Conveyancing in its simplest form is the transfer of ownership from one registered proprietor (owner) to the other. What conveyancing encompasses is more than just the building but the title the contract the land and the improvements.
Whilst you may be walking through a property inspection and think you are buying an apartment or an old Victorian home what you really are buying is the land and improvements. The certificate of title records your ownership of the land and there are a few things that must happen for the record of ownership to change.
Your lawyer will make sure that the legal requirements are met so that the vendor can transfer the ownership to your. They will also advise you so that you aware of you obligations and rights under the contract of sale.
Your lawyer will also manage the transaction and prepare documents for you so that you are ready for settlement day with the right amount of money for settlement.
Your lawyer will calculate settlement funds so that on the day of settlement there are no monies owing against the property. This will enable you to have the title registered in your name and will ensure that the Vendor is paid and has paid their share of the rates or monies owing. Rates are paid at settlement so that the purchaser is not left with debts such as rates that the Vendor should have paid.
here are many aspects to the Sale of Land Act and other parts of the law that your legal representation should be aware of. It takes many years for people to become fully experienced in Conveyancing due to the complexity and nuances within the process.
We deal with other parties such as your lender and broker and provide documentation to them and co-ordinate settlement for you.
Conveyancers cannot offer any legal advice, so if an issue arises then it needs to be handled by a lawyer. This can be a more costly than if you chose to go with a lawyer in the first instance.
Experienced and well-organised property lawyers make the process much simpler and they should be able to negotiate effectively with the Vendor’s conveyancer or lawyer.
If issues arise this could save you money. Problems do come up frequently with property transactions and an experienced conveyancing lawyer will be fast to react and pre-empt problems.
If you need to issue a default or rescission notice or a problem arises then you seek legal advice from a property lawyer. These documents need to be drafted and issued correctly to be able to be effective and we have seen instances where these are poorly drafted by conveyancers and may not stand up in court.
Conveyancing lawyers handle many types of other property issues. We can provide a cost-effective and highly professional legal service for our clients.
Please note: the above article is not legal advice. Every circumstance is different. It is critical that you obtain legal advice in relation to your personal circumstances before taking any action.
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