Conveyancing refers to the legalities involved in buying and selling a home.
Conveyancing checks off outstanding land taxes, or unearths unsolved disputes involving the property you’re seeking to buy, and illegal building work. Be mindful that once you exchange contracts on a property, any structures without council approval are now your problem and not the previous owner.
The conveyancing process ensures the title of the property is amended in line with your state’s current land title laws. Conveyancing can be a minefield for the uninitiated, which is why it is usually recommended you employ the services of either a solicitor or a licensed conveyancer to handle the legal work involved in a property sale or purchase.
Furthermore, a solicitor or conveyancer is covered by professional indemnity insurance. This cover means you will be protected from any financial losses should your conveyancer fail to pick up an issue that could affect the value of the property. This might be a problem with a neighbor about an easement, a detrimental neighbourhood development or a road widening. If you choose a do-it-yourself approach to conveyancing, you will not have this protection and it could cost you thousands of dollars in legal or remedial action in the case of a structure on your property that doesn’t have the requisite council approval.
The cost of choosing a solicitor or conveyancer can be upwards of $2,000 but, they are required by law to provide a quote in advance. Therefore, it’s worth shopping around to get a sense of the right conveyancing service for you.
If you need to a conveyancing service in your suburb or town, you can always ask your Raine & Horne agent or property manager for a referral.