When it comes to property matters, whether it be buying or selling a property, many legal procedures need to be followed to ensure a smooth transaction. Conveyancing, in particular, refers to the process of transferring a property’s legal ownership from one person to another. It is often carried out by a professional known as a Conveyancer, who specializes in property law and will guide you through every step of your property purchase or sale.
Need help dealing with the legal requirements of buying or selling a home? Call us at
(02) 8084 2764 to get started.
How Does Conveyancing Work?
Conveyancing may work differently, depending on whether you are the buyer or seller of the property. To give you a better idea of how the process goes, here is a quick rundown:
Selling a Property
The process begins with agreeing on the sale once you find an interested buyer. Contact your Conveyancer to inform them of this, and you will receive a checklist or information pack to complete and learn about all the important things necessary for the next stage. Your conveyancer will also handle any negotiations and issue any amendments with the buyer if needed until a final contract is agreed upon.
Once that is finished, you can proceed with the exchange of contracts. Typically, this step involves getting a deposit from the buyer and asking your mortgage lender for a settlement amount that you have to pay once the sale is finalized. The last step will be completing the sale, where your buyer’s solicitor confirms the details on the transfer of the remaining payment, which will be used to pay for your mortgage and other fees incurred during the sale.
Buying a Property
When buying a property, the pre-purchase stage works slightly differently. For one, it is highly advisable that you start by getting a loan pre-approval to get financing for your home and do some research to know your options in the housing market. Should you be interested in any properties, your Conveyancer can assist you by reviewing the contract of sale or issuing a building report or similar report if needed.
Like in the seller process, your conveyancer will negotiate any amendments needed before the contract is finalized. Once that is settled, you proceed to the exchange of contracts. In this step, your solicitor will help you prepare the contract and assist you in the execution of the contract of sale before sending it to the seller. After, you can then discuss the pertinent documents needed for your mortgage and look for a removalist to assist you with the moving process.
The final step will be settlement, where you get the keys and other necessary devices to access your new home. Up until this point, your conveyancer will still guide you and ensure that all documents are in place and you pay the settlement amount in time.
How Much Does Conveyancing Cost?
Sydney Conveyancing Fees can ultimately vary based on a number of factors. Some conveyancers may charge an hourly rate, while others may charge a flat rate. According to the New South Wales government, Conveyancing Fees can range from $700 to $2,500 (of course, this is just an average estimate provided). However, you must take note that your conveyancer may also pay for a few charges in certain steps, and you will have to reimburse these once the process is finished.
While it is optional to engage with a conveyancer to help you with the sale or purchase of property, having a legal professional by your side ensures that you do not miss out on any important step. As such, contact our firm today at (02) 8084 2764 to get a consultation and learn more about our conveyancing services.