The Best Tips & Tricks From Property Conveyancing Specialists
Property investing can be a confusing and overwhelming process, particularly when you’ve had no previous exposure to either buying or selling a property – this is where property conveyancing specialists come into play.
The role of a Property Conveyancer at large, is to assist clients with settlement and title transfers, whilst ensuring that their client is meeting all of the legal requirements and expectations throughout the conveyancing process.
So when should you engage a Property Conveyancer when buying a house?
While many clients assume that they can forgo this process alone, Property Conveyancers play an integral part of the property investment journey as they not only manage all necessary legal documentation, but also ensure that you are meeting all legal obligations and requirements to facilitate a successful settlement without running into potential issues along the way.
Here at AllianceCorp, we liaise with a number of external property conveyancers to ensure a smooth process for our clients which is directly managed by our dedicated Post-Purchase team.
We have purposely created this dedicated division, to provide a total end-to-end service for our clients to mitigate time, effort and stress on their behalf.
So you’ve purchased a property – now what?
Once you have signed a Contract of Sale, the Real Estate Agent will likely ask for the details of your solicitor and/or property conveyancer to begin the process of transferring the property from the vendor to the buyer.
From this point, your Property Conveyancer will carry out all the relevant searches required in your respective jurisdiction and also prepare all the relevant settlement documents.
Many clients may be unaware, but when you purchase property, any debt or negative interest on the property will be transferred to you once it settles in your name if you don’t do your due diligence. In this circumstance, the property conveyancer will undertake research to ensure the relevant adjustments are made at settlement to protect you from inheriting any issues. Some examples of the searches include a title search, local authority searches, risk assessments, structural assessments and more.
Reviewing the Contract of Sale (Buyer)
If you’re purchasing a property, your Property Conveyancer will be responsible for reviewing the Contract of Sale and Vendor’s Statement on your behalf to look for potential errors, unusual clauses or raise any concerns. They will also provide an overview of what the contract entails, important dates to note throughout the settlement period and share advice on any conditions that can be added to further protect you.
Having your Property Conveyancer read and explain this information before you proceed with a sale can protect you from expensive risks, such as buying a house with an illegal extension.
A property conveyancer can also assist you with understanding the various clauses in a Contract of Sale and make an informed decision before you make your final decision. Some states in Australia lend greater flexibility to the buyer to withdraw from a sale with minimal penalty while other states have more restricted timeframes.
Managing Finances
While property conveyancer’s don’t coordinate finance, they do play a crucial role in arranging the settlement with your nominated bank. In this instance, a conveyancer will ensure that your bank receives all the necessary details and supporting documents required for settlement.
Stakeholder Management
Your property conveyancer is essentially the ‘middle man’ between yourself, the bank and the affiliated Real Estate Agent. This means calling, emailing, or sending letters to other parties involved in the transaction so they can manage time-consuming tasks for you.
Arranging Settlement
Conveyancers coordinate the settlement between all parties which involves arranging and attending the settlement. They will also contact your bank to ensure that you are able to pay the seller at the appointed time without any delays.
Get Professional Support
So when purchasing your next property, be sure to consider the benefits of employing a Property Conveyancer to help you along the journey. Should you pursue this through AllianceCorp, this will be included in your lifetime membership to ensure total peace of mind from start to finish.
Interested to learn more or start your property wealth creation journey? Book a free consultation with one of our esteemed Property Wealth Planners via the form below or check out our Masterclass!