Conveyancing 101

Moving is one of the most stressful times for any individual or family.  Perhaps you’ve just found  your dream home or you’re selling your current home and need to ensure you’re getting every dollar you are owed.  For any stage of a property sale or purchase, the paperwork that comes with it can be overwhelming.  When you have decided to buy or sell a property, you will quickly find yourself in a new world of conveyancing.  The buying or selling process always involves a number of risks for individuals who try to complete the process themselves.  For this reason, it is helpful to have a solicitor or licensed conveyancer on your side.

Why Do I Need  a Conveyancer?

Many individuals try to do their own conveyancing through a DIY kit as a way to save money.  However, there are multiple pitfalls that can be easily navigated by a professional.  A solicitor or licensed conveyancer takes the guess work out of the process by coordinating all of the parties involved in the transaction.  A solicitor or licensed conveyancer will be sure the procedure is completed correctly and efficiently and can make the process easier.  In addition, a solicitor adds an additional level of protection for you because they have the ability and expertise to notice and navigate potential problems.

Conveyancing from Start to Finish

The conveyancing process can take anywhere between five to eight weeks from the day you agree on the price and exchange until settlement of the sale of the property.  Because of the intricacies and importance of these contracts, it is helpful to obtain the assistance of a solicitor. The basic process that contributes to conveyancing work includes the draft contract, legal property searches to ensure the title status and interest noted in a person’s title, contract approval, a formal offer, and completion of the sale.  A licensed conveyancer or solicitor can coordinate every step of the way

Working through the Fine Print When Purchasing

If there is no issue with the contract of sale, your solicitor or licensed conveyancer will continue to conduct title searches on the property to ensure there are no title issues and the property is ready to sell. The former title of the property is then transferred into your name on the settlement date.

Your solicitor will also consult property records and area maps to determine if the property includes any council easements or specific building and renovation covenants that may be necessary.  For buyers who attempt to complete the conveyancing process on their own, this can be a tricky step because some council easements can be neglected or may reduce the value of properties in the future.

Enjoy a Little Extra Cash

We want to be sure you gain every dollar you can throughout the conveyancing process, so we help first home buyers to take advantage of various exemptions and grants available including the First Home Owner Grant. This one-time grant is paid by the State Government to eligible first home owners when purchasing vacant land up to the value of $450,000 or a new house and land package up to the value of $650,000. The payment, which can be up to $15,000 is made only after an application has been submitted and approved.  This can make a big difference to the budget when building or buying a new home.  There may be additional qualifications and exemptions related to these grants , so for first time home buyers, we can look at your individual situation and understand what applies to you.

Get Ready to Move In

A standard settlement process usually takes six weeks. For those who choose to complete this process on their own, it can be delegated due to steps not being undertaken and as a purchaser you could be penalised.  An experienced solicitor or licensed conveyance  can save both buyers and sellers valuable time by preparing all of the documents necessary to transfer the title on the home and ensure you can get your keys and move into your home as soon as possible.

When you find yourself buried in moving boxes and packing tape, the last thing you want to deal with is a pile of paperwork.  At Coutts, we can take the pressure off so you can focus on where to put your new sofa.  We are solicitors who specialise in real estate conveyancing and are prepared to deal your particular situation from a simple property transfer to the complicated legal work that could arise in more complex conveyancing transactions.

Contact us today to discuss your conveyancing needs. We are here to help!