Many property buyers and sellers overlook the conveyancing process when entering the property market. While most of the focus is on the real estate agent and buyers agent, it’s important that you also have a good conveyancing lawyer when transferring property.
That way, you can ensure that the property settlement and property transactions are all legal, and you won’t deal with other costly issues down the line.
But if this is your first property transaction, you may be wondering if the conveyancing fees that the agent charges are worth it.
So, in this article, we’ll explain the conveyancing Melbourne process in great detail and how buyers and sellers can benefit from high-quality conveyancing Melbourne services.
Understanding the Conveyancing Process
Before we talk about the benefits of conveyancing services, it’s important to understand what the conveyancing process is. When buying and selling property, conveyancing is the last stage of the process wherein the seller transfers the title of the property to the buyer. Whether you’re buying residential or commercial property in Australia, you have to go through the conveyancing process.
It’s important to ensure all your documents during this phase are legal and follows local property law. That way, you’re sure that you won’t run into any issues with your property down the line.
To give you a better idea of what happens during the conveyancing phase, here’s a full breakdown of the process.
See Also: A Step-by-Step Guide to Choosing a Conveyancer in Australia
Pre-Contractual Stage
The pre-contractual stage is part of the process where you conduct title searches and review different legal documents, like the initial contract of sale. Additionally, this is the phase where you can get pre-approved for a loan or mortgage.
With your own conveyancing professional, the professionals will be able to provide you with pre-contractual advice that gives you an advantage when entering the market. That way, you understand your legal obligations before going into negotiations, making for a stress-free process.
Exchange of Contracts
Once you’ve gathered all the basic documents for the transfer, the next step is exchanging contracts. During this phase, you have to consult a lawyer and go through the entire contract of sale and make sure to catch any anomalies or sketchy clauses that might put you in a sticky situation. It’s very important to take a close look at the contract before signing. There can always be clauses and parts of the contract that may cause you trouble in the future.
If you aren’t well-versed in legal jargon and property law, it can be hard to understand all the terms of your contract. But when you hire professional conveyancing services, you get professional legal advice throughout the conveyancing phase. This means that your lawyer can go over the contract with you and tell you the best path moving forward.
Post-Contractual Stage
Signing the contract doesn’t end the legal work that has to be done. After signing the contract, there’s a lot more legal paperwork that you need complete and collect. This is the phase where you have to apply for government approvals, start the title transfers, and make sure the property ownership changes. This process can be different for commercial and residential transactions, so it’s important to have a licensed conveyancer that understands your specific transaction.
At this stage, you can also review the contract again and start negotiating amendments.
Settlement
The property settlement is the stage in conveyancing wherein you finalise all the terms of the contract. This includes the final purchase price, paying the balance, and handing over the property to the buyer. This is also one of the more complex conveyancing matters that require professional help, especially if you want a stress-free settlement process.
Additionally, this stage is the phase when the conveyancing professional applies for the property transfer to the local authorities. This is one of the most crucial aspects of the entire process, and it’s important to have a dedicated team by your side to help.
Post-Settlement
After the main conveyancing process, most of the property purchase is done. However, there are other considerations after the settlement that you have to keep in mind for both residential and commercial properties. For example, this could include paying any outstanding fees and updating certain documents. If you need help with this phase, it’s best to consult with property lawyers, as they’ll be able to provide you with everything that you need.
Risks of DIY Conveyancing
It’s really to miss out on important details when selling property or buying property. The property sale and transfer stage is a very complex process. If you don’t have property lawyers on your team and you do the conveyancing yourself, you risk signing a contract that isn’t fair, forgetting certain documents, and getting in trouble with the law later on. So, as much as possible, we recommend hiring conveyancing lawyers for this process.
Benefits of Hiring Conveyancing Professionals
Here are some key benefits of hiring conveyancing services when purchasing commercial and residential properties.
Legal Protection
Firstly, a conveyancing professional will protect you from any legal matters and issues that may arise from your contract. That way, you aren’t at risk of severe legal issues costing you after you buy a property.
Convenience
Whether you hire Sydney conveyancing services or Melbourne conveyancing services, rest assured that you’ll get a convenient process. These professionals are trained in conveyancing, and they’ll allow you to go through the entire process without any hassle!
Cut Costs & Save Time
When you have a local conveyancing team with you, you will be able to save a lot of time and money during the conveyancing phase. This is why most experts say that the conveyancing costs are a worthwhile investment, especially with all the protection you get with a skilled conveyancer.
Conclusion: How Selling Property With Sydney Conveyancers Benefits You
If you’re entering the property market soon, whether for a residential property or investment property, it’s best to hire a conveyancing firm to help you with the last stage of the purchase. That way, you can rest assured that you won’t run into legal issues and get into trouble years after the transaction!