What does a conveyancer do on a purchase of property?
Curral Conveyancing
Conveyancers take the following steps and usually more on your behalf:-
Examine and advise on the contract.
The conveyancer will review the contract of sale for the property and explain its terms and conditions to you. They will also advise you of any potential risks or issues with the contract.
Assist with finance application
The conveyancer can assist you with your application for a home loan. This may include providing information about the property to your lender and liaising with them on your behalf.
Arrange stamping of the contract and transfer the stamp duty for you.
Stamp duty is a tax that you have to pay to the government when you buy property. The conveyancer can arrange for the contract to be stamped and can pay the stamp duty on your behalf.
Check whether any Government Department has an interest in the land.
The conveyancer will check whether any government department has an interest in the land, such as an easement or a right of way. An easement is a right that one property owner has to use another property owner’s land for a particular purpose, such as a driveway or a sewer line.
Attend to settlement and transfer of the property.
The conveyancer will attend the settlement meeting on your behalf and will ensure that all of the paperwork is in order. They will also arrange for the transfer of the property title from the seller to you.
Negotiate terms that assist the purchaser
The conveyancer can negotiate the terms of the contract of sale on your behalf, such as the purchase price or settlement date.
Exchange the contract or assist throughout cooling off period
The conveyancer will exchange the contract of sale with the seller’s conveyancer. This creates a legally binding agreement between you and the seller. The cooling-off period is a period of time (usually 3-5 days) after you have exchanged contracts during which you can withdraw from the purchase without penalty. The conveyancer can advise you of your rights and obligations during the cooling-off period.
Assist you with mortgage documentation
The conveyancer can assist you with the paperwork for your mortgage loan. This may include reviewing the loan documents and providing you with advice.
Look for any undisclosed information such as tree disputes with neighbours
The conveyancer will carry out searches of public records to identify any potential problems with the property, such as undisclosed easements or tree disputes with neighbours.
Arrange property inspections eg – pest, building and strata if applicable or enquiries with improvements and pool compliance
The conveyancer can arrange for a variety of inspections to be carried out on the property, such as pest inspections, building inspections, and strata inspections (if the property is in a strata complex). They can also make enquiries about any improvements that have been made to the property and whether the property complies with pool safety regulations.
Advise regarding payment of deposit.
The conveyancer will advise you on how much deposit you need to pay and when it needs to be paid.
Check Land Tax
The conveyancer will check whether any land tax is owing on the property. Land tax is an annual tax that is payable on some properties.
Calculate water and council adjustments and add them to the electronic workspace
The conveyancer will calculate the amount of water rates and council rates that need to be adjusted between the seller and the buyer on the settlement date. They will then add this information to the electronic workspace that is used to track the progress of the settlement.
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