What does a conveyancer do?
When it comes to buying or selling property in Victoria, one key professional plays a critical role in ensuring the process runs smoothly and legally— the conveyancer. But what does a conveyancer do? In this blog post, we’ll shed light on the vital responsibilities of a conveyancer and why their expertise is indispensable in property transactions.
For a seller, a conveyancer will:
- Provide legal advice as to what documents may be required in order to sell the property, such as warranty insurance under the Building Act for any improvements undertaken to the property.
- Prepare the contract of sale and section 32 to enable the sale of the property.
- Negotiate the wording of any additional terms and conditions requested by a prospective purchaser.
- Represent the seller in respect of any requests to and by the purchaser.
- Arrange for the discharge of mortgage with the seller’s bank.
- Arrange for the release of deposit funds to the seller before settlement.
- Calculate the pro rata adjustment of rates and taxes to be apportioned between the purchaser and seller.
- Complete and lodge any additional legal documents required, including the transfer of land and notice of disposition.
For a purchaser, a conveyancer will:
- Review and provide advice on the contract and section 32 documents.
- Undertake searches and enquiries to ensure the seller has not lied or omitted any information from the section 32 disclosure statement.
- Negotiate the conditions of the contract of sale.
- Represent the purchaser in respect of all requests to and by the seller.
- Arrange for the handing over of loan proceeds with the purchaser’s bank.
- Ensure the title is in good standing before such time the seller becomes entitled to the release of deposit funds.
- Calculate the pro rata adjustment of rates and taxes to be apportioned between the purchaser and seller.
- Complete and lodge any additional legal documents required, including the transfer of land and notice of disposition.
In conclusion, a conveyancer is a highly skilled professional who plays a critical role in property transactions in Victoria. Their expertise in property law, contract negotiation, and legal compliance ensures that buyers and sellers can navigate the complexities of the real estate market with confidence, ultimately facilitating successful and legally sound property transactions.
Further information on buying or selling property can be obtained from the State Revenue Office website here: https://www.consumer.vic.gov.au/housing/buying-and-selling-property or by contacting ConveyancingX.
