Buying and selling houses is not as simple as it seems. It is a complex process that has a number of legal requirements that must be met in order for the sale to be completed. Navigating this process can be confusing for people unfamiliar with the legalities. Conveyancing refers to the legal processes involved in transferring ownership of property in between two parties. In order for all legal requirements to be met properly and to ensure that the sale process runs smoothly, it is important to hire a conveyancer.
In Australia, there are three main steps involved in the process of purchasing a property:
- Signing Offer and Acceptance letters — The sale process begins when a buyer gives an offer to the vendor and the vendor accepts the offer of sale. Following this, both parties sign all associated documents. At this point, a deposit of 0.25% is given and contracts are exchanged. A cooling-off period of 5 working days usually follows in which the buyer has the option of pulling out of the sale. There is no cooling-off period for the seller.
- Financial Settlement — This normally takes place after a time period of 6 weeks has passed after the exchange of contracts. Money is exchanged at this point and the property is handed over to the buyer.
- Registration and transfer of documents — documents must be transferred onto the land registry
Role of a Conveyancer
Conveyancers are licensed professionals who may work for themselves or for settlement agencies where they take care of the entire sale process for both buyers and sellers. During the sale process, conveyancers will provide advice and important information as well as prepare all associated documentation required. They will also alert the buyer if they notice something of concern in the property inspection report, such as structural defects.
In addition to this, conveyancers act as a central point of contact between both parties involved. Any communication between parties, such as a request for changes to the contract or an extension of the cooling-off period, is carried out by the conveyancer.
Hiring a conveyancer means that both parties involved are not only kept up to date at every stage of the sale process, but they are also at ease knowing that all legal obligations are being met.
Conveyancers offer professional advice during a stressful period of time for both parties involved. Selling or purchasing a property is a complicated process that is made easier by residential conveyancing.