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What is Conveyancing?
Everything you need to know for peace of mind
What Is Conveyancing?
Conveyancing relates to legally transferring a property’s Title from one person to another—for example, the seller to the buyer.
This area deals with property law, handling the legal and statutory elements that are involved with transferring the ownership over to a new owner. In Queensland, there is a choice of employing a professional solicitor to take on the responsibility of conveyancing, or for the current owner to do it themselves.
Why should you employ a professional conveyancer?
When using a DIY kit, buyers or sellers take on the risks of costly and/or time consuming mistakes, such as missing a contract deadline or failing to make appropriate adjustments at settlement.
Experience has demonstrated that a high number of those who set out to deal with all the conveyancing aspects themselves, often hit challenges along the way. They may end up engaging expensive, professional legal advice that includes fees even higher than the original conveyancing charges they sought to avoid.
Using a licensed solicitor is likely to save both time and money, as well as efforts involved in paperwork.
Hefty work is often required towards completing title searches and stamp duty—all of which a solicitor can provide to give peace of mind when you may be making the largest single financial transaction of your life.
What kind of fees are involved?
Whether you use a solicitor or decide to do-it-yourself, conveyancing still incurs costs. These may be related to searches of the Titles office, certificates of rates, zoning, stamp duty and registration fees.
Searches of zoning, and Titles will determine whether the property has any restrictions, such as adverse planning, demolition orders, outstanding taxes linked to it, or encumbrances on Title such as easements.
The REIQ strongly recommends that buyers and sellers avoid the risks associated with do-it-yourself conveyancing and use the services of a solicitor in property matters. If you’re not sure where to start, we highly encourage you to get in touch with our team.
