Conveyancing refers to the sale of real estate from a vendor (seller) to the purchaser (buyer). To ensure you’re protected from a legal point of view, it’s extremely important to enlist the help of a good conveyancer when buying or selling property.
Here are just some of things a good conveyancer can do for you.
Establish & Finalise the Contract
If you’re selling property, the contact of sale needs to be prepared by a legal expert before your home can officially go ‘on the market’. Whilst there’s always room to negotiate on the terms once you receive an offer, the contact should be prepared to include clauses that are in your best interests. Your conveyancer can ensure this happens.
Sometimes offers are placed with special conditions – for example, “I’ll offer you $500,000, but only if we can have a 60 day settlement period.”
A good conveyancer can talk through the options, negotiate with the other side and make changes to the contract if necessary.
Negotiate on terms prior to Auction
When you buy property at auction, you need to sign the contract and pay your deposit on auction day. This means that if you want to negotiate on any of the contract terms, you need to have these discussions with the other side BEFORE the big day.
By asking your conveyancer to review the contract prior to the Auction, you will have time to raise any issues with the vendor and negotiate any changes to specific clauses.
Exchange on contract/ facilitate payment of the deposit (when you don’t purchase at Auction)
Once your application for finance has been fully approved, your conveyancer will help you exchange on the purchase. This is when you sign the contract of sale, pay your deposit and everything becomes official. Congratulations!! You just agreed to buy a property!!
Arrange for any concessions/ discharge of existing loans
Depending on your personal situation and eligibility, your conveyancer can help to arrange any government concessions available to you as a buyer.
In the lead up to selling a property, your conveyancer will ensure your lender is ready to discharge any existing loans currently secured by the property to ensure the sale happens smoothly.
Arrange for Settlement
If you’re purchasing, we’ll liaise with your conveyancer in the lead up to settlement (i.e. to advise that loan documents have been returned and certified; authorities are in place; transfer has been provided), but it’s the conveyancer who actually “books” in settlement with the lender. Settlement is when your new loan will be drawn, the vendor will get their funds and you will get the keys to your new property.
If you’re looking for a good conveyancer to help with any of the above, just let us know and we can put you in touch with the right people.
