The Melbourne real estate market has tipped in favour of buyers, with stock levels above average and vendors accepting larger discounts. While this is great news for anyone thinking of buying a home within Melbourne and its surrounding suburbs, it also means more people will be requiring the services of a conveyancer.
Keep reading to learn what a conveyancer does, as well as how they can help you as you capitalise on the current Melbourne real estate market.
What is a Conveyancer?
A conveyancer is a lawyer who specialises in the legal factors of purchasing and selling real estate. They might be a solicitor, a licensed conveyancer, or a fellow of the Institute of Legal Executives.
Simply put, it is their job to ensure that you fulfil all of the legal responsibilities associated with your property purchase. They manage a variety of elements to ensure your rights are protected and the sale goes smoothly, so the only thing you have to worry about is moving in.
How Can a Conveyancer Help You?
Conveyancing can provide numerous benefits to you and save you plenty of confusion or frustration during your next property purchase or sale. Here’s how:
Arranging and Attending Settlement
Conveyancers work with all parties involved to plan, book, and attend the settlement. They also contact your bank to check that you’ll be able to pay the vendor without disruptions.
Additionally, a conveyancer confirms settlement and facilitates the handing over of the keys.
Handling Legal Paperwork
Preparing all of the documentation required in your real estate transaction is one of the most critical and necessary jobs of a conveyancer. Your conveyancer will handle the transfer paperwork to ensure that the property is lawfully transferred to or from your name. It is also the conveyancer’s responsibility to check that the paperwork adheres to the legal regulations in your region.
Carrying Out Relevant Searches and Adjustments
A conveyancer will do all of the necessary searches in your jurisdiction and prepare the required settlement paperwork. If you don’t conduct your due diligence before purchasing a property, any debt or negative interest on that property will be passed to you once it settles in your name. Therefore, a conveyancer’s responsibility is to safeguard you by conducting the appropriate checks and ensuring that the necessary changes are made at settlement.
Just some of these checks may include:
- Title searches
- Local authority searches
- Risks of natural disasters
- Structural checks
- Pest reports
- Strata reports
Preparing or Reviewing the Contract of Sale and Vendor Disclosure Statement
If you are the seller, your conveyancer will draft the Contract of Sale and Vendor Disclosure Statement and ensure all of your specific requirements and conditions are written into the final contract.
If you are the buyer, your conveyancer will go over the Contract of Sale and Vendor’s Statement for any errors, peculiar conditions, or red flags. They will also advise you of the contract’s terms, any crucial dates during the settlement period, and any conditions that could be added to safeguard you.
Arranging Financial Adjustments
If you’re selling a property and have just paid the council rates for the next six months in advance, you’d want to recoup those costs upon settlement. This is something your conveyancer would undertake on your behalf.
If any extra modifications are necessary by settlement, your conveyancer can also arrange for those to ensure you only pay the fees associated with the property up to the day of settlement (if selling) or after the date of settlement (if buying).
In Summary
Buying or selling property is one of the biggest things you’ll do in your life, yet without the legal assistance of a conveyancer, it can be a stressful and confusing time.
If you or someone you know wants more information or needs help or advice, please contact us on (03) 9422 5439 or email laurie@irvinelawyers.com.au.
Looking for conveyancing in Melbourne? We have lawyers in South Morang and lawyers in Warrnambool ready to help you.