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Buying a house has always been exciting, but it's also among the most stressful projects you may engage in life. It's sometimes tedious because you have to organise all the paperwork and ensure nothing goes wrong in the process. Once you have identified the house to buy, you should prepare for a legal process involving ownership transfer. This process is often called conveyancing. Learn more about this process in this article.
Who Do You Involve and How Long Could the Process Take?
You should involve a conveyancer or solicitor when buying a house to minimise risks. These professionals understand property law, and also know what to set their eyes on and how to conduct the process. Can you do conveyancing without them? You can, but the process may be overwhelming and since you might not have the professional experience required, you may miss steps and have to repeat the process.
If you are making a simple purchase that won't require a mortgage, the conveyancing process may be completed within 30 days. However, the process could take about 2 or 3 months, depending on the parties involved and the purchase complexity.
How Will the Conveyancing Solicitor or Lawyer Help You?
Conveyancing law is sometimes complex and hard to understand without a solicitor on your side. A legal conveyancer doesn't just focus on the ownership transfer documents but also ensures your obligations are met and your rights are protected. The purchase process involves a lot of things, and you may not get the right information about it without a solicitor.
The solicitor checks the amount of transfer duty you should pay, and when the payment is due so you don't incur penalties. They also file the forms to avoid errors that could hinder ownership transfer into your name. The solicitor will also help you know the professional fees, GST fees and other outlay and search fees you are expected to pay.
How Else Could the Conveyancer Help You When Buying a House?
A qualified and licensed conveyancer provides the buyer with reliable information and advice when buying the property. They oversee the settlement process, prepare the right documents and inform the buyer what the property sale entails. Once the conveyancer has prepared the legal documents — a memorandum of transfer and contract of sale — they then clarify and lodge them. Besides checking the property's title and easements, the conveyancer also calculates the taxes and rates and adjusts them when necessary. They deposit money in the seller's trust account and inform the buyer when the property is settled.Share