Conveyancing: How to Make Your Home-Buying Experience Less Stressful

04 Dec 2014

It is almost impossible to read the newspaper or watch the news at the moment without coming across a story about the property market in Sydney and New South Wales going from strength to strength.

And with good reason; interest rates have been at record lows for over a year, and banks are competing more and more aggressively for a share of the multi-billion dollar Australian mortgage market.

All of this means that thousands of New South Wales residents are taking the opportunity to enter the property market for the first time as homeowners, or to move house.

While it can seem like there are dozens of things to tick off before you can do that, the role of conveyancing is a piece of the puzzle that is still not well understood.

What is Conveyancing?

“Conveyance” is a little-used term that signifies a specific legal transaction: the transfer of ownership of land from one party to another. Conveyancing then, is the name given to the whole process of transferring that land, which can include a whole range of things that we will talk about in a moment.

Who Can be a Conveyancer?

A conveyancer is the person who can help guide you through what is often a complex and diverse set of legal processes. In New South Wales, all practitioners who advertise themselves as being able to provide such services must be accredited with the NSW Fair Trading office. To clear up a point that often confuses homebuyers, a conveyancer can be a specialist or be a solicitor who is also licenced as a conveyancer. So not all solicitors are able to be conveyancers, even though a large number are.

How They Can Help

The most obvious reason for hiring a conveyancer to handle the legal requirements of transferring a property is also the simplest: expertise. Most New South Wales residents will buy a house only a handful of times in their lifetimes. This means that the complex rules governing property transfer are not well understood by the vast majority of the population.

Conveyancing is a standalone profession for a reason. It takes time, experience and being up to date with all legal requirements to be effective, both in terms of time and money.

What Services Do Conveyancers Offer?

There are a range of services that conveyancers can help with that can make the biggest purchase you are likely to make simpler and easier to manage. These include:
• A title search for the property you are buying
• Certificate fees charged by authorities like utility companies
• Registration of the mortgage with your lender
• Survey reports
• Building inspections
• Independent valuation fees
• Negotiation of home building insurance
• Stamp duty and mortgage duty .

Hopefully you can see that conveyancers can help make the complex and sometimes overwhelming task of buying a home a little simpler for you. If you would like to know more, including how BTF Lawyers can help you with your conveyancing needs, please get in contact; we are always happy to help.

References:

About Conveyancing – General Overview. Available at: http://www.aicnsw.com.au/for-consumers/about-conveyancing/

Conveyancing, NSW Government Fair Trading. Available at: http://www.fairtrading.nsw.gov.au/ftw/Tenants_and_home_owners/Buying_property/Conveyancing.page

Conveyancing, NSW Government Fair Trading. Available at: http://www.fairtrading.nsw.gov.au/ftw/Tenants_and_home_owners/Buying_property/Conveyancing.page