What is Conveyancing?
Quite simply conveyancing is the legal transfer of titles between two parties. A usual conveyancing transaction consists of three stages;
1. Before contract
2. Before completion
3. After completion
Do I Have to Use a Conveyancer?
It is possible to complete the conveyancing process without a legal conveyancer. The process is very in depth and full of legal jargon and legal requirements. Make a mistake and the purchase of the property will be delayed for all parties. This can have a detrimental effect on mortgage guarantees and can lead to buyers pulling out. In the end trying to save a small amount can cost you a very large amount. Not to mention the amount of time you will have to put in. For people not use to all of the transfer of title requirements needed, the process will be far longer than a qualified professional would take.
What is Settlement?
Settlement occurs on the day in which the agents of all parties, including any lenders, meet at a specified time to exchange documents. All documents will have a final check to make sure of accuracy and all information has been completed. Legal documents are then exchanged and the payment of the purchase price is paid.
This is not the end of the process; following the settlement meeting the registration of the property transfer will take place at the Land Titles office. After this the Conveyancing process is complete.
What happens if either party cannot settle by the due date?
In this instance a ‘Notice to Complete’ can be issued by either party. And this will mean the other party will have a reasonable amount of time (usually 14 days) to settle the matter. Of course this may not apply to all contracts; some contracts will have particular clauses that do not allow delay. A lawyer will need to look over the contract and advise legal counsel.
If the seller is the cause of default at settlement then the buyer has the right to withdraw from the contract. The buyer can also apply to the Court to force the seller to make good on the contract and force possession of the property.
Vice Versa if the buyer is in default then they can be charged interest for the each day settlement is delayed. The amount is usually shown in the contract. In the case of a buyer not being able to complete the purchase then certain conditions can cause the deposit to be kept by the seller and the property put back on the market.
Is There a Difference Between a Conveyancer and a Lawyer?
Both are qualified to complete an uncomplicated property sale. If you are not using a Lawyer and any legal issues arise than a Conveyancer can only refer you elsewhere. Whereas a Lawyer can help in all situations with legal counsel.
Do I Need to Go to Meetings?
No, we will represent you in all settlement meetings. We usually correspond via to all of our clients via phone and email. If at any time you would like to attend our office this is easily accommodated.
How Long Does Conveyancing Take?
It is not possible to give an absolute timeframe for the completion of the conveyancing process. Due to the fact there are a number of parties involved along with many variables each client’s settlement time can differ.
We start your conveyancing process when you enter into a contract. You will then proceed through to settlement and final payment. The end of the process is when the transfer of the property is made at the Land Titles Office.