What is conveyancing and how does it relate to the buying process?
Conveyancing is the term for the legal and statutory processes required to effect the transfer of ownership of real estate from one person to another.
Conveyancing is the term for the legal and statutory processes required to effect the transfer of ownership of real estate from one person to another. The preparation, execution, verification and lodgement of numerous legal documents are important elements of conveyancing.
Typically, a conveyancer will do everything necessary and ensure you are prepared for critical dates during a property transaction process. They are also in regular contact with the other party’s lawyers dealing with the nitty gritty issues.
It’s recommended that you engage a conveyancer whenever you are:
- buying or selling a property
- subdividing land
- updating a title (i.e. registering a death)
- registering, changing or removing an easement
Property transactions are complicated processes. Whilst you could fill out all the fill out all the forms yourself and save a few hundred dollars on fees, think about what could happen if something goes wrong. You run the risk of losing the property and forfeiting your 10 per cent deposit.
While, if you enlist the expertise of a conveyancer, should they make a mistake, you’ll be covered by their professional indemnity insurance.