How Does Conveyancing Work?

The entire property process can be an emotional roller coaster. If you are a buyer you may have spent the past months attending open for inspections each weekend until you finally found ‘the one’, your dream home. But after all of that what happens next?

We often have questions from buyers and sellers about how the property process continues once the all important contract is signed. How exactly does the legal part of the process work?

To navigate this legal process you will need to engage a conveyancer. Legally, you are not required to engage a conveyancer, but knowing the in’s and out’s of property agreements can be quite difficult.

Both buyers and sellers will be asked by your real estate agent to provide contact details of your solicitor at the time of signing the contract, so it is best to do your homework upfront and have one already chosen.

What is conveyancing?

Conveyancing is the process of transferring ownership of a legal title of land (property) from one person or entity to another. A typical conveyancing transaction consists of three stages:

1. The point of contract
2. Conditional Period
3. Unconditional Period through to Settlement

What is a conveyancer?

A conveyancer is a licensed and qualified professional whose job it is to provide advice and information about the sale of a property, prepare the documentation and conduct the settlement process.

The most common reasons you would engage a conveyancer is when you are:

1. Buying or selling a property
2. Subdividing land
3. Updating a title (i.e. registering a death)
4. Registering, changing or removing an easement

What a conveyancer does

For the buyer:

• Prepare, clarify and lodge legal documents – e.g. contract of sale, memorandum of transfer
• Research the property and its certificate of title – check for easements, type of title and any other information that needs addressing
• Put the deposit money in a trust account
• Calculate the adjustment of rates and taxes
• Settle the property – act on your behalf, advise you when the property is settled, contact your bank or financial institution on when final payments are being made
• Represent your interest with a vendor or their agent

For the seller:

• Complete and ensure the legal documents are all sorted
• Represent you and respond to requests from the buyer – for example, request to extend dates or title questions

How to find a conveyancer

As with most professions, not all conveyancers are equal. We have a list of trusted local professionals that we can refer you to when the time comes, simply ask any of our agents or our Customer Care team on 07 5443 2000.

We always encourage you ask a few questions to find the solicitor you are most comfortable with, and one that meets your purchasing or selling needs. Some conveyancers specialise in different types of real estate, for example, apartments, cross leases, subdivisions and so on.

Questions to ask:

What types of property do you mainly specialise in?
What will it cost – what are your fees and charges? What fees, etc, will I have to pay at settlement? Are there any hidden costs?
How will you communicate with me and how often?
On settlement day, what time frames are we looking at? (This is important if you are arranging movers and other parties)