After countless house inspections, you’ve finally found your dream home. It has a great backyard, it’s within a great neighborhood, and the price is just right for your budget. Now you just need to go through all the legal process involved. But for some people, the legal aspects of it can be overwhelming, and most of them seek the help of a conveyancer.
What is conveyancing?
Conveyancing is the legal and formal process of transferring ownership of a property from one person to another. Generally, it will cover all the legal requirements of buying a real estate property, and will consist of the following stages:
- Pre-contract
- Pre-completion
- Post-completion
What’s the process?
Once you’ve decided to purchase the property you like, it will be a good idea to consult a conveyancer immediately, as the process of conveyancing will begin even before you start drafting the contract of sale. The conveyancer will help you throughout the legal procedures, from entering into a contract of sale to the registration of the transfer.
First, a conveyancer, such as one from conveyancer Adelaide will check the contract of sale and look for discrepancies in the contract’s terms and conditions. If you and the seller both agrees and signs the agreement, the transaction period will cool-off, giving you a lot of time for finalizing financing options and property inspection.
During the cooling-off period, your conveyancer will do background checks, property examination, certificate checks, and title searches. They will calculate settlement adjustments after water and council rates, land tax, and other fees. The conveyor will also provide the necessary documents for the transfer of land while making sure that the property is secured in your best interest.
Before the date of settlement, the conveyancer will furnish a statement detailing the total amount required to carry out the agreement. They will also get in touch with the financial institutions involved to make sure that they are prepared to settle during the settlement date.
During settlement, your conveyancer and a bank representative will represent you in the exchange of mortgage files, stamp duty forms, transfer documents, and other legal forms with the seller’s legal and bank representatives.
After settlement, your conveyancer will submit the transfer documents to all the concerned government offices, making the transfer of ownership official. You can also ask the conveyor for assistance when applying for a first home buyer grant.
How can it help?
Buying a property is not as simple as it may sound. The whole process can take a lot of time and money to coordinate, especially when setbacks and difficulties arise. Here are some key benefits of hiring a reliable conveyancer:
Save valuable time – Conveyancing takes a lot of effort and time to analyze, review, and finalize. It will require you to deal with vendors, real estate agents, mortgage brokers, building inspectors, banks, and government agencies. Furthermore, you’ll also be compelled to understand all the financial and legal documentation involved in the process.
Hiring a qualified and reliable conveyancer can save you hours of legwork and paperwork. They liaise with building inspectors and real estate agents, furnish legal documents for government agencies, and work out settlements with the seller, all on your behalf.
Avoid financial loss – The complex process of conveyancing will have higher risks of expensive and unwanted complications. That is why it will be in your best interest to hire a qualified conveyancer rather than attempting to do it yourself.
Conveyancers will make sure that you avoid financial pitfalls during the transaction process. For example, the conveyancer examining your contract may notice that the property you’re buying needs substantial and expensive repairs. They will immediately alert you of this issue, allowing you to reconsider the deal and avoid financial losses.
Peace of mind – A reliable conveyancer will always keep your best interests in mind. They will utilize their expertise and abilities to ensure a smooth conveyancing process.
This means that you’ll never have to worry about legal documents, as they will be taking care of this for you. Conveyancers will be the one responsible for examining critical areas of the transaction to find any easements. They will also take care of the financial aspects, such as liaising with lenders in calculating settlement adjustments.
Closing thoughts
Buying a house can be one of the most expensive investments you’ll make in your life. Although it’s not legally required to hire a conveyancer, their services are still an essential asset towards a positive outcome. With all the complicated tasks involved, it will be in your best interest to hire a licensed and competent conveyancer.
