Conveyancing is the process by which ownership of the real estate is transferred from one party to another. You can hire a solicitor, a conveyancer or do it yourself. If you hire a solicitor you will gain legal advice and conveyancing. If you hire a conveyancer you are getting someone who specialises and it isn’t just a small part of their legal knowledge. If you decide to do it yourself, you may save fees in the short-term but you miss out on the ability to insure against mistakes you may make. If an order to demolish the property and go through a solicitor or conveyancer you can sue but if you personally miss it in your searches you don’t have any insurance to cover that.
In most states and territories a typical conveyance includes, but is not limited to, the following:
Searches tend to take up the bulk of the conveyance. Due to the three level system of government in the country (federal, state and local), it must be made sure that all rights and title are properly awarded to the seller. Most information is retrieved from state or local (council) authorities. It is important to note that conveyancing processes, legal documentation, contract requirements and search requirements vary between each state and territory.
In Queensland the conveyancing process incorporate a 5 (business) day cooling off period that allows you to terminate the contract (termination fees may apply). A conveyancer can review your contract and make sure that there are inclusions for building and pest inspections and subject to finance clauses, if needed. After the cooling off and finance is organised the conveyancer will conduct their most time-consuming and important role of searches. When the contract is unconditional the conveyancer will prepare the transfer documents with your name on the title as the new registered owner. A conveyancer will calculate the amounts needed on settlement and can prepare documents for transfer duty to the Office of State Revenue. All conveyancers will charge and include different services, it is important that you find out the amounts and the services that will be provided before you proceed.