Conveyancing 101: Everything You Need to Know Before Buying a Property

Joyce Pierce
March 7, 2024

KEY TAKEAWAYS
Buying a property can be a lot of work, and conveyancing can help you transfer ownership in a legal way.
You need to learn what conveyancing is and why it is so important.
We tell you about the role a conveyancer plays in the transaction process.
You learn about the ins and outs of conveyancing and the documents you need to make the transaction a success.

So, you’ve decided to sell your home and move into a new one.

Buying or selling a property can be a pretty huge commitment for anyone to make.

And after the initial excitement of finding your dream home wears off, there’s a ton of paperwork waiting for you.

You need to make sure that the title deed to the house has been transferred properly, and this is often a very complex process for both the buyer and the seller.

But is there a way to help you with this process?

The answer lies in the process of conveyancing, and there are many professional conveyancers out there who can help you deal with the process of property transfers.

And so, if you’re looking for conveyancing in Brisbane or anywhere else in the world, this guide is for you.

In this blog post, we will cover everything you need to know before buying a property, from what conveyancing is to all the steps involved in the process.

What is Conveyancing, and Why is it Important?

Conveyancing is basically the legal way of transferring the ownership of a property from one person to another.

It can cover anything, from handling all the paperwork to title and fund transfers.

And while it may seem like a hassle, conveyancing is a pretty important process.

Conveyancing can help you make sure that what you’re doing is legal and that the property being bought is free from any legal issues or disputes.

If the process is not done correctly, buyers could face legal or financial issues in the future.

And if doing all the conveyancing yourself seems like too much, you can easily hire a professional conveyancer to take care of the whole thing.

DID YOU KNOW?
More than 18% of property buyers encounter problems related to property title and ownership during their transactions.

The Role of a Conveyancer in the Property Buying Process

So, what exactly is a conveyancer?

Speaking in simpler terms, they are the middlemen who take care of the whole conveyancing process for you.

They act as the go-to between you and the seller and take care of all the legal proceedings and paperwork involved with the property.

Conveyancers can also help you make sure that the title deed to the property transfers properly.

Aside from all this, they also oversee the transfer of funds between you and the seller.

Legal Documents Involved in Conveyancing

You know, documentation is the key to any proper legal transaction taking place, and it is not any different in conveyancing.

But what kinds of legal documents do you need for the conveyancing to take place?

These documents must include things like, proof of sale, transfer documents, mortgage agreements, and some other relevant certificates.

You need to go through all these documents thoroughly to make sure that there are no contrasts or errors that could land you in legal issues.

Having a qualified conveyancer or solicitor can come in handy in such cases, they can easily find and solve any issues before the transaction is finalized.

Key Steps in the Conveyancing Process

While buying and selling a house can be a lot of work, leaving the professionals to handle all the work makes some sense at the very least.

Each stage of the buy or sell process is important.

So, if you’re the one buying a home, let us take a look at what the conveyancing process would look like for you.

After you’ve settled on a property you want to buy, your conveyancer will start the process and get started with the paperwork as well.
The first thing they would do is run background checks on the property to see if there are any legal issues or disputes.
They would then run a property search to check if the property lies in any risky area, like flood zones or environmentally protected areas, or if there are any repair liabilities on it.
Then the exchange of the contract and all the paperwork take place. In this process, your conveyancer will work with you to fix any issues and answer all your questions about the property.
In this step, the finalizing of the documentation will take place and the transfer deed and mortgage papers will be signed by the buyer.
Now that everything is taken care of and the title deed is in your name, your conveyancer/ solicitor will then get the remaining balance of the sale’s price (minus the deposit for the house) and get the transfer deed signed by the seller.
This is the final step in the process, where your conveyancer will get your name on the land registry within 30 days of completing the purchase.

Potential Issues and How to Resolve Them During Conveyancing

You know, even if you put everything into the conveyancing process, there will always be something that goes wrong.

These are small things like title defects, property line issues, or outstanding debts from the previous owners.

You need to solve these issues as early as possible to avoid any delays or complications in the buying process.

Cost of Conveyancing

While you’re buying a house, there can be many things that can add to the costs.

This includes paperwork, and conveyancing is not cheap either.

The price can depend on many things, like the complexity of the transaction and the location of the property, which can add to the cost of the conveyance.

The total costs of conveyance can include the following things:

Anti-money laundering Checks: These checks make sure that your identity documents match your identity with different authorities.
Title Deeds: Conveyancers get the title deeds from the land registry and modify you as the owner.
Property Searches and Background Checks: All the searches and background checks your conveyancer does are covered by this.
Stamp Duty: All your paperwork’s stamp duty is covered by these fees.
Bank Transfers Fees: Getting money transferred at the right place at the right time to make sure that the transaction is successful costs money, and this cost is covered in these fees.
Conveyancers Own Fees: This is the cost of hiring the conveyancer and depends on the kind of service they provide you based on the market rate.

Tips for a Smooth Conveyancing Experience

To make sure that you have a smooth and hassle-free house-buying experience, there are many things you could do.

Here are some tips that can help you make this process a lot smoother.

Hire a Good Conveyancer

When you’re buying a property, you need a competent conveyancer who is experienced and can take care of all your legal proceedings in the transaction going forward.

Communicate Your Thoughts

You need to keep in touch with your conveyancer.

This makes the whole buying process a lot smoother for both you and the seller.

Realistic Expectations

Keep in mind that the conveyancing process will take time and there will be delays if some issue does occur.

While your conveyancer can take care of them all, you need to be realistic and know that these things will take time.

Ask Questions

Hey, while the conveyancing process is happening, there will be a lot of things and terms that will confuse you.

Asking questions earlier is a lot better than facing issues later and not knowing how to solve them.

Annual Property Transactions in the Last Decade 2011-2021

The average conveyancing caseload per firm has increased by 79% over the last decade. A study has shown demand for property law expertise is set to rise again in 2023. In 2024–2029, industry revenue in the US market is estimated to reach $18.3 billion in 2023.