Home Loan Conveyancing and Legal Fees
1. What is conveyancing?
The most simple and non-technical definition of conveyancing is that it is a legal process which transfers the ownership of real property from one owner to another. It means that the buyer and the seller of a property enter into a contract for the sale/purchase of the land and that this agreement is binding on both parties and that they go through a legal process determined under the contract for the purchase to take place. Also, part of the taxation law of Australia requires that when land is transferred for valuable consideration (money) stamp duty is payable under the taxation law of every state of Australia. This means that the right amount of stamp duty needs to be paid on the transaction or the Office of State Revenue will refuse to allow the change of ownership to occur.
2. What does the process of conveyancing involve?
When you are purchasing a property, the first step in the legal process is for you to consult a lawyer in relation to the content of the contract for the sale of the land which is being used. A lawyer will be able to advise you on any unusual parts of the contract or if your interests will be seriously prejudiced as a result of going through with the transaction. They will then assist you to negotiate any amendments to the contract. At this stage it can be pressured because there is there may be other buyers for the property and there may be a need to exchange before someone else does. But you may also need to have some aspects of the contract changed to avoid problems which you have as a result of not being able to sell your present home, or having sold it too early. Nevertheless, there is then the process of exchanging on the contracts. This is the point where the contract becomes binding on both parties. The next step is for the purchaser’s solicitor to issue requisitions on title and to draft the transfer, calculate settlement figures and prepare the income mortgagee for attending settlement with the necessary funds to complete the purchase. If all of these steps are completed, then settlement can normally proceed at the date appointed in the contract and the sale goes through. There are, naturally, some more details to it than this, but this is a broad overview of the process.
3. Do I need help to do my conveyancing?
It is technically possible to do all of your conveyancing on your own. However, it is advisable to obtain the assistance of a professional with conveyancing because it is easy to make some serious mistakes which can prejudice your interests in relation to the purchase of a property. For instance, many first home buyers do not know that it is possible to lose your deposit if you do not complete the contract for the sale of the land at the appropriate time of settlement and a new time cannot be negotiated.
4. What can I expect to pay for conveyancing?
Costs vary for conveyancing and although price is not necessarily a guide to quality, you can expect to pay between $750.00 and $1200.00 for a very simple residential conveyance. If a piece of conveyancing is particularly complicated because there are multiple mortgages on the title, there are caveats on the title which need to be removed before the property can be sold or there is a complex strata scheme involved in the purchase then you may be looking at a little more because it will take the provider of conveyancing services more time and labour to process something like this.
5. Who can I contact in relation to conveyancing?
There are two major types of providers of conveyancing services, there are conveyances for licensed and specialized in the service of conveyancing and in our solicitors who are university trained, usually for five years and carry professional indemnity insurance which means that you as a client are protected in case there is a serious failure or oversight in relation to a conveyancing process. If you would like to get in contact with lawyers specialising in conveyancing then they are available simply by looking in the phone book or by contacting the law society.
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- NAB Home Loan Application Process.
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