Frequently Asked Questions
Please find some of the most frequently asked questions in relation to our conveyancing services below.
Conveyancing is the branch of law that is concerned with the preparation of documents for the legal process of transferring of property from one owner to another.
When you require a legal transfer of property ownership when buying or selling property, you’ll need to appoint a Licensed Settlement Agent to assist with the necessary documentation and to ensure the transfer is carried out correctly within the relevant legal framework.
A conveyancer’s tasks may include the following:
- Carrying out a title search to confirm current ownership, any encumbrances and registered mortgages on the property.
- Checking contract details, conditions and clauses and liaising with involved parties to ensure all contract requirements and conditions can be satisfied.
- Advising involved parties to discharge or withdraw the registered entity to ensure they are ready for settlement and the title can be transferred in the new owner’s name with any new documentation such as a new mortgage.
- Meeting with clients and carrying out identity verification by means of 100 points of ID.
- Explaining documentation and the settlement process to involved parties to ensure everyone is on the same page and fully informed.
- Liaising with involved parties to ensure that everyone is able to achieve settlement by the agreed due date.
- Ensuring funds can be made available by the agreed due date when acting on behalf of the buyer and outlining how funds are to be disbursed when acting on behalf of the seller.
- Balancing files to ensure that figures are correct and match for other parties involved.
- Maintaining the electronic workspace so that settlement can be achieved on time ensuring all parties are communicating and updating accordingly.
- Completing settlement and advising agent/authorities/respective clients when finalised.
- Providing a copy of the title after settlement confirming the transfer of ownership.
Just like you would only trust a builder with a reliable track record to build your house or engage an accountant with the right qualifications to manage your finances, it is important to choose an experienced settlement agent to oversee the ownership transfer of the property you’re buying or selling.
Even more so now that settlements are completed electronically!
It is in your best interest to appoint a Licensed Settlement Agent with substantial experience in the industry who is also registered to complete electronic settlements. Licensed settlement Agents are required to operate in line with the latest industry regulations and attend regular professional learning seminars.
Most real estate agents will happily suggest someone they know but ultimately who you engage as the settlement agent for your transfer of property ownership is entirely up to you!
It’s always a good idea to ask around and find someone you feel comfortable with and trust to oversee what is often the biggest transaction in your life.
It’s a good idea to contact a conveyancer before you sign any legally binding contract. We can help you answer any questions you may have and review contracts before you sign to ensure you fully understand its contents and implications.
The cost of transferring property from seller to buyer varies depending on the value of the property as well as the nature of the property (e.g. house, strata property or vacant land).
The complexity of title records can also influence final costs. (e.g. encumbrances, mortgages, etc.) Even when dealing with a clear title, there may be retrieval costs involved.
Then there is the settlement fee itself and any government charges that may apply. Long story short, the cheapest quote is not always the best and because every settlement is different we advise you to contact us to discuss your needs and we will provide a detailed quote accordingly.