What is Conveyancing and how does it work


Conveyancing is the process of transferring property from one owner to another. A conveyancing transaction involves different phases. The initial stages involve onboarding a Sydney conveyancer. They assist in enquiries and the different conveyancing searches. They are also involved in drafting, signing, and exchange of contracts. After completion of the transfer, conveyancing solicitors ensure the stamp duty land tax is paid. They then affirm that the property is registered under new ownership at the land registry.

Land sale is guided by the laws of governance and the jurisdiction practices of the region that the land is in. Exchange of contracts generally involves signed copies of a contract of sale. Each party retains one copy. Thereafter, one party officially hands over a copy to the other party. Once the exchange has occurred with each party owning a copy signed by the other party, the documents are legally binding. This facilitates the exchange of contracts through various means be it physical or electronic.

This is where online conveyancing comes in handy as it works the same as the traditional conveyancing process but the process is all done online. The conveyancing system ensures that the buyer acquires the title of the land and has all the rights associated with the land. In addition, before the purchase, the buyer is made aware of any restrictions on the land. The process incorporates a licensed conveyancer who acts on behalf of the buyer to ensure their client receives the title deeds to the property and the land it sits on and is valid under the law. For an appropriate legal process, one needs to choose a licensed conveyancer. A conveyancer assists in selling contracts by purchasing or selling property, and subdividing land. In addition, updating a title such as registering a death, changing, removing, or registering an easement. It’s important to use a regulated and licensed conveyancer to ensure the process is not delayed and done correctly.

For the buyer, a conveyancer will prepare, clarify and lodge legal documents, the contract of sale and memorandum of transfer, and approval of the draft contract. They help with the research of the property. This involves organizing a survey to check the state of the building, the condition of the surrounding land as well as assessment of external factors. These include drainage and environmental systems, and any local developments. They check for easements, read through certificates of title, and any other information that needs addressing. They aid with depositing money into the account, calculate the adjustments of rates and taxes. In addition, they settle your property by contacting your financial institution or bank when the final payment is made and advise when the property is finalized.

For the seller, the conveyancer will complete legal documents, represent you in dealings with the buyer. It involves forwarding requests for extensions of dates. The conveyancer deals with the repayment of any mortgages on the property, pay the estate agents and pay any balance to the seller.

Rather than going through the hustle of finding a suitable conveyancer, one can reach out to any online platform. By conducting some online research or asking for recommendations from your real estate agent or lawyer. The process for online conveyancing remains the same with your conveyancer liaising with the buyer or seller’s conveyance. They carry out local and property searches, draft and exchange the contract and arrange a date for completion before finally making the buyer the legal owner of the property with the land registry.

By going online, the conveyancer needs to be licensed and regulated by the council of a licensed conveyancer. Sites have been set up to help one to search for a trusted conveyancer easier. This is beneficial as it speeds the process of attaining one who has gone through a strict verification process to ensure they are fully insured, qualified, and able to provide a commendable service. It is easier to track progress as online firms offer ‘case trafficking ‘ where one has access to their dashboard to keep track of your conveyancing process in good time. The system notifies you of any update in your case. An estimated date for when the process is completed is provided which is easier than attempting to track down your conveyancer for updates in person.

Online sites offer an upfront quote fully detailing the costs of the process. Inclusive is the details of the cost of additional services or situations when extra fees may arise. This is handy to the client as they get a forefront of what they can afford. The prices are cheaper making them easily approachable. An added advantage is that many online conveyancers offer a ‘no completion, no fee’ policy. If in any way, the transaction or property chain fails, the client won’t have to pay any legal fees. This is a huge advantage as the client gets to keep their money and not acquire a loss. The working hours are also flexible in that the conveyancers can operate outside working hours. The flexibility of the hours tends to be productive since the client has more opportunity to discuss the transaction on their own time. Online conveyancing will be right for people especially those with a busy schedule and who don’t have the option of visiting the conveyancer’s office. Instead, you can track your progress online in your dashboard and simply call or email your conveyancer.