Demystifying Conveyancing: Your Guide To Property Transactions

By Jony - On Oct 26, 2023

What is Conveyancing?

Conveyancing is the legal process of transferring real estate property ownership from one party to another. It involves several administrative and legal steps to ensure the legal title of the property is transferred correctly. A conveyancing solicitor or licensed conveyancer handles the legal work during the conveyance process.

Conveyancing is required whenever a property is sold, bought or remortgaged. It provides a framework to transfer legal title and register the change of ownership with the Land Registry. Your brisbane conveyancer will also conduct searches and checks to ensure no issues with the property title or any factors that could affect the sale.

The Conveyancing Process

The conveyancing process has several key stages:

Seller’s Conveyancer Responsibilities

If you are selling a property, your conveyancer will:

Obtain title deeds and documents relating to the property
Prepare a draft contract for sale
Answer enquiries raised by the buyer’s conveyancer
Negotiate terms of the sale
Agree on a completion date for exchanging contracts
Exchange contracts and arrange for funds to be transferred on completion
Pay off any outstanding mortgages or loans on the property
Transfer the property title to the new owner

Buyer’s Conveyancer Responsibilities

If you are buying a property, your conveyancer will:

Check the title documents and raise enquiries with the seller’s conveyancer
Carry out searches to ensure there are no issues affecting the property
Check the terms of the draft contract for sale
Confirm your mortgage offer and liaise with your lender
Agree on a completion date for exchanging contracts
Arrange for your deposit and completion funds to be transferred
Exchange contracts and notify you once this has happened
Complete the purchase and register yourself as the new owner

The Key Stages Explained

Pre-Exchange – This involves the buyer’s and seller’s conveyancers working together to review documents, raise enquiries and negotiate terms of the sale. Searches will also be conducted.

Exchange of Contracts – This is when the buyer and seller are legally committed to the transaction. The buyer will transfer their deposit, and a completion date will be set.

Completion – On the agreed completion date, the buyer transfers the remaining funds and legally becomes the new owner. The seller’s conveyancer will transfer the property title. Keys can then be released.

Post-Completion – Following completion, the buyer’s conveyancer will pay any stamp duty tax and register the buyer as the new owner with the Land Registry.

Why Use a Conveyancer?

Conveyancing is complex, and legislation governs many aspects of the process. Using an experienced conveyancing solicitor or licenced conveyancer ensures:

The legal title is transferred correctly
All necessary legal work is handled
The transaction progresses smoothly
Completion happens on time
Your interests are protected

As a buyer, they will ensure you are legally acquiring the property free from any issues. As a seller, they will ensure you receive the sale proceeds and that the title transfers to the buyer. Using a conveyancer provides peace of mind that your property transaction is safe.

Conveyancing Fees

Conveyancing fees will vary between conveyancers. Typical fees may include:

Basic legal fee for handling the conveyance
Supplementary fees for additional work
Search fees to cover necessary searches on the property
Electronic funds transfer fees on completion
VAT on top of the total fees

Many conveyancers will provide a detailed quote so you understand what is covered in their fees and any additional costs involved. Shop around to compare conveyancing quotes, and don’t just choose the cheapest option. Check what is included and look for recommendations, too.

Conclusion

While conveyancing may seem complex, an experienced real estate property lawyer or conveyancer can guide you. The real estate property lawyer will handle all the necessary legal work involved in the conveyancing process, including reviewing title deeds, raising enquiries, checking the draft contract for sale, and transferring the legal title. They will liaise between both parties and move the transaction towards completion. Having an experienced real estate property lawyer handle your conveyance provides peace of mind that the legal work is in good hands and that your property transaction will stay on track through to completion. This ensures the conveyancing process goes smoothly and that your interests as a buyer or seller are fully protected.

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