Buying or selling a house comes with a never-ending pile of legal documents. The legal complexities of dealing with property settlements can be overwhelming, yet it doesn’t have to be that way.
Whether you’re buying a new home or selling an investment property, conveyancing is an important step in any real estate deal. Conveyancing lawyers help manage final settlements, ensuring clients meet all of their legal requirements. Here are just a few ways Conveyancing lawyers can help make your real estate experience easier.
Wide ranging checks and searches
Being aware of the facts is a crucial part of making decisions in the real estate market. Conveyancing lawyers will perform extensive searches to provide you with the most up to date information about the property you’re buying or selling.
Conveyancing searches can uncover any information left out of contracts that you might not be aware of. These searches have the potential to reveal details about outstanding rates, noise disputes, or even what development codes apply to the property. Conveyance lawyers have a list of searches that are essential before a property settlement can take place. These searches include council rates, water rates, land taxes and more depending on the local legal requirements.
The property market has many people who may sell a listing with underlying issues that may slip past potential buyers. This is where conveyancing can make all the difference. Conveyancing lawyers will be able to find out if there are any concerns buyers or sellers should know about.
Help prepare legal documents
One of the main roles of a law professional in any legal alley is to draw up any necessary documentation. Whether you’re a buyer or a seller, it is certain you will have many forms, contracts and other documents that relate to your real estate transaction. Sellers will have to prepare a contract of sale before a settlement can take place.
This is one of the most important documents for sellers to complete. A conveyancing lawyer will help you prepare all the fine print and ensure any special conditions you need are in the final contract. Sellers will also need to complete many other forms, including a vendor’s statement. This document outlines certain property details to potential buyers before they put their signature on any contract.
A conveyancing lawyer will conduct the relevant searches to produce this statement to ensure you have met all disclosure obligations. On the other hand, buyers will need to prepare all exchange documents to ensure the legal transfer of the property. A conveyancing lawyer can help buyers understand their contracts by conducting reviews to ensure all files are accurate. These legal professionals take the stress of preparing your legal forms off your shoulders.
Manage and organise finances
Buying or selling a new home can feel like money is flying around everywhere. Real estate transactions include many costs besides the actual property itself. A conveyancing lawyer can help identify where these costs are and how to manage them correctly.
These additional costs can include building inspections, preconditional costs, insurance, surveyor’s cost, statutory fees and transfer duty. Conveyancing lawyers can help you arrange your settlement with the bank without directly involving themselves with the financial arrangements. Conveyancers can do this by assisting the bank with mortgage documents and providing them with the correct title details. There are many calculations and adjustments that can also impact your bottom line before settlement. A
conveyancer can help ensure you only pay the costs affiliated with the property after the final settlement date. This means you don’t have to worry about paying for any expenses such as council rates before the final settlement date. Conveyancing lawyers make understanding the associated financial implications simple and easy.
Better communication with other agents
There can be many people involved in a real estate deal. From buyers, sellers, real estate agents and other solicitors, there are always different sides to a property transaction process, and getting what you require can be difficult. This is where a conveyancing lawyer can help you.
Conveyancers communicate with real estate agents on a daily basis, meaning they can recommend the right ones for you. In some circumstances, real estate agents have been known to mislead their clients for their own benefit. If you lack real estate knowledge, a conveyancing lawyer can prevent this from happening. Conveyancing lawyers can also work together with other legal teams and banks to ensure the settlement process runs smoothly. Having a conveyancing lawyer with a strong reputation in the real estate industry can prevent other agents taking advantage of you in certain situations.
Arranging final settlement
The main goal of a conveyancing lawyer is to help achieve a smooth final settlement for their clients. Conveyancers will coordinate with other parties, including real estate agents, and other solicitors, a suitable time for the settlement. Settlement days are set out in the contract of sale, however this can change to suit the buyer and the seller.
Conveyancers will use this time to exchange and transfer all necessary legal documents. They will also check to see the status of any existing mortgages, any third party rights, clauses, and any land registrations. After settlement day, a conveyancing lawyer will help you register the transfer documents with the land titles office to fully change property ownership. They will also take the responsibility to inform relevant authorities, such as local governments, that you are the new owner of the property.
Hiring a conveyancing lawyer is a great way to ensure your property transaction flows through smoothly. GM law specialises in providing conveyancing services for buyers and sellers throughout Queensland as well as New South Wales. We tailor our approach to provide a premium property law service at an affordable rate. With GM Law, you are in the most capable hands — highly experienced solicitors with a wealth of real estate knowledge. For more information about our conveyancing services contact us to obtain a free quote.
