First Time Buyer or Seller – How Conveyancing Works
If you’re a first time home buyer or seller, likely you’ve heard of a conveyancing solicitor, but may be unfamiliar with the exact role this legal representative plays in the process.
As a buyer, you’ve likely dealt with your fair share of real estate agents, been to many open home inspections, finally found a property you like and for the right price. The seller has agreed and you can’t wait to take possession of your new home.
Now the formal process of exchanging money and ownership takes place, and that’s where the conveyancing lawyer comes onto the scene.
What Is Conveyancing Exactly?
Conveyancing involves transferring the ownership of the property from the seller to the buyer. A conveyancing solicitor will also handle the distribution of funds to the owner, estate agent, financial institution if money is still owed on the property and so on. Essentially conveyancing is the legal resolution of change of ownership.
When Might You Need a Conveyancing Solicitor?
The most common scenarios where you will require the services of a conveyancing professional include the following:
- You are looking to purchase or sell a residential property
- You have land that you want to subdivide
- The registration, changing or removing of an easement
- Purchasing or selling a commercial property
- Commercial leases and the leasing of retail outlets
- Updating of the property title (e.g. after a death)
- Property for self-managed super funds
- And more…
Common Tasks a Conveyancer Does
Whether a buyer or seller, a conveyancer handles a number of tasks. We’ve mentioned the main role of the conveyancer in brief, but let’s break it down a little further.
- Prepare and clarify all legal documents for the transfer of sale
- Property research
- Calculating rates and applicable taxes
- Depositing money into a trust account
- Be a representative to the buyer/seller and agent
- Completing the settlement of the property and advising all parties when a settlement has been finalised
- Disbursement of funds to all relevant parties
When you break it down, it really is worthwhile having a qualified conveyancer on your team. It’ll make the entire process far more seamless and stress-free.
Your Local Conveyancing Professionals In Brisbane
Aylward Game Solicitors specializes in property conveyancing and everything to do with the buying, selling and leasing of residential and commercial properties. With decades of conveyancing experience, we are the legal team you can really count on for positive results.