Real Estate Conveyancing Jargon Explained

Property & Body Corporate

Real Estate Conveyancing Jargon Explained

If you are in the process of selling a property or buying a property, you will need to instruct a conveyancer to act on your behalf during the transfer of the property. Conveyancers will conduct all the necessary steps to move the transfer of the property from the moment an offer is accepted to exchange and then completion.

While you might already know this, you might not be completely sure what conveyancing is. If that’s the case, you shouldn’t worry since you are not alone. We are here to demystify everything. In this brief guide, you will learn exactly what conveyancing is, why you need it, who does it, and what to expect from the process.

What is Real Estate Conveyancing?

Conveyancing occurs in virtually all real estate transactions. Simply put, conveyancing refers to the legal transfer of a property from one owner to another. Any administrative tasks needed to ensure that a property purchase is valid falls under this term.

Conveyancing is considered complete once the exchange of contracts between the buyer and seller has been done. The process starts once an offer has been accepted on a property and ends once the cooling-off period has lapsed and the buyer has the certificate of title.

What is a Conveyancer?

Conveyancing is something that you can do yourself as long as you are not using a mortgage, but it is a complex process, with huge consequences if done incorrectly. That’s why it is generally advisable to arrange for a conveyancing professional to help you.

If you hand over the conveyancing process to a registered proprietor such as a licensed conveyancer, or a property solicitor or lawyer, you can rest easy knowing that you will be legally protected when buying or selling your property for a certain amount of money.

What Does a Conveyancer Do?

A conveyancer plays slightly different roles depending on whether they are working with home buyers or homeowners. Still, their key role is ensuring that all documentation pertaining to the property such as the property title and contract of sale are properly formulated. 

The work they carry out includes title searches in the land registry, completing or replying to legal documents, exchanging contracts, updating clients on each step of the process, finalisation within a certain number of business days, and arranging for stamp duty to be paid if needed.

How to Find a Good Conveyancer?

It might not be the most exciting part of buying a property, but finding the right conveyancer is an incredibly important decision. Follow the tips below to find a good conveyancer:

Ask family and friends for a recommendation.

Ask your real estate agent, mortgage broker, lender, or Independent Financial Adviser (IFA)

Search Online. You might end up with many options if you choose this route, but you can search for conveyancers in your local area or the area you are buying in.

Look for a ‘no-sale, no-fee’ company, which means that you won’t have to pay legal fees in case the sale falls through.

Ensure that the quotes you get are fixed fee quotes that show the fee, total outlay, and VAT.

Ensure that the conveyancer is regulated by a professional body.

Final Thoughts

Whether it is your first time buying or selling a property or you are a seasoned investor, you can always count on conveyancers to offer value for money, provide a clear and straightforward service, and keep you up-to-date at every stage of the process.

MBA Lawyers Offers the Best Legal Services!

If you are looking for a trustworthy conveyancer, you should look no further than MBA Lawyers. Get in touch with us to get your free, no-obligation quote and find out more about how we can help and support you throughout this process.

Please call us today on 07 5651 2000.

 

 

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