Conveyancing FAQs
Questions
- What is conveyancing?
- When should I talk to a conveyancer?
- What is a Certified Practising Conveyancer (CPC)?
- What is difference between conveyancers and solicitors?
- Can I do conveyance work myself?
- Are conveyancers cheaper than solicitors?
- How long does conveyance take?
- What is a cooling off period?
- What happens at settlement?
Answers
In short, Conveyancing is the legal process of transferring the ownership of a property from one person to another.
It is recommended you
speak with a conveyance solicitor, lawyer or licensed conveyancer
during the pre-purchase
/ pre-sale process. If you are buying property they can review the
contract with
you, help make amendments (if necessary), and organise building or pest
inspection
reports. If you are selling your home, conveyancers and solicitors can
help you
prepare your
vendor statement or contract for sale.
A Certified Practising Conveyancer is someone who has completed
the education and practical training requirements to be a member of the
Australian Institute of Conveyancers and hold a conveyancers license.
They must abide by the rules of the AIC, complete annual training and
professional development and hold professional indemnity insurance.
Conveyancers are educated and qualified to provide expert advice in
relation to matters of conveyancing and property law only. Solicitors
can give you legal advice about conveyancing as well as other legal
matters
such as wills, estate law, family law and criminal matters to name a
few.
Yes, although DIY conveyance it is not recommended. Conveyance work is
time consuming and requires a lot of complex paperwork. Self conveyance
can be risky because you cannot get the same insurance available to a
conveyancer or solicitor. If you make a mistake then you are
responsible and will not be able to get financial compensation.
Not always. The fees that solicitors and conveyancers charge for
professional services will vary depending on your needs. Some people
will have more complex legal requirements than others. We recommend you
get three quotes from licensed conveyancers or conveyancing solicitors
to compare costs before you engage their services. Why not try our Free
prescreened conveyancing
referral service? Ask for a itemised statement of likely costs
and be wary of low ball bids. They can be a sign of basic service with
lots of extra charges and hidden fees.
The general settlement period is 4 - 6 weeks from exchange. This term
can be negotiated by either the buyer or seller prior to signing the
contract.
A cooling off period is a period of time in which the buyer of property
can withdraw from a contract without penalty. Cooling off periods vary
between Australian States and Territories and do not apply in certain
circumstances (ie, when you buy at auction). Check with your
conveyancer before signing any contract.
Settlement is when the sale is finalised. Generally, your conveyancer
will attend settlement on your behalf. There are usually four parties
at settlement - the buyers and sellers conveyancers and the banks for
the buyers and conveyancers.
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