Conveyancing is the legal process of transferring ownership of real estate from one party to another. It involves a series of legal and administrative steps to ensure a smooth and valid transfer of property rights. Conveyancing can be complex so it is important to have an experienced conveyancer who can take care of all the technicalities.
Why choose Taylor Rose?
Taylor Rose is an innovative and modern law firm which can handle all your conveyancing needs. Whether you are buying or selling and whether you are a first homeowner, an investor or are downsizing or upgrading, we can ensure that you achieve a timely settlement with no unexpected costs.
Taylor Rose carries out conveyancing both electronically and face to face.
Our conveyancing services include:
- Reviewing the contract prior to signing
- Advising you of your rights under the contract
- Negotiating more favourable contractual terms
- Drawing up settlement figures
- Conducting searches on the property
Conveyancing in different states and territories
Each state and territory of Australia has its own conveyancing laws, so it is important to use a conveyancer who knows the jurisdiction that the property is located in.
At Taylor Rose, we have dedicated and talented conveyancing specialists in every capital city of Australia, meaning that when you choose us for your conveyancing, we can match you with a specialist in your local area.
What is the conveyancing process?
There are a number of phases involved in the conveyancing process.
Pre-Contract Phase
The process typically begins when a property owner decides to sell their property. They may engage a real estate agent to list the property and find potential buyers.
The seller’s conveyancer or solicitor prepares a Contract of Sale, which includes details about the property, sale price, terms of the sale, and any special conditions. The contract is then provided to potential buyers.
Negotiation and Exchange
Once a buyer is interested in the property, they make an offer through their representative (usually a real estate agent or solicitor). The seller can accept the offer, reject the offer, or make a counter offer. In contract law, this is known as ‘offer and acceptance’.
If the parties are able to agree on terms, the contract is signed, and the signed version exchanged. The buyer pays a deposit, which is usually around 10% of the purchase price. This amount is held in trust.
Pre-Settlement Phase
The buyer conducts property inspections and searches to ensure there are no hidden issues, such as encumbrances, easements, zoning restrictions, or outstanding debts on the property. This is known as due diligence.
If the buyer is using finance, they then secure the financing for the purchase and ensure they can settle the transaction.
The buyer’s conveyancer then prepares the necessary documents for the transfer of ownership.
Settlement Phase
A settlement statement is prepared by the buyer’s representative, detailing any final adjustments to the purchase price, such as taxes, rates, and other charges.
The buyer then pays the required stamp duty. This is a state-based tax on property transactions.
On the agreed settlement date, the buyer’s representative pays the balance of the purchase price to the seller’s representative. The title and ownership documents are exchanged, and the buyer becomes the legal owner of the property.
Post-Settlement Phase
After settlement, the buyer’s conveyancer lodges the necessary documents with the relevant land titles office to officially transfer ownership of the property.
The buyer’s representative notifies local authorities, utilities, and relevant entities about the change in ownership for billing and administrative purposes.
It’s important to note that conveyancing laws vary slightly between different states and territories in Australia due to differences in property legislation. As a result, it’s recommended to seek the assistance of a qualified conveyancer or solicitor who is familiar with the specific laws and processes in the relevant jurisdiction.
Contact Taylor Rose
If you are buying or selling a residential property, contact Taylor Rose today to be assured a seamless transaction and a timely settlement.
