When purchasing or selling a property, you will need to work with a conveyancer or solicitor (unless you are extremely courageous). Even though they are typically quite simple, contracts and title can occasionally present unforeseen challenges. Having a conveyancer or solicitor on your side can help you steer clear of expensive, time-consuming, and potentially disastrous situations that could jeopardise the settlement and sale.
Change of Ownership
Conveyancing, to put it simply, is the process of changing ownership of real estate. There are numerous steps in this procedure, and each state has different requirements for forms, taxes, and timeliness. The brokers at Mortgage Broker Sydney are proficient in handling loans throughout New South Wales, and you will also require a conveyancer or solicitor who is familiar with the procedures in NSW, or another area if buying interstate.
For Purchasers
The majority, if not all, of the following procedures are usually involved in the conveyancing process for buyers:
- Examine the vendor statement, contract of sale, and any other related documents.
- Provide guidance to a buyer with particular conditions of the sale, such as licences, limitations, warnings, historical overlays, and more.
- At settlement, act as the buyer’s representative. This includes making sure the lender has the money accessible, confirming that the final sums are accurate, and seeing to it that settlement happens on time.
For Sellers
A conveyancer or solicitor may also be necessary to aid a property vendor with the following steps:
- As the contract of sale and vendor statement are drafted, make sure to include all required disclosures and special considerations.
- Coordinate with the buyer, their conveyancer or solicitor, and any lenders involved in the deal to set up a time for the settlement.
- Gather paperwork and act as the seller’s representative during settlement, making sure the right amount is paid and the title transfer is finished correctly.
If there are any problems with buyer finance or paperwork inconsistencies, the settlement can fall over. Mortgage Broker Sydney strongly advises that both sellers and vendors should be represented by qualified solicitors or professional, experienced conveyancers.
Select a solicitor or a conveyance
Conveyancers and solicitors are not the same. Contrary to popular belief, a conveyancer is not a solicitor with a focus on real estate. Make sure the specialist you hire is appropriate for your situation.
Although hiring a solicitor is more expensive, it might be worth it if you foresee any legal problems with a property sale or purchase. The primary distinctions between a conveyancer and a solicitor are broken out as follows:
Conveyancers
A conveyancer is a smart option for a simple property acquisition. Their primary duties include preparing paperwork, managing any settlement procedures, and providing information and advice about the sale of real estate.
While conveyancers must go through a licencing process, they are not required to be lawyers. They are therefore typically less expensive to hire. They are limited to providing information about property, though. Conveyors are not allowed to give you legal advice if you have any more queries. You’ll require separate legal counsel.
Solicitors
Solicitors are licenced to provide legal advice on a wide range of topics and have additional legal training. If your property transaction isn’t simple, they may be required to assist you with legal advice in addition to conveyancing.
A solicitor’s experience would be beneficial, for instance, in the sale or acquisition of real estate with complex ownership arrangements, such as those owned by corporations, trusts, or extended families. A solicitor is the ideal option if there are complex tax ramifications, family law issues, or estate planning concerns. For a higher level of peace-of-mind, solicitors can be worth the added cost.
Reach out to us
Get in touch with one of our helpful brokers at Mortgage Broker Sydney for assistance determining whether you need a conveyancer or a solicitor, as well as advice on what to look for when selecting a service provider to assist you with sale contracts and settlement.
Our mortgage experts will also help you find the best possible home loan for your individual circumstances, and will even help you gather documents and fill out paperwork.
Our service comes at absolutely no cost to you. Although if you’re successful getting a home loan, your lender will still charge you their usual fees and charges.
Contact Mortgage Broker Sydney today.
Michael began his career in the finance industry over 35 years ago. He progressed through the ranks at the CBA in both retail and corporate lending, culminating in a senior position as a Corporate Relationship Executive. His decision to leave the bank in 2003 to become an independent mortgage broker was driven by his desire to assist everyday customers break through the jargon of the banking world and access the best loan products in the market. His experience is wide-ranging from helping first time buyers to large commercial enterprises. What Michael doesn’t know about home loans, simply isn’t worth knowing!