Conveyancing Works Process | What Is It, Costs and Steps

1. Conveyancing • Works Process • What is conveyancing? What is the process? What are it’s steps? Source: https://www.thinkconveyancing.com.au/conveyancing-works

2. What’s the meaning of conveyancing? • “Conveyancing is the transaction process for purchasing • and/or selling real property.” • The transfer of legal title of real property is a heavily regulated process and each state has legislation which governs the transaction process. Depending on the type of property, particular legislation may apply and need to be considered. Source: https://www.thinkconveyancing.com.au/conveyancing-works

3. Conveyancing and Risk Management • The conveyancing process is a legal transaction as much as it is a financial one and as such, there are significant legal and financial considerations and risks. • A Conveyancing Solicitor knows what to look out for and with your instructions, will know what to look out for specifically for you. They can help you understand the risks of the transaction so you can make an informed decision as to how you want to manage the risks, or avoid them altogether. Source: https://www.thinkconveyancing.com.au/conveyancing-works

4. Certainty and hassle-free settlements • There is a significant amount of paperwork and administration involved in buying or selling real property. Depending on the type of transaction, there may be several parties involved; incoming financiers, outgoing mortgagees, buyer, seller, agents, etc. A Conveyancing Solicitor liaises with the relevant parties and reviews all the necessary paperwork so you are not inundated with information from several sources and left to decipher what needs to be done, and by whom. Source: https://www.thinkconveyancing.com.au/conveyancing-works

5. Hiring a professional service provider vs. Do it Yourself Conveyancing Source: https://www.thinkconveyancing.com.au/conveyancing-works

6. Does your contract have a finance clause? Are there any special conditions? Have you been provided all of the relevant documents? What are the relevant documents? Is the Contract binding? Does the Settlement date take into consideration how long your financier requires to finalise the loan documents? Who is liaising with the financier’s settlement team to arrange settlement? • These are just a sampling of what a Conveyancing Solicitor considers (and in most cases, takes care of) when they manage your conveyance. • In addition to reducing the amount of paperwork you would be required to complete, Conveyancing Solicitors often have ‘industry’ contacts who can ‘fast-track’ or escalate the processing of loan documents, or booking in settlements. This can be invaluable when you’re trying to facilitate a quick (and easy) settlement. Source: https://www.thinkconveyancing.com.au/conveyancing-works

7. eConveyancing • Electronic conveyancing (eConveyancing) has been introduced as a more efficient, accurate and secure way of conducting the settlement and lodgment stages of a conveyancing transaction. It replaces many of the paper and manual processes traditionally involved in property transactions. Source: https://www.thinkconveyancing.com.au/conveyancing-works

8. How The eConveyancing Process Works • Your lawyer and financial institutions will enter a secure, online workspace where they can interact and transact together online. Within that digital ‘settlement room’, information can automatically feed in from the original source and can populate all documentation while the system cross-checks that information. Documents are created, signed and lodged within the online environment, and parties complete all necessary steps to settle the transaction within that online environment. Source: https://www.thinkconveyancing.com.au/conveyancing-works

9. How Conveyancing Works – The QLD Process For the Seller(s) • Reviewing or drafting your Contract of Sale to ensure that the Buyer does not have any rights to terminate that you are not already aware of; • Ensuring you have met all of the disclosure obligations to the relevant parties; including the Australian Taxation Office or the Buyer; • Ensuring that you are prepared for critical dates; • Ensuring that all of your relevant documents are prepared and in order • Liaising with your bank(s) to discharge any mortgages. If you have a mortgage, ensuring that your bank’s requirements have been met and they are, or will be, ready for settlement on the settlement date. This is particularly important as your bank will not provide a release of mortgage, or title deed (where issued) unless they are satisfied with the documentation or undertakings provided. • Liaising with lawyers on the other side of the sale to confirm settlement figures; Source: https://www.thinkconveyancing.com.au/conveyancing-works

10. How Conveyancing Works – The QLD Process • Undertaking the necessary searches to ensure you are obtaining the property free of encumbrances; For the Buyer(s) • Making the necessary enquiries to ensure all rates, taxes and relevant service bills are adjusted accordingly so that you are only paying your share from the date of Settlement; • If a Conveyancing Solicitor is acting on behalf of the Buyer, they will attend to the following additional duties: • Calculating and advising you of the funds required to effect Settlement (this includes Stamp/Transfer Duty calculation, Titles Registry/Office registration, agency fees, etc.); • Liaising with your financier (if applicable) to ensure the relevant cheques are presented at Settlement. If there is no financier, ensuring funds are received in advance of Settlement to ensure there are no issues at Settlement. • Organising and facilitating Settlement with the relevant parties. Source: https://www.thinkconveyancing.com.au/conveyancing-works

11. How much should conveyancing cost? Professional Legal Fee • Conveyancers and Solicitors may charge anywhere between $500.00 – $1,850.00 for a conveyance depending on the complexity of the transaction. (e.g., residential, off-the-plan, CTS scheme, etc). The more complex the transaction, the more time and consideration it will require. • In the legal world, professional fees are calculated on the basis of time and consideration taken. Is your conveyance interstate? Are there special conditions? What is the purchase price? • Be mindful of the complexity of your conveyance when selecting a conveyancer or Solicitor. As a general rule, you will get the time and consideration you pay for. Source: https://www.thinkconveyancing.com.au/conveyancing-works

12. How much should conveyancing cost? Searches • It is important to note that a conveyancer’s or Solicitors professional fees do not usually include any disbursements and outlays the firm may incur during the conveyance process. These include the cost of any searches they undertake, photocopies, agency fees, etc. Source: https://www.thinkconveyancing.com.au/conveyancing-works

13. What are conveyancing searches? • Example Searches Buyers • Most practitioners in Queensland follow what’s called a “Conveyancing Protocol,” – this is a protocol developed by Lexon Insurance. Lexon Insurance Pty Ltd is a wholly owned subsidiary of the Queensland Law Society and is a captive insurer providing professional indemnity insurance to members of the Queensland Legal Profession in accordance with the QLS Indemnity Rule 2005. Source: https://www.thinkconveyancing.com.au/conveyancing-works

14. These searches include (but are not limited to): • Council searches to confirm all land and water rates are up-to-date; and • Where a company is being sold by a company, a company search; and • Land Tax. • Title searches (to ensure the Seller has legal title to sell the real property); Source: https://www.thinkconveyancing.com.au/conveyancing-works

15. Example Searches Sellers • A Seller has certain disclosure obligations. To discharge these obligations, a Seller may have to complete several searches. • For example, it is usual practice across most States for Sellers (or their agents, or their solicitors/conveyancers) to provide the Buyer (or their agent, or their solicitor/conveyancer) with the Contract of Sale for signing. Some states have prescribed documents which need to be provided with a Contract of Sale to make it a compliant and binding Contract pursuant to the rules and regulations of the State and/or the governing body. Source: https://www.thinkconveyancing.com.au/conveyancing-works

16. Generally, these documents include: • A title search; • Details of any registered encumbrances; • Details of any unregistered encumbrances; and • Where the property is part of a community management scheme, a Disclosure Statement from the body corporate. Your Text Goes Here Source: https://www.thinkconveyancing.com.au/conveyancing-works