When you are ready to buy a home, signing the purchase contract is just the beginning.
Who can do conveyancing work?
- A licensed conveyancer
- A solicitor
- If you choose to do your own conveyancing, take the time to research what is required and the risks involved. Do-it-yourself kits are available but generally provide guidance material only. You will still be personally liable if there is a problem with the sale, even if you followed the instructions. It may also be difficult for you to purchase the same level of insurance available to a licensed conveyancer or solicitor.
The conveyancing process
Conveyancing can involve these steps:
- examining the contract for sale
- arranging building and pest inspections
- examining a strata inspection report (if the property is in a strata scheme)
- arranging finance if necessary
- exchanging the contract of sale
- paying the deposit
- arranging payment of stamp duties
- preparing and examining the mortgage agreement
- checking if there are outstanding arrears or land tax obligations
- checking if swimming pool compliance documentation is needed
- finding out if any government authority (e.g. local council, Sydney Water, Transport for NSW) 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 with NSW Land Registry Services
- completing any final checks before settlement
- attending settlement.
Costs
Fees will vary between solicitors and conveyancers. As well as a legal service fee, you will usually be charged for disbursements, which may include:
- a title search
- certificate fees charged by authorities responsible for water, electricity, roads, schools etc.
- photocopying
- registering the mortgage
- registering the transfer.
Conveyancing costs, other than legal fees and disbursements, may include:
- building and pest inspections
- survey report
- establishment of mortgage
- home building insurance
- valuation fees
- mortgage insurance
- stamp duty and mortgage duty
- levies, if the property is in a strata or community scheme
- council and water rates.
If you have any questions about how as conveyancers, we can help you with your property purchase, contact Select Conveyancing today.