One of the most frequently asked questions conveyancers get asked is, what do you actually do? But before we can dive into the details, you will have to understand what a conveyancer is.
A conveyancer is someone who assists in the process of buying or a selling property. Conveyancing is a necessary process to ensure your settlement is processed properly while meeting all legal obligations. As conveyancers at Melbourne Conveyancing, we thought weâ€™d clarify the confusion and take the opportunity to explain what we do as part of our cheap conveyancing services.
Prepare essential documents
Conveyancers prepare all of the necessary legal documents that become part of your real estate transaction. Whether you decide to buy or sell a property, there are important documents that need to be prepared as part of the process. The preparation of a real estate contract is a major part of the conveyancing process which comes into effect after there has been an offer and acceptance made by both parties and an agreement is reached on the terms of the contract. When the document is signed, it provides a guarantee that both parties have accepted the terms of the contract.
Review contract conditions
It is important that both parties involved in the transaction fully understands the conditions before they sign the contract. Any possible ramifications if you default can be significant. This is where a conveyancer reviews the contract conditions from a legal standpoint and provides you with the necessary guidance and knowledge to avoid falling into any traps.
Arrange financial adjustments
Our conveyancers will arrange the financials on your behalf. If you are selling a property and you have only paid the council rates in advance for the next six months, then youâ€™d want to get back those funds during the settlement. Your conveyancer will help you with this process and if there are any other financial adjustments, we will arrange these accordingly.
The price depends on the value that was bargained with. It is usually in the form of money such as cash or financed mortgage loans.
Transfer of ownership
When transferring property from one person to another, your conveyancer will prepare all the transfer documents that will enable the property to be legally transferred into your name if you’re buying. This step is important as it ensure you take legal ownership of the asset you have just paid for.
Your conveyancer will also coordinate a settlement time with the second party’s legal representative. In this time, the property is officially transacted and all paperwork and cheques are passed over. Your conveyancer will make contact with you and your real estate agent to confirm settlement and allow for the keys to the property to be handed over.
At Melbourne Conveyancing, we prepare all necessary documents that meet the legal regulations in Victoria. Whatever your conveyancing needs are, our team of highly professional and qualified conveyancers work towards fulfilling your needs whether you are buying or a selling property. The five steps listed above are the main steps that make up conveyancing. Contact Melbourne Conveyancing today to get started!