Perfect way to purchase

MATCH MAKING: Purchasing or selling property is a big investment, so take time to make the right choice when choosing a conveyancer to work on your behalf. Photo: Ray White
MATCH MAKING: Purchasing or selling property is a big investment, so take time to make the right choice when choosing a conveyancer to work on your behalf. Photo: Ray White

Conveyancing is the legal action of moving the official ownership of land title to a new owner. This can be done by either solicitors, or people and firms who's only legal task is to work on property conveyancing. They are known as conveyancers.

When buying a home, it's a good idea to have someone in mind who you would like to use to represent yourself during the transaction. Alternatively, you can ask your real estate agent for a list of local providers.

The conveyancer will first seek to understand where you are up to with your finance as they will want to protect you during this process. Ensuring you have formal and written finance approval prior to exchanging contracts is very important, as is understanding where funds are coming from for payment of stamp duty and legal fees.

Conveyancers will be busy checking on all sorts of detail within the contract to ensure your new home is not on a list for a future road widening or doesn't come with an old right of way allowing your neighbours to drive across your back yard. There are all sorts of details your conveyancer will be checking on your behalf.

The two important terms your conveyancer will talk to you about are exchange and settlement. Exchange of contracts requires two copies of a contract, the seller signs a copy and the purchaser signs a copy, and their respective representatives swap copies constituting official exchange of contracts.

It is at this point that your real estate agent will be keen to install a sold sign on the property and you can be almost sure of the sale proceeding.

Once exchange is complete, your conveyancer will be working on all documents and mechanisms to effectively arrange transfer of monies and ownership of the land to the purchasers name, all of which now occurs in a digital environment called "Pexa".

All parties to the contract will be invited to a "Pexa" work space and this can include both buyers and sellers conveyancer, buyers financier for creation of mortgage, payment amounts and directions for payment, sellers financier for discharge and payout of mortgage and others.

Settlement usually occurs 42 days after contracts are exchanged as this allows time for your conveyancer to discover all things necessary to be comfortable that you are buying exactly what you think you are buying. It also provides time for the Land Registry Services (LRS) to ensure land title deeds are created, and for your bank to do what they need.

Choosing a conveyancer might be the first time you interact with the legal fraternity so choose wisely. Having a lasting relationship with a solicitor or conveyancer is common, so you might be making a longer term decision than you think.

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