How con­veyanc­ing works

After count­less in­spec­tions, you fi­nally find your dream home. It’s close to your chil­dren’s school, comes with a dreamy back­yard, and is well within your bud­get.

Central and North Burnett Times - - REAL ESTATE - Char­lotte Cos­sar realestate.com.au

Now comes the pa­per­work. What is con­veyanc­ing?

Con­veyanc­ing is the process of trans­fer­ring own­er­ship of a le­gal ti­tle of land (prop­erty) from one per­son, or en­tity, to an­other.

A typ­i­cal con­veyanc­ing trans­ac­tion con­sists of three stages:

* pre-con­tract

* pre-com­ple­tion

* post-com­ple­tion

Fill out all the forms your­self and you could save hun­dreds of dol­lars on fees. But en­sur­ing all the i’s are dot­ted and t’s crossed is no easy task. And if some­thing goes wrong, you run the risk of for­feit­ing your 10 per cent de­posit.

That’s why it’s widely rec­om­mended you en­list the ex­per­tise of a con­veyancer to over­see the le­gal trans­fer of your prop­erty.

Should they make a mis­take, you’ll be cov­ered by their pro­fes­sional in­dem­nity in­surance.

What is a con­veyancer?

A con­veyancer is a li­censed pro­fes­sional who spe­cialises in pro­vid­ing ad­vice and in­for­ma­tion about the sale of a prop­erty.

Con­veyancers don’t nec­es­sar­ily have to be so­lic­i­tors but they of­ten un­der­take this work.

It’s rec­om­mended that you en­gage a con­veyancer when­ever you are:

* buy­ing or sell­ing a prop­erty * sub­di­vid­ing land

* up­dat­ing a ti­tle (i.e. reg­is­ter­ing a death) * reg­is­ter­ing, chang­ing or re­mov­ing an ease­ment

What does a con­veyancer do?

A con­veyancer over­sees the set­tle­ment process.

For the buyer, a con­veyancer will:

* Pre­pare, clar­ify and lodge le­gal doc­u­ments – e.g. con­tract of sale and mem­o­ran­dum of trans­fer

* Re­search the prop­erty and its cer­tifi­cate of ti­tle – check for ease­ments, type of ti­tle and any other in­for­ma­tion that needs ad­dress­ing

* Put the de­posit money in a trust ac­count * Cal­cu­late the ad­just­ment of rates and taxes * Set­tle the prop­erty – act on your be­half, ad­vise when the prop­erty is set­tled, con­tact your bank or fi­nan­cial in­sti­tu­tion when fi­nal pay­ments are be­ing made

* Rep­re­sent your in­ter­est with a ven­dor or their agent

For the seller, a con­veyancer will:

* Com­plete le­gal doc­u­ments

* Rep­re­sent you in deal­ings with the buyer – e.g. re­quest to ex­tend dates, ask ti­tle ques­tions etc.

How do I find a con­veyancer?

Just as you would in­ter­view prospec­tive real es­tate agents, you should sit down and talk to mul­ti­ple con­veyancers be­fore se­lect­ing one to over­see your set­tle­ment process.

A good place to start is by ask­ing your friends and fam­ily if they can rec­om­mend a good con­veyancer.

If noth­ing comes from this, do some on­line re­search and ask for rec­om­men­da­tions from your real es­tate agent, ac­coun­tant and lawyer.

Once you have a list of prospec­tive con­veyancers, give them a call and ask a few ques­tions (see below) to find one that meets your needs.

Some con­veyancers spe­cialise in dif­fer­ent types of real es­tate, which should help nar­row your search.

When you think you’ve found a suit­able con­veyancer, run a GETTY back­ground check to en­sure they are legally al­lowed to carry out the work and have had no com­plaints made against them.

Ques­tions to ask po­ten­tial con­veyancers:

* Are you a mem­ber of the Aus­tralian In­sti­tute of Con­veyancers?

* What types of prop­erty do you spe­cialise in? * How much will it cost? What are your fees and charges? What will I have to pay at set­tle­ment? What other costs are there?

* How will you com­mu­ni­cate with me and how of­ten?

* How long will ev­ery­thing take on set­tle­ment day? (This is im­por­tant if you are ar­rang­ing movers and other par­ties)

PHOTO:

Given the com­plex­ity of the le­gal work, it’s rec­om­mended that you hire a pro­fes­sional to con­duct your con­veyanc­ing.

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