Understanding all the different groups involved in purchasing a property can be a minefield.

The Real Estate agent. The Buyer’s Agent. The Auctioneer. The Building and Pest Inspectors. The 1st Street Mortgage Broker (hi there!).

Well, here’s another one to add to the list – the Conveyancer. Conveyancing is an important piece of the puzzle to make sure everything goes to plan with your new property purchase. Let us explain.

What is a conveyancer?

Conveyancing is the method of transferring possession of the title to a property from the seller to the purchaser. A conveyancer is a licensed professional who looks after this for you.
Sometimes, they may be a solicitor, but not necessarily. There are solicitors who specialise in conveyancing.

What do conveyancers do?

Conveyancers may complete an array of tasks for the buyer, including:

• Preparing and lodging legal papers, like the sales contract and transfer of land document
• Doing searches about the property and its title (including easements, planning restraints and zoning regulations that might affect the property’s value, plus other crucial information you must know about)
• Transferring your deposit into a trust account
• Giving advice about your responsibilities under state and Federal law (stamp duty)
• Working out the settlement adjustments (the dividing of rates, land tax, water rates and body corporate levies between the seller and the new owner)
• Managing settlement, interacting with financial institutions, and acting on the buyer’s behalf during the sale process.

On the opposite side, conveyancers can help sellers with tasks like drafting the sales contract and liaising with the buyer.

Why do you need a conveyancer?

How good are you at comprehending complicated legal jargon? How about working out adjustment calculations? Do you know all the latest laws surrounding stamp duty and taxes in your state or territory?
Don’t worry, most people wouldn’t, which is why they enlist the help of a conveyancer.
While you can choose to do DIY conveyancing, it isn’t advisable unless you really know the ins and outs of property law.
Your conveyancer can translate all the legal terms and requirements for you, guiding you through the settlement process. They look after the finer details so that you can focus on the fun stuff – like organising your housewarming.

How much does a conveyancer cost in 2023?

The price of conveyancing depends on where you are, the type of property you’re buying and the difficulty of the sale.
As what you can assume to pay can differ significantly, make sure to factor in additional fees such as disbursement costs, which are the costs incurred by the conveyancer to third parties for items like settlement fees, certificates and searches.

Finding the right conveyancer

Your 1st Street Mortgage Broker works closely with conveyancers to ensure our clients have a smooth experience when it comes to settlement.
For tips on what to look for when picking someone to assist you with sale contracts and settlement, contact your 1st Street Mortgage Broker today.