Have you been looking at the purchase price of potential properties to snatch up? The property market can be problematic if you don’t understand the ins and outs of property law, especially with the many legal processes and hefty legal documents involved.
If you’ve thought about hiring a conveyancer to assist with buying your dream home or selling your property, you may be interested in the overall conveyancing process. Hiring a legal service will prevent you from getting any legal jargon in a knot.
What do conveyancers do?
Buying or selling a home isn’t as straightforward as you might think, there’s a lot that goes on behind the scenes of a sale. Are you wondering what happens during the conveyancing process? Conveyancers specialise in the property transaction, so they know the ins and outs of transferring property from one person to another.
A conveyancer will ensure there is a quick and legal sale by preparing the contract of sale, sort stamp duty, property dealings, exchanging these contracts, and tying all loose ends needed to complete these ownership transfers. Everything regarding the sale and settlement process is organised on your behalf, so you don’t need to stress about the fine print.
Why do you need a conveyancer?
It is possible for you to do work yourself, but you run the risk of getting into financial debt or legal trouble, so it’s not recommended.
When initiating a property purchase, conveyancing services are there to do all the intricate and tricky work for you. Conveyancers are qualified to handle everything for you.
A range of things can affect the sale of a property, such as zoning regulations, rules regarding your local council, and even building and pest inspections! You want your new property to be in the hands of a professional conveyancer who knows government fees and state and federal law.
How much does conveyancing cost in Victoria?
How much are conveyancing fees? Conveyancing costs can range from $800 to $2,200. The conveyancing fees will typically be calculated on the type of property purchase, the quantity of work needed to be done, and the complexity of the transaction.
Disbursement costs to a third party such as water rates, council rates, building certificates, land tax, roads certificate and owners corporation certificates are also payable in addition to the Conveyancing costs. These are incurred during the conveyancing process and are generally paid for at settlement.
What is included in a conveyancing service in Victoria?
Buying a home – a brief overview of what we will do
- The Transfer of Land document will be prepared
- The Contract of Sale will be reviewed
- Apply for the necessary property certificates such as title search, council and water rates certificates
- Rates, taxes, and other conveyancing fees will be calculated
- Acting on your behalf, which includes the settlement process and contacting your bank or financial institution to organise settlement and finalise payments
- Your deposit will be placed into a trust account, and this may be the Agent’s trust account or the representative acting on behalf of the Vendor/s
Selling property – a brief overview of what we will do
- Contract of Sale and Section 32 Statement will be prepared in accordance with your instructions
- We will liaise with all parties applicable to your sale
- Make arrangements with discharging mortgagee for settlement
- Payout figures
- Make all necessary arrangements for settlement
What qualifications do conveyancers have?
Conveyancers do not have to have a law degree to practice conveyancing. They have studied conveyancing and hold specific requirements to practice and undertake ongoing professional development.
Conveyancers must have:
- Approved practical legal training, or 12 months of supervised practical experience within the last 5 years by an Australian legal practitioner or a licensed conveyancer.
- Have completed a qualification such as The Advanced Diploma of Conveyancing or similar Diploma
Can a solicitor do my conveyancing?
Yes, and their level of expertise is very different. Legal documents and disputes can be managed by a solicitor as they are trained in broader areas of law.
In comparison to the conveyancing process, a solicitor can inform you of other potential issues such as tax or family divorce proceedings. You’ll want to do your research on what service will best benefit your personal and financial situation.
Can I do the legal work myself?
Conveyancing fees can seem intimidating, so it can be tempting to do your own conveyancing. Even though it’s not a mandatory process, it’s highly recommended to consult a professional when considering buying or selling, even if you’re confident in your property knowledge and want a private sale.
However, if you think you can handle banks, government departments or government authority, administrative processes, and legal information, you can choose this option.
What is professional indemnity insurance?
When hiring a professional conveyancer, you want to know the financial and purchase process will be in the right hands, and that professional indemnity insurance is held to cover against negligence.
What questions should I ask a conveyancer?
- Do they hold a conveyancing licence?
- What kind of services will they be offering you?
- What are the overall conveyancing fees? If need be, how much will additional services cost?
- Ask what is required of you before, during, and after the contract of sale.
- Ask if you’ll need to pay any government charges or fees along the conveyancing process.
- How long will it take before the settlement process is complete?
- How will you keep in contact during the conveyancing transaction?
Conveyancing with Complete Conveyancing Solutions
At Complete Conveyancing Solutions, we want your buying and selling process to be smooth, professional, and stress-free. As qualified conveyancing professionals, we can assist you with conveyancing fees, the property sale, and overall conveyancing costs.
Maria Tomlinson holds an unrestricted conveyancing licence together with Professional Indemnity Insurance against civil liability. Maria Tomlinson commenced her career in Conveyancing in 2001. She furthered her studying by completing her Diploma in Conveyancing in 2017 which has led her to hold an unrestricted Conveyancing License and successfully open her conveyancing firm, Complete Conveyancing Solutions.