Conveyancing is the legal process of reassigning property ownership. When buying a property, you would need the assistance of a conveyancer to make sure all legal requirements are met, and your rights as buyer or seller are protected.
How can a Conveyancer help me as a Buyer?
1. Prepares legal documents
Legal terminologies can be difficult to understand and prepare for a layman, so a conveyance’s job is to prepare the legal papers such as Contract of Sale to make sure everything is correct according to law.
2. Does property research
Any items and part of the property that is not properly declared in the contract can be a cause for legal issues, so a conveyancer’s job is also to look into the property and compare the details in the contract. He will make sure that nothing is missed out.
3. Explains the contents of the contract
Your conveyancer will also discuss the contract with you in simpler terms.
4. Updates you on the status
A conveyancer will be in contact with the bank to make sure all necessary documents are submitted. They will also see to it that the buyer receives the payment. Once the property has been transferred to your name completely, you will also be notified.
Acts as your legal representative and liaison – if you hardly have the time to visit Australia for the processing of the transactions, your conveyancer can represent you during settlements. They will also make sure that all necessary fees and taxes for the transaction are paid.
Will I need the services of a Conveyancer?
It is highly recommended that foreign investors hire a conveyance when purchasing property in Australia. The documents and processes involved in transferring ownership of a real estate property is highly technical, which means the slightest mistake can cause delay, or worse, can cause the cancelation of the contract. You might even be subject to penalties because of the delay or termination of contract. In short, not hiring a specialised conveyance can cost you money.
Some companies offer DIY Conveyancing. However, if you are unfamiliar with conveyancing, we recommend you hire a professional instead. Conveyancers are always updated with new laws and regulations regarding foreign property investments.
How do I find a good Conveyancer?
Now that you’re convinced that hiring a conveyancer is important for your real estate investment, the next step is to find a good conveyancer. How do you know if a conveyancer is right for you or not? Here are some guide questions to help you:
- Are you a part of the Australian Institute of Conveyancers or AIC? This applies to anywhere in Australia, except for the Australian Capital Territory (ACT) and Queensland (QLD).
- What are the fees and charges involved? Conveyancing fees usually fall between $800 and $1,500.
- How long does the settlement process usually take? The duration of the process usually depends on the complexity of the transaction, and how long the bank approves your loan.
- How can we communicate about the transaction’s progress? What communication channels will the conveyancer utilize? Phone calls, text messages and even video calls are great ways to get in touch. Ask your conveyancer how regular the communication will be.
- What government fees do I need to pay to complete the transaction? Government fees usually depend on the property as well.
A good conveyancer will update you on the progress of your purchase regularly. This is important for foreign buyers because how else will you know the status of your investment? If you need help with finding the right conveyancer, contact us.