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When you are buying a house, sometimes it seems that between the real estate agent, the banks, a broker and conveyancers – there is a lot of people involved!
This article will break down the conveyancer’s role when purchasing a property so you can navigate the intricacies of property transactions with confidence.
Does my conveyancer have a qualification?
In Queensland a conveyancer must be an admitted solicitor or supervised by an admitted solicitor. At Gilmore Legal, a qualified lawyer closely supervises and advises on all residential purchases and sales.
What do conveyancers do?
If you were making a Residential Purchase for instance your conveyancer will:
Advise on your contract including relevant special conditions you should include
Monitor and advise on key dates
Advise on and ensure you meet your tax obligations and other liabilities
Conduct searches and advise on results
Prepare documentation for transfer and settlement
When should I engage a conveyancer?
The ideal time to engage a conveyancer and get advice is prior to signing a contract. Although there is usually a cooling off period, there are often financial penalties attached if you terminate a signed contract. Gilmore Legal provides complimentary advice on a purchase contract with no charge even if you don’t go ahead with signing.
What else do i need to know about conveyancing?
Searches
‘Buyer Beware’ applies in Queensland, meaning that, subject to some exceptions such as fraud, it is up to the buyer to conduct their own searches and be satisfied with the condition of the property they are buying.
You can conduct many searches on a property starting with a title search. Undertaking a title search will tell you if there are any restrictions or interests on the land including encumbrances such as easements. Getting advice on appropriate searches and having the results of the searches explained to you clearly by your conveyancer is very important. For example, an unexpected easement could mean that you cannot renovate or add to your new property. This may change the way you feel about your purchase.
Special Conditions
You may want to include special conditions relevant to your circumstances such as:
Finance
Building and pest
A due diligence clause allowing you to look into the property thoroughly
A sunset clause allowing you to sell your current home prior to purchase
A body corporate search condition
Wording these conditions accurately so they meet your needs is very important. Additionally, your conveyancer will explain your options in circumstances where, for example, a building and pest report comes back with poor results. Also be aware that sellers may put special conditions into your contract which you may need advice on.
Key Dates
Most purchase contracts operate under ‘time of the essence’ conditions, meaning that if you miss a key date the seller may terminate the contract which may result in you losing your contract or paying damages to the seller. Your conveyancer will ensure this will not occur by alerting you to these dates and by following up on them with you and the seller.
Tax Obligations and Liabilities
Your conveyancer will identify any liabilities such as GST or stamp duty owed in order to transfer the property into your name. Gilmore Legal is a stamp duty assessor and can assist with the assessment and payment of your stamp duty.
Documentation
Your conveyancer will prepare the transfer documentation to be lodged with the Titles Registry as well as the final settlement statement to be agreed with the seller and your financier.
Settlement
Most residential conveyancing is now done online. While your conveyancer may not physically attend settlement, they will ensure everything goes smoothly on settlement day so you can pick up your keys for your new property as soon as the title transfers into your name.
How much does conveyancing cost?
Gilmore Legal & Conveyancing provides market rate (or lower) costs at a fixed fee for Conveyancing. Residential Conveyancing for a sale is $525 +disbursements, Residential Conveyancing for a purchase is $925 +disbursements, Off the Plan Subdivisions cost $925 +disbursements, Retirement Living costs $650 +disbursements and Purchasing Registered Land is $925 +disbursements. Commercial and Rural Conveyancing must be "quoted a fixed fee" given the variable nature of that work.
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