Conveyancing can be a complicated and confusing process, especially for first time buyers and sellers. It never hurts to ask questions about anything, and the more you learn about conveyancing, the more you’ll know what to expect and what’s involved in order to reach a favourable outcome. This article contains answers to several frequently asked questions people have about conveyancing in Melbourne.
What is Conveyancing?
Conveyancing refers to the legal and administrative processes involved when ownership of property is transferred from one person to another. A conveyancer represents and acts on behalf of the buyer or seller, informing them of their rights and obligations while overseeing each step of the process to ensure compliance with regulations and achieve an equitable outcome for both parties.
What Does a Conveyancer Do?
A conveyancing lawyer can undertake a range of duties for people buying or selling a property. This includes preparing and reviewing the Contract of Sale and Vendor Statement, liaising with financial parties, negotiating with the vendor, drafting special arrangements, conducting Certificate of Title searches, preparing settlement statements, arranging settlement dates, and more.
Can Conveyancing Be Done On Your Own?
Unless you’re well versed and highly experienced in the legal matters related to property ownership, doing conveyancing on your own is highly discouraged. A conveyancer is highly qualified in the area which allows them to do the job properly, minimising if not eliminating the risk of costly errors and oversights. As a general rule of thumb, things are more likely to go wrong if you attempt conveyancing yourself.
Can Conveyancing Be Done Online?
Yes, technological advancements in digital communication technologies have made it possible to do the conveyancing process online. This eliminates the need for face-to-face meetings, which is useful if the buyer or seller is located interstate or overseas. It’s less stressful knowing that a conveyancer can review documents and help you fulfil your obligations from the comfort of your home.
How Long Should the Process Take?
The conveyancing process generally takes 8 to 12 weeks, but this varies depending on your situation. Each step must be completed correctly and circumstances can affect how long each step takes. Also, any delays caused by errors or matters outside of your control can make the process take longer.
How Much Does Conveyancing Cost?
Conveyancing fees can range from $800 to over $2,000. The exact amount will depend on various factors such as the value of the property, the type of property, and whether you’re using the services of a conveyancer on a fixed rated or by the hour. Chat with several and get quotes to get a sense of how their fees work.
Don’t Be Afraid to Ask More Questions
Asking questions is never a bad thing when it comes to conveyancing in Melbourne. Doing so better equips you to understand and navigate the process. Some conveyancers offer free consultations during which you can ask anything that comes to mind. The old aphorism “knowledge is power” is true, so don’t be afraid to ask questions no matter how silly they might seem.