How does conveyancing work?

Conveyancing is the process of transferring ownership of legal title of land to a new owner, whether it be from a person or entity.

This process of passing property to a new owner requires a lot of legal work, jargon and processes and regulatory requirements.

Conveyancing transactions generally consist of three stages, including pre-contract, pre-completion and post-completion work.

Typically, a conveyancing solicitor will do everything necessary and ensure you are prepared for critical dates during the process, deal with all the parties, and assist you in completing necessary forms.

Conveyancing can involve many other steps, for example:

• Preparing the contract

• Examining and providing advice on the contract

• Reviewing building and pest reports

• Providing critical date reminders

• Examining a strata inspection report (if the property is in a strata scheme)

• Communicating with the incoming or outgoing financier

• Exchanging the contract of sale

• Holding the deposit

• Arranging payment of stamp duty

• Examining the mortgage agreement

• Undertaking searches at the request of the client

• Checking if there are outstanding arrears or land tax obligations

• Checking swimming pool compliance certificates

• Finding out if any government authority has a vested interest in the land or if any planned development could affect the property

• Finding out any information that may not have been previously disclosed such as a fence dispute or illegal building work

• Calculating adjustments for council and water rates for the property settlement

• Overseeing the change of title and preparing transfer paperwork

• Completing any final checks prior to settlement

• Calculating adjustments for outgoings at settlement

• Attending settlement