Get the pa­per­work sorted

Central Queensland News - - REAL ESTATE RESIDENTIAL -

AF­TER count­less in­spec­tions, you fi­nally find your dream home. It’s close to your chil­dren’s school, comes with a great back yard, and is well within your bud­get.

Now comes the pa­per­work and it is time for you to find a good con­veyancer. The set­tle­ment process is a com­plex task in­clud­ing var­i­ous fi­nan­cial and ad­min­is­tra­tive du­ties, so, you will need the right con­veyancer to help you nav­i­gate the po­ten­tial pit­falls.

It is not legally re­quired, but for a rea­son­able fee you can have some­one act on your be­half, leav­ing you more time to fo­cus on mov­ing.

What is con­veyanc­ing?

Con­veyanc­ing is the process of trans­fer­ring own­er­ship of a le­gal ti­tle of land to the new owner, whether it be from a per­son or en­tity.

Pass­ing a prop­erty to a new owner means a lot of work and a con­veyanc­ing trans­ac­tion gen­er­ally con­sists of three stages: pre-con­tract, pre-com­ple­tion and post-com­ple­tion

Typ­i­cally, a con­veyancer will do ev­ery­thing nec­es­sary and en­sure you are pre­pared for crit­i­cal dates dur­ing the process. They are also in reg­u­lar con­tact with the other party’s lawyers deal­ing with the nitty gritty is­sues.

Of course, you can fill out all the forms your­self and save a few hun­dred of dol­lars on fees. But this is not rec­om­mended, as en­sur­ing all the i’s are dot­ted and t’s crossed is no easy task. Also, if some­thing goes wrong, you run the risk of los­ing the prop­erty and for­feit­ing your 10 per cent de­posit.

While, if you en­list the ex­per­tise of a con­veyancer, 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 (ie reg­is­ter­ing a death), reg­is­ter­ing, chang­ing or re­mov­ing an ease­ment

What does a con­veyancer do?

Over­sees the set­tle­ment process. On the sur­face it ap­pears easy, but in re­al­ity most home buy­ers and sell­ers do not re­alise the full amount of de­tail, doc­u­men­ta­tion and work that goes into legally trans­fer­ring a prop­erty to a new owner.

For some­one who does not know how to nav­i­gate the process it could take weeks to find and lodge le­gal doc­u­ments, let alone un­der­stand them. And that is just a small part of con­veyanc­ing, so, let’s look at what a spe­cial­ist does for each party.

For the buyer, a con­veyancer will:

Pre­pare, clar­ify and lodge le­gal doc­u­ments – eg 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 – eg 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 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 to find one that meets your needs. Some con­veyancers spe­cialise in dif­fer­ent types of real es­tate, which should help nar­row your search.

Ques­tions to ask po­ten­tial con­veyancers:

Are you a mem­ber of the Aus­tralian In­sti­tute of Con­veyancers? How much will it cost? What are your fees and charges? What will I have to pay at set­tle­ment? What other costs are there? SOURCE: Realestate.com

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