A Guide To Conveyancing Property For First-Timers

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If you are new to selling or buying property, there is a good chance you might not know what conveyancing is. Conveyancing is a legal or administrative process that occurs to transfer property ownership from the seller to the buyer. Once an interested party makes an offer on the property being sold, which is accepted by the seller, special lawyers called conveyancing attorneys carry out this process, starting with the exchange of details of the two parties. Other people who can also authorize and carry out the conveyancing process are licensed conveyancers. If you are seeking conveyancing for properties in Chatswood, you can also choose to conveyance your property yourself, in case you cannot find an attorney or have budget issues. However, the process is time-consuming and difficult, and at certain points, complicated for people with little to no legal knowledge.

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Additionally, you also need to go through the conveyance process if you are remortgaging your property. In such a case, the process may get even more complicated due to mortgage lenders looking to conserve their assets. Often, mortgage lenders seek help of professional conveyancers to ensure the process goes smoothly. An incorrect conveyancing process may lead to additional legal complications for all parties involved.

The Process

Initially, you must decide whether you will hire a conveyance attorney, or go through the process yourself. In case you choose to bring in a professional, make sure you decide on one carefully. For instance, if your estate agent has recommended a conveyance attorney, it may cost you more due to shared profit referrals. Ask several conveyance solicitors for their fee estimates in order to get an idea of the general conveyancing fees before choosing one. When you finally decide on and hire your conveyance lawyer, they will first come up with a contract draft containing the terms of engagement, complete charges, and compulsory deposits. Then, your attorney will write a letter to the other party’s lawyer, exchanging or asking for the draft contract, and details of the property including title. Once this is done, the legal process will begin.

The conveyance lawyers of both parties will first examine the contract draft and discuss terms or inquiries with each other. If you are the buyer, you might have to fill out some forms. In case of any queries about the process or the property, contact your attorney.

When buying a property, you often hire the services of an estate agent. However, that cannot be enough to know if the property has any liabilities. Your conveyance solicitor comes for help here. They will research the property to make sure no hidden factors exist. This will include local authority searches, flood risks, water authority searches and environmental searches. However, you must be aware that you will have to pay extra charges for these searches.

If you require a conveyancer for remortgaging, the attorney must receive a copy of your mortgage proposal as well so that they can go through the terms of the contract.

Once all of this is done and you receive the draft contract from the seller’s conveyance attorney, your solicitor will confirm that all concerns are addressed, a date for the completion of the process is decided by both parties, and that the buyer transferred the deposit amount, usually 10% of the property’s value into their solicitor’s account for a smooth transaction.

The next step is the exchange of contracts between the two parties, which will be mediated by conveyance lawyers. After this, all deeds to the bought property will freeze for 30 working days, during which the buying party will complete payment to the selling party. Once the attorney makes and confirms the payment, your conveyance process ends.