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 considering using 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.
THE CONVEYANCING PROCESS
Think about how long this process has taken you. Weeks, months maybe even years and it was a lot of bloody hard 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?
Well, this is where a good 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 good 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 good 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.
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.
WHAT IS YOUR CONVEYANCER 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:
- Preparing the many legal documents required to change ownership of the property
- Arranging for the signing and lodgement of these legal documents and attending to the payment of stamp duty and the applicable registration fees
- 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?)
- Assisting you with meeting any legal obligations that are required under the Contract
- Explaining the importance of each step to help you understand exactly what’s involved
- Discussing your obligation in relation to insurance
- Explaining how you as a Purchaser are at risk in regard to nay 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
- Calculating the adjustments of rates and taxes and preparing the settlement statement
- Liaising with mortgagors and financiers
- Attending settlement on your behalf
- 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 good 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 good 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 conveyancers aim is to make your experience as stress free and as enjoyable as possible.