Are you currently involved in property conveyance? Are you looking to get into the field and aren’t sure what you need to do to get started? Getting started with conveyancing in Melbourne is definitely something you should look into.
What is Conveyancing?
First, let’s take a step back and look at what conveyancing actually is. According to the Cornell Law School it’s ‘the transfer and assignment of any property right or interest from one individual or entity (the conveyor) to another (the conveyee). This is usually accomplished through a written instrument – most often a deed- that transfers title to, or creates a lien on property (Cornell).
But what does all that actually mean?
We’re talking about transferring the rights to a property from one person to another. This could be a sale of the property or it could even be a gift of property. So, if you purchase a house from someone you’re involved in conveyancing. If your grandmother leaves you her house in her will that’s another example of conveyancing. The property is being transferred from one person to another person.
It doesn’t even have to be about a house. It could be an empty piece of property. It could be a car. It could be mineral rights. It could be just about anything. However, it’s most commonly used when referring to real estate of some type.
Who is the Property Conveyancer?
Now, when we’re talking about a property conveyancer there are a few different things to consider. First, a property conveyancer could be anyone who transfers property from one person to another. But in most cases this refers to someone who does this job professionally. They’re not just conveyancing a single piece of property for themselves. They’re doing it for many people.
In this case, the property conveyancer, sometimes referred to simply as a ‘conveyancer,’ is ‘a person whose job is to manage the legal process of moving land or property from one owner to another (Cambridge).’
While anyone could potentially serve as a conveyancer, it’s generally advised to use a lawyer or someone who is trained as a conveyancer, especially if you’re not doing it in regards to your own property. Of course, even if you are conveyancing your own real property it is advised that you seek appropriate counsel to make sure the process is done right.
Why Hire a Property Conveyancer?
The most important part of conveyancing something is making sure that it’s legal. You do not want to purchase a property and find out later that the paperwork wasn’t done correctly. You don’t want to move into the estate you inherited only to find out that the transfer is not complete. By working with a professional, you can ensure that neither of these things will happen.
After all, there is a great deal of paperwork involved in transferring ownership of property from one person to another. If you’ve ever bought a house you know this. You likely had to sit down at a big meeting with the previous owner and both of your real estate agents and a representative of whatever company you chose for your mortgage, right? And you signed more documents than you care to remember? That was the conveyancing process.
When you try to carry out this process entirely on your own it can be complex. Melbourne conveyancing takes time and skill. It requires you to know what papers need to be signed and by who. Also, you have to know where all of those papers are supposed to go. By hiring a professional who takes care of property conveyancing for a living you’re making your own life a whole lot easier.
The Process of Conveyancing
So, what happens during a property conveyancing? Well, that’s mostly going to depend on the type of property being transferred, but if we assume it’s a real estate transaction here’s what you can expect.
- The buyer should work with a real estate agent to ensure the piece of property they are purchasing is a good value for the money and that the person they are purchasing it from has a clean title and the right to sell the property.
- Next, the seller will have to agree to the purchase price and any conditions set by the buyer.
- The buyer must find a mortgage lender (unless they have the cash available to purchase the property outright).
- The buyer, seller, real estate agents for both parties, closing agent, and potentially an attorney and/or conveyancer will be present for the closing.
- The seller will sign over their right to the property in exchange for the agreed amount.
- The buyer will sign over the agreed amount in exchange for the right to the property.
- The conveyancer will oversee the exchange and will ensure that all paperwork is completed, signed, legal, and filed properly.
What a Property Conveyancer Can Do For You
If you’re still wondering about hiring a property conveyancer the answer is yes, you should hire one. You should make sure you have a property conveyancer to handle the process of transferring ownership of any property you purchase, inherit, or are gifted in some other way. Even if everyone involved has the best of intentions the process of transferring ownership is difficult. This is done for a reason, but it means you shouldn’t be trying to handle everything on your own.
When you’re ready to transfer ownership, whether you’re the one gaining the property or the one losing the property (however that might come about) it’s always a good idea to have a professional in the room able to give you support and encouragement that it’s all being done in a way that will be 100% legal and above board. Don’t assume that everything is done right just because you have a real estate agent or just because you signed the actual deed. There’s more to it than that and a professional property conveyancer will definitely be worth the money that you spend to hire them.