So, you’re thinking of buying or selling a property and then someone asks, ‘have you chosen a conveyancer?’
Now, many people don’t even know exactly what a conveyancer is 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 on 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 are at the stage in your life where you are either looking to buy your first home or maybe you are upgrading your home as your family is expanding. So, you have a vision in mind of what this new home looks like, what features it offers, the location, the price, really there are many factors that must be considered when making this huge decision.
Think about how long this process has taken you. Weeks, months maybe even years and it was 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 times inefficient so who’s going to keep them on their toes? Who will hold them accountable to ensure settlement happens on time?
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 the successful settlement of the sale or purchase of a property. Conveyancing is something that most people do not readily understand so it is important to use a great conveyancer who will guide you through the process. They 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, they will work to ensure that the deal does not collapse 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. The best referral is through people you know, 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 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.
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 interest. 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 cheap 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.
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 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
- 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
- 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
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. 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