Buying or selling a property is not a simple task. It involves a lot of legal formalities and paperwork. Hence, you need to put in a lot of time and effort before successfully closing a deal. However, you can always opt for conveyancing services to seamlessly get the process handled by a professional. 

By hiring a property lawyer, you can avoid making mistakes and taking wrong decisions during the property trade process. For this reason, conveyancers in Melbourne are always in high demand. Because people prefer to hand over the charge to a legal expert that has detailed knowledge of this field.

If you have confusion about conveyancing, go through the important things that we have mentioned below. They will help you get clarity over the process and other essential details. So, let’s start. 

Things One Should Know About The Conveyancing Process

What is Conveyancing?

In simple words, Conveyancing Geelong is a process that involves the transfer of the property’s legal title from one person to another. The individuals looking to sell their property need to provide some specific details to the buyers. In legal terms, that document is known as a “Vendor Statement”. The people not versed in real estate laws and regulations can’t prepare this document on their own.

This is where solicitors come into play. They prepare the “Vendor Statement” and other essential documents so they can be presented to the respective authority when required. This way, you don’t have to personally visit a government office or make efforts to manage the submission of the legal documents. 

Although the legal jargons are not so easy to deal with, solicitors find it easy to keep up with the legal process. Because they have studied law in detail. For this reason, people hire conveyancers so that they don’t have to deal with unfamiliar legal terms. All in all, conveyancing lawyers simplify property buying and selling for owners.

Different Tasks That A Conveyancer Performs

These are the main duties that a solicitor performs during the property trade process:

• Provides legal advice throughout the process to make things easy for both buyers and sellers. 
• They keep all the legal formalities and documentation ready so that there are no delays at the time of closing the deal. 
• Manages all the taxes and stamp duties on your behalf and makes sure you get all the possible subsidies and concessions.
• Inspects the property and makes enquiries nearby to get to know related potential issues. 
• Deals with the real estate agents so that you don’t get tricked by them.

Now, let’s have a detailed look at the mentioned duties of a conveyancing lawyer.

Surveying Regarding The Property

The buyer’s solicitor does a thorough inspection of the property to make sure that all the terms and conditions are met. This process helps to find out the underlying issues with the property. It is better to know about the potential problems in the first place rather than getting to know them later.

Because, before the deal is closed the buyers can ask the seller to get the problems solved. Whereas after the property is sold the buyer has to fix all the losses. Moreover, the solicitor on the seller’s side can also negotiate with the buyer’s solicitor to reduce the property price if possible.

In simple words, a buyer is benefitted from hiring conveyancers as they help them get the best value from a particular property. In addition, there are specific guidelines in every city about the operation you can perform on a property. So, it is better to become familiar with the do’s and don’t rather than facing financial loss. 

Effectively Managing Joint Ownership 

A lot of times a particular property has more than one owner termed “Joint Owners”. In such a scenario, it is natural to have some disputes regarding the owners’ rights. Multiple ownership issues can be settled in one of the following two ways:

Joint Tenancy

Joint tenancy means that all the owners have equal shares in the property. In situations, where one person passes away, the property will be equally distributed between the remaining owners. Also, any of the owners can’t release their share by their own will.

However, it is possible to divide the property into equal parts after it is purchased. A conveyancing lawyer keeps you aware of your rights so that you can use them in the best possible way. 

Tenants in Common

In this type of distribution, each person’s property share can be different. Also, owners can release it for selling it to someone else. Moreover, the rights different owners have also vary. For instance, the person who has the biggest share of the property has different rights than others.

Receiving The Deposit

The buyers have to pay a deposit amount to facilitate the exchange of contractors. Hence, it is the seller’s right to demand an amount from the buyer. It is generally 10% of the total property price. The buyers who are relying on the mortgage must arrange this amount in advance.

It causes problems for the buyers while purchasing a property. Conveyancing lawyers help you in such scenarios by figuring out a suitable solution if you can’t pay the amount directly. However, there will be delays related to the transfer to the property title. 

Assists On The Day of Settlement

The conveyancers are there for you to help you complete the final few formalities of the settlement day. You can trust them as they have done the same for many clients in the past. So, the chances of anything going wrong are very negligible. 

A solicitor gets in touch with the other party’s conveyancer in advance to make sure that they are available to close the deal on a specific date. This way, they reduce the chances of unwanted delays for both parties.

Moreover,conveyancers keep track of the taxes and other charges imposed by local authorities. They ensure that you are only paying the essential amount. With years of experience, they become familiar with the ways you can get concessions in various charges. 

After the deal is completed, the solicitors are still just a phone call away, if you find yourself in a problematic situation regarding the property. So, you can book an appointment and get expert advice regarding the property.

How To Find A Conveyancing Lawyer?

Preferably, you must choose the conveyancing hills district services that operate near your location. The reason is that the rules and regulations of local authorities vary for each location. Hence, by hiring a conveyancer nearby your area, the property trade process can be completed faster.

On the contrary, if you hire a conveyancer that is far away from your location, you will get all the assistance regarding buying or selling the property. But the solicitor may require some time to get familiar with the guidelines and regulations of the local authorities. 

You can also find conveyancing solutions near you with the help of the internet. Just make sure to add the respective location in the search query. For example, one can search like ” Melbourne conveyancing services“ to get appropriate results. Afterwards, one can compare the available options according to their budget and choose a suitable one.

Conclusion

After going through the above details, you must have understood a conveyancer’s role in the property trade process. Indeed, they help the owners avoid all the hassle related to legal activities and save time and energy. 

Also, the issues and disputes related to the property can take years to resolve. But, with the help of a conveyancing lawyer, one can avoid these problems in the first place. All in all, you get a hassle-free property buying and selling experience.