A conveyancer is an important party in property dealing. Hiring a property conveyancer is greatly suggested for property transfer and settlement.
Property conveyancing is a legal process that requires undertaking of property title inspection and dealing with legal documentation required to enforce the terms and conditions regarding title transfer between parties. Under the prevailing law either party (buyer or seller) can act as their own conveyancer or can hire services of a professional conveyancing solicitor.
Property conveyancing requires knowledge of laws pertaining to title transfer in the country. It may involve undertaking the title search and property inspection to ensure that the title is clear to be transferred as per title transfer laws. Third-party conveyancing is highly recommended to ensure that both the buyer and the seller meet their obligations mentioned in Contract of Sale.
Hiring third-party conveyancing involves cost. Conveyancers are required to obtain license and get themselves registered with the Council for Licensed Conveyancers. Licensed conveyancers normally charge for their services in the following three forms:
- Flat fees
- Percentage of sales price
- Hourly charges
If you are looking for affordable conveyancing, compare quotes against the services offered. Most property buyers and sellers prefer to engage conveyancers on flat fees basis. Ask your conveyancer to disclose his charges upfront. Some conveyancing firms would offer no-completion no-fees service as well.
The role played by conveyancer in property dealing is multi-faceted. A conveyancer often undertakes the leg works involved in title transfer. The major duties performed by a conveyancer are mentioned below:
- Conducting the background search on property title to ensure marketability of the title.
- Conducting the search for any debt, tax or local church liabilities levied on the title.
- Conducting property structure inspection for property title transfer, remortgaging, buying etc.
- Updating buyer on the expenses associated with title transfer such as – stamp duties etc., incurred during the dealing.
- Drawing the Contract of Sales. Some conveyancer may charge extra for preparing the sales contract.
- Assisting in preparing the documents required to apply for mortgage loan and informing the lender once the documents are ready.
- Conveyancers don’t get directly involved in financial dealings required in title transfer but can assist in arranging settlement with the bank.
Normally, the process may take three months to get completed. Sometimes it can even take longer depending upon the complications involved. If you have signed no-completion no-fees service contract with the firm you aren’t required to pay any fees until successful completion of the deal. The conveyancer’s firm may also allow you to track the progress of your case online.