.
- Selling a Property
Sellers will need a conveyancer to assist with preparing the Contract of Sale and ensuring that any special conditions required are included in the final contract this will save any potential conflict later. Sellers will also need to have the Vendor’s Statement prepared. A conveyancer will conduct all of the title and planning searches that go into this final statement, as well as ensuring the seller’s disclosure obligations are met as per state and territory laws.
- Buying a Property
Buyers will need a conveyancer to prepare all of the transfer documents that ensure a property is rightfully and legally transferred. These important documents will include all of the necessary details to meet legal regulations as per state and territory laws.
- Legal Advice
A Conveyancer or Solicitor will also undertake the majority of the legal work needed to make the right decisions and navigate this process successfully.
- Arranging Settlement
One of the major roles of any Solicitor or Conveyancer is to help arrange the final details of the settlement.
Services a conveyancer or solicitor provides:
- Buying a Property
- Selling a Property
- Property Development
- Buying and Selling a Commercial Property
- Matrimonial Transfers
- Plan of Division
- Community Plan of Division
- Leases
- Business Sales Conveyancing
- Family and Estate Transfers
- Preparation of Residential and
- Commercial Contracts and Form 1s
Click here to read more about some tips on how to choose a conveyancer or solicitor for the buying or selling of a property.It is important to employ the services of professionals from the desired fields to ensure the smoothest path is achieved for the entire process from start to finish so you can meet the deadlines with the real estate agents and the lenders while continuing your day to day duties. If you need recommendations for a conveyancer, other professional for your first home purchase or have a question regarding anything spoken about in this article please don’t hesitate to get in touch with your mortgage broker Gerry today and he will be able to assist with answering any questions you may have.