Conveyancing is referred to as a legal process of transferring ownership of, in most cases, real property. This is performed by a registered legal practitioner or by a conveyancer. The former belongs to the legal board of solicitors while the latter is registered to the Australian Institute of Conveyancers. The tasks and fees may vary between the two personnel.
Conveyancers are handy when you start to look for a new property because they’ll look after your contract. It’s better to get to know more about any problems first rather than having them creep out on you, bringing all sorts of hassles. In contrast, if you’re selling a property, they can help arrange the deal to make the transition easy for both parties. Here are some reasons why you need the services of a conveyancer:
- Evaluate Contracts
Signing a contract is the start of the process of purchasing a property. The settlement is a long process with a number of documents and legalese involved. It’s going to be overwhelming if you don’t have enough bandwidth or if you’re not an expert in the field.
When buying a property, you will need to understand all the details and get some fair advice about it. In Victoria, where there are only three days of the cooling period, advisors from Glenferrie Conveyancing believe that you should receive meticulous and highly responsive attention. This will help you protect your interest, so it’s always advisable to have the contract checked by a reputable conveyancer before you hand off your hard-earned money to the seller.
- Helps in Finance
A conveyancer may not work directly in matters of finances, but they do have a hand in arranging your deal with the bank. They can help by making sure that you’re able to comply with all the requirements and supporting documents in a timely manner. They facilitate any adjustments or payments needed when it comes up and will give you an accurate amount.
- Organize Building Inspections
A conveyancer can organize a specialist for building inspection. These inspectors can help you identify problem areas and the extent of the damage it has on the property. You can then either negotiate for the seller to address these issues or do it yourself but ask for a lower price for it.
- Tax Details
Checking the property’s tax status like outstanding tax or land obligations. This can affect you, knowing that it may become your responsibility once the sale is settled, depending on how the contract is created.
Conveyancers can also advise you on the impact of gaining new property on your taxes. They can provide guidance on estate planning and tax impacts. It may be a little out of scope, but many firms offer this pro bono.
- Government’s Future Projects
They can give you an assessment of whether interested government parties have plans in developing the area around the property. It is particularly important if those plans can affect your house or property, so getting a heads up will help you prepare for it when it comes.
- Finding Information
Conveyancers are particularly helpful in finding important information that may have been undisclosed. This includes the aforementioned outstanding tax obligations and building inspection as well as other matters like disputes in the fences and illegal building works.
Basically, conveyancers are there to ensure that your shiny new property is transferred to you absent of any glitches. The process of changing the property’s ownership takes a lot of paperwork, so it’s always best to have somebody sort out the paperwork and make the process run smoothly.