Conveyancing is a process that is an integral part of buying or selling property. Before a property changes hands, there are a lot of procedures that need to be followed, most of which have legal ramifications. Hence it is necessary that before you sign a contract, regardless of whether you are buying or selling property, you should hire the services of a local property conveyancer who is well conversant with the laws prevailing in the State in which the property is located. This is primarily because the taxes and fees and stamp duties differ between Sates. What is relevant in the State of Victoria might not be so for NSW or SA.
What then are the conveyancing services provided by a professional conveyancer or conveyancing solicitors in Melbourne area? Since the act of buying or selling property have different legal functions and activities, the two will be analysed individually in some detail.
- Preparing documents of sale – When you are selling property, the conveyancer will help you prepare the Contract of Sale which will have any special conditions that you might want to include in it. This will safeguard you from any unwarranted litigation in future. Further, the conveyancer will carry out title and planning searches to ensure that you meet all necessary laws in your State or territory. Hence it is recommended that you contact a local property conveyancer firm in this regard. For instance, if you a resident of the State of Victoria, you will do well to get in touch with P&B Law, leading property solicitors in Melbourne area.
- Legal Advice – If there are any specific conditions that you want to be included in the Contract of Sale, the conveyancer will study all legal ramifications and will advise you in this regard. The conveyancer will also advise you on the legal documents that have to be provided to the buyer for concluding the sale and will also contact your mortgagee to ensure that it is discharged on the date of settlement.
- Arranging Settlement – Your conveyancer will arrange for and draw up a framework for proper time of settlement with the buyer’s conveyancer. While the date of settlement will be mentioned in the Contract of Sale, both the conveyancers will fix a suitable time for it. After the settlement is finalised your conveyancer will get in touch with your real estate agent and advise him to hand over the keys of the property to the buyer.
- Preparing documents of sale – As a buyer of property, you will need a conveyancer to prepare all the transfer documents and make sure that the property is legally and correctly transferred to you. These documents will be in line with the regulations prevailing in your State or territory.
- Legal Advice – Your conveyancer will recommend to you the terms and conditions of sale and will also point out the legal terms of purchase that you should be aware of. The conveyancer should thoroughly go through the Contract of Sale and only after approval should you sign it.
- Arranging settlement – The conveyancer will help you coordinate a good time for settlement on the allotted day. The responsibilities of the conveyancer will also include making sure that funds required to pay the vendor are in place, if necessary by contacting the bank too.
The costs of conveyancing depend largely on the professional that you choose to hire for buying or selling property. In general the fees for a solicitor will be slightly higher than that of a property conveyancer. In Melbourne area on an average, the fees range between $500 and $800 but if you have some special promotions, you can arrange for an all-inclusive fee. This will include fees plus expenses. Make sure that this aspect is sorted out before you sign on the dotted line to hire a property conveyancer for buying or selling property.