A conveyancer is a professional that handles transfer of ownership of a property.
A lawyer dedicated to property law can also handle conveyancing and property transfers. Most of the time, solicitors call themselves conveyancers, which can be confusing. But when it comes to practice, solicitors have a professional portfolio in real estate law and has taken conveyancing as an elective. They are equipped to handle more complex legal matters in the purchase or sale of your property.
At Apex Conveyancing we provide you with a dedicated lawyer without the traditional cost. Our mission is to ensure the legal side of buying, selling or remortgaging your property is as smooth as possible.
Fees range from $500 to $1500, dependent on property type and sale complexity, however, at Apex Conveyancing we offer a fixed fee conveyancing service - call us for more details.
Buying or selling a property can be stressful, particularly if you’re unfamiliar with the process or the types of professionals that are there to help you along the way.
Settlement may be the last step in your buying journey, but it is also one of the most crucial. It’s a complex but necessary step and settlement must go smoothly to avoid any fees associated with delays.
A conveyancer, sometimes known as a settlement agent, is a licensed professional who manages the legal process of transferring a property from vendor to buyer.
In this guide, we take a look at the role and responsibilities of a conveyancer and help you to calculate the cost of engaging one.
What is a conveyancer?
A conveyancer’s main role is to ensure that you meet all of the legal obligations involved in transferring property between owners.
Put simply, a conveyancer can provide you with legal advice on the process of buying or selling a property and takes care of the paperwork involved in the transfer of ownership.
A conveyancer (or property lawyer) can be engaged on behalf of either transacting party, namely the vendor or purchaser.
What does a conveyancer do?
A conveyancer handles a wide scope of tasks that ensure the transfer of ownership goes smoothly.
Here are some of the services a conveyancer can provide:
Preparing legal documents, ensuring these meet the legal requirements in your state or territory and are lodged promptly,
Conducting relevant searches (such as title search, rating authorities, and building and structural report) to prepare the statement of adjustments,
Preparing the contract of sale (for the seller) or reviewing the contract of sale (for the buyer),
Liaising with your bank or lender to ensure all aspects of finance are in order ahead of settlement,
Liaising with the lawyers or conveyancers representing the other transacting party, and
Scheduling and attending settlement.
When should I hire a conveyancer/solicitor?
Each state and territory in Australia has its own set of rules and regulations surrounding the appointment of a conveyancer. In Victoria, Conveyancers must be registered by Consumer Affairs Victoria. Transacting parties may hire a conveyancer, or a solicitor, or use a DIY conveyancing kit. Conveyancing is required to put your property on the market.
How do I find a conveyancer?
A great place to start when looking for a conveyancer is through referrals.
Your mortgage broker, real estate agent, lawyer, or accountant will typically be able to give you some contacts they work with. Otherwise, you can ask your friends or family members that have experience with buying or selling if they have any recommendations.
If you’re still unsure of the referrals you have received, you can conduct an online search for conveyancers that operate in your local area. Be sure to always read their reviews and check their accreditations before you engage a conveyancer.
What questions should I ask my conveyancer?
Once you’ve compiled a shortlist of conveyancers, it’s important to think about questions you’d like to ask them before officially engaging their services. This will help you determine whether they’re a good fit and understand what you can expect from their services.
Here’s a list of questions that may be useful to ask:
Are you a member of the Australian Institute of Conveyancers?
Do you specialise in conveyancing? (if asking a solicitor)
What licenses and certifications do you hold?
What area of property do you specialise in?
What are your fees and what services can I expect to receive at this cost?
Will I need to pay any additional fees such as government charges?
How long will settlement take?
How often will you update me on your progress and how will we communicate?
What factors influence a conveyancer’s cost?
Like any other professional, a conveyancer sets their own fees based on several factors. Here are a few things that may influence the cost of your conveyancer:
The complexity of the sale, which determines how much work will be involved,
The type and scale of the property being transferred.
The location of the property,
The local conveyancing market, and
The experience level of the conveyancer and scale of the conveyancing firm.
So, how much will a conveyancer cost?
Now that we understand the work of a conveyancer, let’s take a look at the cost of appointing one to your sale or purchase.
Engaging a conveyancer generally costs between $500 and $1500. For more complex jobs however, fees can increase up to about $2200.
While most conveyancers have a fixed fee, some may decide to charge sliding fees which change with the property’s sale price. Remember to discuss any hidden or extra fees with your conveyancer in the initial consultation.
The amount you end up spending on your conveyancer will of course be specific to your circumstances and budget, but remember that cutting costs can result in cut corners.
Though these fees seem substantial, working with a conveyancer that can offer you the knowledge and experience to ensure the transfer of your property goes smoothly is invaluable.
This article first appeared in www.thepropertytribune.com.au