Effective Legal Solutions legal meetings over desk

So you have found it. The one. The house that ticks all the boxes. It’s within walking distance to shops, great local school, teenage retreat out back and all within your budget. You make and an offer and, low and behold, it is accepted. All the hard work is done… or is it.

Now it’s paperwork time, and the best way to handle this is with a conveyancing solicitor.

Buying and selling a home can be overwhelming. While it does not legally have to be undertaken by professional property conveyancers, the process does have potential pitfalls for the unsuspecting DIYers. Most buyers will enlist an experienced conveyancer to help them navigate the administrative nightmare.


What is Conveyancing?

Conveyancing is the legal process of transferring real estate property from a person or entity to another person or entity.

Conveyancing can involve these steps:

  • examining the contract for sale
  • organising building and pest inspections
  • examining a strata inspection report (if the property is in a strata scheme)
  • arranging finance if required
  • exchanging the contract of sale
  • paying the deposit
  • arranging payment of stamp duties
  • preparing and examining the mortgage agreement
  • checking if there are outstanding arrears or land tax obligations
  • finding out if any government authority (eg. local council, Sydney Water, NSW Roads and Maritime Services) has a vested interest in the land or if any planned development could affect the property
  • finding out any information that may not have been previously disclosed such as a fence dispute or illegal building work
  • calculating adjustments for council and water rates for the property settlement
  • overseeing the change of title with Land and Property Information NSW
  • (Fair Trading NSW)


Conveyancing Solicitor or Conveyancer?

Many people ask what the difference is between a conveyancer and a solicitor.

A solicitor is a licensed lawyer who has a broad legal knowledge and may practice across various areas of law, including but not limited to property transactions.

A conveyancer is a licensed professional who can do the full scope of conveyancing work for residential, commercial and rural properties.

Most conveyancers are highly capable of conducting property transactions however are not qualified to advise on incidental matters such as how the transaction may affect a family law property settlement, a family trust or a client’s estate plans.

Solicitors may also advise on the preferred purchasing entity of a property and consequential tax implications.

If a property transaction is being handled by a conveyancer and the matter becomes complex or litigated, then it will generally need to be referred to a solicitor.


The Buying Process

  1. Reviewing the contract and pre-purchase investigations
  2. Exchange of Contracts
  3. Settlement


The Selling Process

  1. Prepare the contract and pre-purchase investigations
  2. Exchange of Contracts
  3. Settlement


Conveyancing Costs

DIY:

There are many cheap DIY kits out there that promise cost effective conveyancing, but beware, the process is complicated and is best handled by a professional.

Fees:

Fees will vary between solicitors and conveyancers. As well as a legal service fee you will usually be charged for disbursements, which includes:

  • a title search
  • certificate fees charged by authorities with responsibility for water, electricity, roads, schools, etc.
  • photocopying
  • registering the mortgage
  • registering the transfer.

Conveyancing costs other than legal fees and disbursements, includes:

  • building and pest inspections
  • survey report
  • establishment of mortgage
  • home building insurance
  • valuation fees
  • mortgage insurance
  • stamp duty and mortgage duty
  • levies, if the property is in a strata or community scheme
  • council and water rates.
  • (Fair Trading NSW)

Flat Fee:

If you have been searching for a high quality conveyancer but are sick of sky high fees than consider Effective Legal Solutions. We offer a wealth of property law experience and provide you with flat rate conveyancing.

With solicitors conveniently located on the Central Coast and Sydney, we offer comprehensive services and legal assistance in all areas of property law.

Find out more about from Fair Trading NSW.

 

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