A Property Buyer's Guide To Understanding Conveyancing Costs

December 17, 2021

Buying a new home is an exciting time, but it can also be daunting and challenging for many people. There's no doubt that population growth, low-interest rates, deregulation of mortgage markets, and increasing real income have all contributed to rising real house prices. It has made it challenging to secure your dream property with plenty of competition for the best homes.

Deposits, viewing hundreds of properties, attending open inspections and auctions, and dealing with some kind of rejection are all part of the process. Even if you have saved your deposit and you know where you want to buy, what is the next step? Are there any tricks to winning an auction? If you win, what now? What about moving in?

The most effective way to have a smooth buying experience is to know its ins and outs, although you may have to deal with some issues beyond your control. Consulting an expert will help you gain this understanding, and this is where your conveyancing fees come into play to help make the transfer of property as smooth as possible.

What is Property Conveyancing?

Property conveyancers are primarily responsible for simplifying and easing the legal and structural aspects of purchasing a property. It is common for the paperwork to have errors, which can require amendments, or there may be certain clauses that may not fully protect your interests.

In order to enter into a contract effectively, you have to ensure you are capable of completing the contract and that you are willing to be bound by it. Your conveyancer often acts as your representative.

Conveyancers communicate with banks, lawyers, and other conveyancers as well as with all relevant departments. On the administrative side, conveyancers prepare the documents required to sell, transfer or buy a property with precision.

Here are a few examples of searches that a conveyancer might conduct:

  • Title search: to verify that the property belongs to the seller and determine whether any debts or liabilities are associated with it
  • The local authority should review whether the area on which the land lies is slated to be developed any time soon. Buyers need to know if there are any major developments like motorways or unit complexes as this will impact property value and lifestyle.
  • Calculate the likelihood of bushfires or severe flooding on the land - or any other natural disasters and risks that could impact the property.
  • Check for structural integrity.
  • Verify that there are no pre-existing insect or termite problems before offering an offer. The last thing you want is an offer to be accepted only to discover there is an infestation of termites.
  • In case the complex is an apartment building, check if the building is operating on a deficit or if the complex is financially stable.

How Property Conveyancing Benefits The Seller As Well

While you are not required to have a conveyancer or lawyer handle the settlement, the process of handling the documentation and settlement can be complicated, which means it is highly advisable to enlist the services of a property conveyancer.

Your conveyancer will prepare the Contract of Sale and Vendor Disclosure Statement for you. This will ensure all your special requirements and terms are addressed in the final contract.

In order to have a smooth settlement, a solid contract needs to be written. Incorrect disclosures or contracts can undermine your sale and lead to costly corrections later on. In addition, your conveyancer can deal with any questions from the buyer's solicitor or conveyancer. This leaves you free to move out or continue to build your property portfolio.

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