If you’ve ever found yourself asking what conveyancing means, you’re not alone. In law, conveyancing is the transfer of legal title of real property from one person or entity to another. It can also be the granting of an encumbrance such as a mortgage, caveat or a lien.
Most people hire a conveyancer when they’re thinking of buying or selling a property. But you can also use conveyancers for the sale or purchase of a business, transferring titles between relatives, wills, property developer services, subdivision applications and lodgements, refinance settlements, or leases, or self-managing your own superfund.
To give you a better idea of when you might need conveyancing services, we’ve taken some of our most frequently asked questions to guide you on why you should hire a conveyancer.
What does a conveyancer do?
Conveyancing is a necessary process in both buying or selling property. A professional conveyancer or conveyancing solicitor helps with the settlement and title transfer process by ensuring that their client is meeting all legal obligations, and that their client’s rights are protected during this transaction.
Your conveyancer will manage the transfer documents to ensure that a property is rightfully and legally transferred to or from your name. It’s also the conveyancer’s job to ensure that the documents comply with legal regulations in your respective territory or state.
Is a conveyancer the same as a solicitor?
Solicitors are usually more expensive than conveyancers and are qualified lawyers, so they can offer a full range of legal services. Licenced conveyancers are specialised in property transactions, but can’t deal with complex legal issues.
Who pays conveyancing fees buyer or seller?
You will pay conveyancing costs whether you are buying or selling. Each side of the transaction will be responsible for engaging their own representation and costs as agreed.
How long does conveyancing process take?
The conveyancing process can take, on average, 8-12 weeks. However, there are many variable factors to consider. The time it takes to prepare the sale documents is all dependant on the local government authorities providing the required information, and can take hours to a few days depending on the authority. Once the required information has been gathered your conveyancer can then prepare the sale documents.
If you are purchasing a property, it is important to take into consideration the turnaround time that your lender will require to prepare for the final settlement. This can vary between lenders, with the current average turnaround time approximately 30 days in Victoria (as an example).
How much should I expect to pay for conveyancing?
As each conveyancing transaction is unique the costs can vary. However, the average conveyancing transaction will range from $900-$1,500. Some conveyancers will include the disbursement costs in their quote, while others will provide a lower base rate and then disbursements added on top.
When you obtain a quote, it is important that you clarify with your conveyancer which method they apply. If they do not include disbursements, then it’s recommended that you obtain a list of additional disbursements to enable you to budget accordingly.
Buying and selling property doesn’t have to be a confusing process. A conveyancer should be able to give you the right support when you need it and answer any questions you might have. If you’re interested in hiring a conveyancer, give our experts at Jim’s Conveyancing a call on 131 546