We are frequently asked what do conveyancers do so we thought we’d take this opportunity to explain a little about what makes a good conveyancer.

A conveyancer is an essential member of your team both in buying or selling a property. They can do a range of things on your behalf, such as checking the contract of sale to make sure everything is in order, advising you on Stamp Duty and other associated costs, liaising with the other party’s conveyancer or solicitor, attending settlement on your behalf and ensuring that the transfer of ownership is completed correctly.

In short, we take care of all the legalities surrounding the buying or selling of a property. As every situation is different, we tailor our services to meet your individual needs.

If you’re thinking of buying or selling property in Victoria, contact our Sargeants office today. We here to make the process as simple and stress-free as possible:

1. Prepare essential documents

A main part of the conveyancer’s job is to prepare all of the legal documents that are required for the transaction. This includes conducting title and property searches.

These searches help to ensure that the seller is meeting all of their legal disclosure obligations, and that the buyer has done their due diligence. The searches also help to identify any encumbrances on the property, such as easements and caveats. These encumbrances can restrict the owner’s use of the property, so it’s important to be aware of them before entering into a contract.

By conducting thorough searches, conveyancers help to protect both buyers and sellers from potential legal issues down the road.

2. Review contract conditions from a legal standpoint

Regardless of whether you are buying or selling a property, it is essential to understand the special conditions listed in the sales contract.

These conditions can have significant ramifications if you default, and it is important to choose your wording carefully.

For instance, most contracts include a ‘subject to finance’ clause. This clause should be worded carefully, as there is a difference between the buyer seeking finance from the lender of their choosing, from a specific lender outlined in the contract, or from any and all finance providers in the market. This distinction is important because you would not want to be caught in a position where you have unknowingly committed to a financial arrangement that you cannot fulfil. Another important special condition to be aware of is the cooling-off period. This is a period of time (usually three clear business days) during which the buyer can cancel the contract for any reason. Once this period expires, the buyer is bound by the terms of the contract and cannot back out.

Again, it is essential to understand the implications of this before signing on the dotted line. By taking the time to familiarise yourself with these special conditions, you can help avoid any nasty surprises down the road.

3. Calculating and advising Stamp Duty Exemptions/Concessions and Grants

Stamp duty, or land transfer duty as it’s known in Victoria, is a tax the State Government charges when you buy or are given a property. Purchasing a home is a significant investment, so it’s important to understand your financial responsibilities. The amount of stamp duty you pay depends on the ‘dutiable value’ of your property, and whether you are eligible for any discounts.

At Sargeants Conveyancing, we will help you understand the stamp duty payable on your property purchase as well as assist in applying for any exemption/concessions or grants that you may be eligible for.

Purchasers should be aware that stamp duty is payable on settlement which can be a substantial cost when combined with all the other fees and payments applicable to purchasing a property. Therefore, it is important that purchasers have the right advice and correctly informed from a trusted expert to avoid unnecessary financial stress.

 

4. Arrange financial adjustments

It’s important to have a conveyancer take care of the financial details when you’re buying or selling a property. They can make sure that you only pay the costs associated with the property up to the day of settlement if you’re selling, and from the date of settlement if you’re buying.

This is important because it ensures every dollar is accounted for and all financial loose ends are tied up by the time your property settles. If you’ve already paid the council rates in advance for the next 6 months, your conveyancer can arrange for a refund of those funds upon settlement. They can also take care of any other adjustments that need to be made by settlement.

Having a conveyancer handle these details gives you peace of mind and allows you to focus on other aspects of buying or selling your home.

5. Transfer property ownership

Your conveyancer is a vital part of the home-buying process. They prepare all of the transfer documents that enable a property to be rightfully and legally transferred into your name. These important documents will include all necessary details to meet legal regulations in Victoria. This is important because this is a crucial step in the legal process and it ensures you take lawful ownership of the asset you’ve just paid for. Your conveyancer will also liaise with the seller’s conveyancer, as well as your mortgage lender, to ensure that all aspects of the sale are completed smoothly and in a timely manner. You can rest assured that your interests are in good hands when you have a conveyancer on your side.

6. Attend to settlement

The settlement process is the final step in buying or selling a property, and it is important to understand what is involved. Your conveyancer will coordinate with the other party’s legal representative to schedule a settlement time. At settlement, all documentation and funds are exchanged and the property is officially transferred. Your conveyancer will then contact you to confirm settlement and arrange for the keys to be handed over. It is important to remember that settlement is the final step in the process, so make sure you are prepared for it.

This above is a general summary of what a conveyancer does. There are a number of other tasks we perform to ensure the process proceeds smoothly. If you’d like more information on our services at sargeantsvic.com.au or you have any questions about the process, please feel free to contact us.

This article is provided for general information purposes only. Its content is current at the date of publication. It is not legal advice and is not tailored to meet your individual needs. You should obtain specialist advice based on your specific circumstances before taking any action concerning the matters discussed in this article.