So, you’re thinking of buying or selling a property and you realise you will need a Conveyancer.
Many people don’t even know exactly what a conveyancer is or does let alone which one to choose! Some will tell you that a conveyancer fills out forms and does a seamlessly easy job that has been created by the government to generate more turnover in the economy or others will say that it’s a pointless position altogether! Well the truth is a conveyancers’ job is not glamourous, nor straight forward but it is however incredibly important.
Just think of why it is you are need to use a conveyancer; you have already made the decision to buy or sell a property and sometimes both simultaneously. Do you know what this entails, will you be able to get your Form 1 or Contract and know what it means or what to do? Your Conveyancer will; so as soon as you make the decision to buy or sell a property contact your conveyancer.
Think about how long this process has taken you. Weeks, months maybe even years and it was and still is a lot of hard and stressful work!
Once you have decided on the place you like then there is the negotiating on price, which is easy for some and not so easy for others. Then there is that little thought in your head which ask, can we afford it? Maybe we should talk to the bank again, what other assets do we have? Is this the right decision!?
This whole process causes a lot of stress right! And you still don’t even own the place… At best, you have signed a contract!
Now, once you have signed the contract there may be some unknowns such as easements, encumbrances… hang on what’s happening with the power and what about water!? Now, the banks have said they will approve the loan and you’re thinking “I hope they do because I think I have just enough funds”.
The banks are extremely busy and at the time of writing this (June 2021) busier than ever and sometimes we hate to say it but Banks and Financial Institutions are inefficient – so who’s going to keep them on their toes? Who will hold them accountable to ensure your settlement happens on time? Who will act solely on your behalf and chase them and keep you and all the other parties informed? Yes – your Conveyancer!
FINDING THE BEST CONVEYANCER
Well, this is where a great conveyancer comes in.
Finding a reliable registered conveyancer is one of the most important components in a successful and stress free as possible settlement of the sale or purchase of a property. Conveyancing is something that most people do not readily understand and nor should they – conveyancers study for years to get qualified and have to retain their CPC (Certified Practicing Conveyancer) status so it is important for you to use a well regarded and experienced conveyancer who will guide you through the process. Your conveyancer will pay close attention to detail and ensure that the transaction occurs as quickly as possible.
A great conveyancer will be an asset to you and will not only hasten the transaction process but also work to ensure that the deal does not collapse and be aware of any legalities within the contract that you need to be aware of and ideally, will minimize stress and anxiety throughout the process.
As with most professions not all conveyancers are equal. You should go through a process of discussions before selecting a conveyancer. As always the best referral is through people you know who have recently used a conveyancer. So ask around and see if any of your friends and family have used a great conveyancer. Otherwise search online and remember to check out any reviews and read information on their website so you can get the feel of who they are and what they do. You can also ask other professionals you trust like your mortgage broker, accountant or lawyer for a recommendation.
Once you have your list then give them a call and ask a few questions to find one you’re comfortable with. The purchase of your home can be a stressful time, so find a conveyancer who you can talk to and one that you feel that you can trust.
Just like a good physio, doctor, financial planner or accountant your conveyancer is someone you can go to with confidence knowing that they are looking after your best interests. The benefits of knowing your conveyancer and all the things that they do can assist you in so much more than just the purchase of a new home.
FEES AND CHARGES
Then there is the fee structure, this can vary a lot here in Adelaide. There are conveyancers out there who will do your transaction for a fraction of the cost of what others will. This can be a bit like ordering a meal overseas, you see the price for lunch advertised on the blackboard and think ‘wow! That’s a good deal’ then you sit down and eat your meal, after completing your meal you ask for the bill and to your surprise you ended up paying a lot more than first thought. You also had to pay for the table water, the bread provided, the service tax oh and because you’re in a fancy city there’s a levy too. So, your initial thought of a good deal turned out to be no cheaper than any other restaurant, but what’s worse is that you had expectations of receiving a good deal and you were denied that.
Well the same thing goes with conveyancing, if you are told you are getting looked after for a cheaper fee and you don’t have to worry about a thing, the chances are you’re not! Like anything, quality comes at a cost and for conveyancing quality comes in the form of putting the client first. So, make sure that you ask the conveyancer what ALL the fees and charges will be before you appoint them so there are no nasty surprises at the end. The best conveyancers will always disclose this information up front. Bear in mind that many of the charges that a conveyancer will quote you are government legislated and wherever you go you will pay them; make sure you conveyancer advises you of these as you will need to factor this in to your finances.
WHAT SHOULD YOUR CONVEYANCER BE DOING FOR YOU?
Here is a list of what your conveyancer should be doing for you and if they are not it’s probably worth asking them why!
Your conveyancer will be:
- Reviewing or preparing the Contract and Form 1 (Vendors Disclosure Statement) and explaining to you in simple terms what the terms and conditions mean.
- Checking the Contract to see if there are any GST implications that may affect you (ie. is the Vendor liable for GST?) If the property is newly developed or newly built land then there are additional obligations for both the Vendor and Purchaser that will need to be attended to.
- Explaining how you as a Purchaser are at risk in regard to any mechanical breakdowns after signing of a Contract
- Searching the title of the property is one of the most important elements of conveyancing. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, easements, encumbrances, illegal buildings, outstanding rates and taxes and how they may affect you as the purchaser
- Undertaking Verification of Identity either inhouse or with a verifiers agent – this process is set down in law by the Register General and is a requirement
- Preparing the many legal documents required to change ownership of the property
- Arranging for the signing of the necessary authorisations and lodgement of these legal documents and attending to the payment of stamp duty and the applicable registration fees
- Assisting you with meeting any legal obligations that are required under the Contract such as subject to finance or works to be completed.
- Explaining the importance of each step to help you understand exactly what’s involved
- Discussing your obligation in relation to insurance – when and if you should take out insurance
- Calculating the adjustments of rates and taxes and preparing the settlement statement
- Liaising with mortgagors and financiers
- Attending settlement on your behalf electronically or in person at the Land Titles Office if necessary
- Notifying the appropriate government departments of the change of ownership and informing you this has taken place; this can be weeks after you have moved in; yet still your conveyancer is working on your behalf.
Remember, if you want to be sure that your interests are looked after then it’s best that you appoint your own independent Conveyancer. The earlier you speak to a conveyancer the better as they can help you look over the contracts and give you advice BEFORE you sign.
A great conveyancer is worth their fees many times over as they can save you much more than just money in the process. The true value of great conveyancing stands out when your conveyancer clarifies the terms and conditions, discusses any issues and provides working solutions that save you time and money. Every transaction needs to be looked over carefully regardless of the complexity or size. Remember it is an important transaction to you. Think of your conveyancer as the one person who acts solely on your behalf during the entire process! Above all your conveyancer’s aim is to make your experience as stress free and as enjoyable as possible.
We at McKay Business Services aim to be the best so call us and we will do the rest!
The team at McKay Business Services are all members of the AICSA and are proud Adelaide conveyancers