A conveyancer is a professional who assists in the transfer of property ownership from one person to another. They handle all of the sale’s legal aspects, including preparing and filing the necessary paperwork, conducting searches, and ensuring that the property is transferred smoothly and efficiently.
As the seller, you will be responsible for hiring a conveyancer to represent you in the sale. It is important to choose a conveyancer who is experienced and knowledgeable about protecting your interests throughout the process.
Your conveyancer will be responsible for several tasks on your behalf, including:
Preparing and Lodgement of the Contract of Sale
Once the terms of sale have been finalised, your conveyancer will prepare the contract of sale and associated paperwork. This includes ensuring that all relevant information is included, such as the purchase price, details of the property, and any special conditions that apply. The contract is then sent to the buyer’s conveyancer for review.
The contract of sale must then be lodged with the relevant state authority, such as the Land and Property Information office after both parties have signed it.
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Negotiating the Contract
If the buyer raises any concerns or requests amendments to the contract, your conveyancer will negotiate on your behalf to reach a mutually agreeable solution. This may involve back-and-forth negotiations between the two parties or mediating discussions to come to a resolution.
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Conducting Searches
Your conveyancer will also conduct some searches on the property to ensure that there are no outstanding issues that could affect the sale. This includes searches for planning approvals, zoning restrictions, and any easements or encumbrances that may be registered against the property. When these searches are complete, your conveyancer will provide you with a report outlining potential risks or problems that could affect the sale.
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Preparing Discharge of Mortgage Documents
If the property sold is subject to a mortgage, your conveyancer will prepare the necessary paperwork to discharge the mortgage upon settlement. This includes obtaining a final payout figure from the lender and arranging for the transfer of title to be registered in your name. Your conveyancer will also liaise with the lender to ensure that the mortgage is discharged promptly to avoid any delays in settlement.
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Carrying Out Identity Checks
To comply with anti-money laundering and counterterrorism financing laws, your conveyancer will need to carry out identity checks on all parties to the sale. This includes taking copies of photo ID, such as a driver’s license or passport, and verifying the identity of any overseas buyers.
Exchanging Contracts
Once all of the necessary searches and checks have been completed and both parties are happy to proceed, the contract of sale is exchanged. At this stage, the buyer pays a deposit to the seller (usually 10% of the purchase price), and both parties are legally bound to complete the sale. Your conveyancer will ensure that the deposit is paid into your nominated bank account and will provide you with a copy of the signed contract.
Coordinating Settlement
On the day of completion, your conveyancer will liaise with the buyer’s conveyancer to ensure that all of the necessary paperwork is in order and that the settlement process runs smoothly. This includes arranging for the transfer of the final payment, the registration of title, and the handover of keys. The seller’s conveyance will attend the settlement meeting to represent the seller. Once the settlement is complete, your conveyancer will provide you with a copy of the transfer of title and a statement of account.
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Managing Post-completion
After settlement, your conveyancer will attend to several post-completion tasks on your behalf. This includes arranging for the discharge of any mortgage on the property, lodging a change of address with the relevant authorities, and arranging for the payment of any outstanding rates or taxes. Your conveyancer will also liaise with the agent to ensure that any commissions or fees owing are paid. Once these tasks are completed, your conveyancer will provide you with a final report and close the file.
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Conclusion
As a seller, your conveyancer will also be on hand to answer any questions you may have throughout the process and to provide advice and assistance when needed. Choosing the right conveyance makes a big difference to the success of your sale, so it is important to take the time to find someone you can trust.
