If you’re considering buying a real estate property in Australia, then you’ve probably heard about conveyancing. Still, you might have questions about conveyancing and how the whole process works. If you’re wondering what conveyancing is, what a conveyancer does, and who they work for, just keep reading.
What is conveyancing?
Broadly speaking, conveyancing is the legal process of transferring property between an old owner and a new one. When the property is worth quite a bit and the transaction is complicated — two things that are certainly true of real estate deals — then it is very important for the sale to go through a standard process and for all of the paperwork to be submitted correctly.
When you buy a property, the purchase doesn’t just happen all at once. There are steps and stages to go through and there is paperwork to complete. There is a formal legal process for finalizing the sale and actually exchanging the property. This is called different things in different countries. In the United States, real estate changes hands at a closing. In Australia, the process is conveyancing.
A conveyancer is the professional who handles the conveyancing process, ensuring that these steps are done properly so that your interests are protected.
Two parties, two conveyancers
So who does a conveyancer work for: the buyer or the seller?
In reality, there should be two conveyancers involved in every real estate deal. One of those conveyancers will work for the party or parties buying the property, the other for the party or parties selling.
Both buyers and sellers want to make sure that everything is in order before a real estate sale goes through. There are lots of risks involved for each party, and the role of the conveyancer is to make sure that those risks are minimized through the proper adherence to the conveyancing process.
While it is legal for the buyer and seller to use the same conveyancer, it’s usually not a good idea.
How a conveyancer helps a buyer
Buying a real estate property means spending a lot of money and getting a property in return — but it means a more than that, too. Buyers want to make sure that the proper inspections are done on the property before they close their deal. They also want to make sure that they don’t end up receiving utility bills that the old owner racked up. Nailing down these details and getting all the associated paperwork done is managed by a conveyancer.
How a conveyancer helps a seller
Sellers have risks, too. They want to make sure that all of the utility bills are transferred at the right time, just as the buyer wants, too. And, of course, sellers want to make sure that all the paperwork is done correctly and that they’ll receive all the money that was promised.
Conveyancers: key to a safe real estate deal
Conveyancers are absolutely essential to the real estate sale and purchase process in Australia. Both sellers and buyers will find that conveyancers play a vital role in protecting them. Conveyancers can be helpful guides throughout the confusing real estate deal process, too — after all, for them, this is a regular day at the office.
Take care to pick the right conveyancers, suggest experts in conveyancing in Brisbane, Australia. Look for professionals with longstanding reputations and a firm understanding of your local real estate market. If you choose wisely, your real estate deal will go a whole lot more smoothly!