If you intend to purchase or sell a property, your real estate agent has probably advised you to hire a conveyancer. Some people do not understand what exactly a conveyancer does. Below are answers to some common conveyancer FAQs. Hopefully, it will increase your understanding of the work of conveyancers.
1. At What Stage Do You Need A Conveyancer?
Some buyers and sellers will engage conveyancers during the exchange of contracts. However, this should not be the case. You should hire the professional at the earliest possible stage. This gives them sufficient time to evaluate the property and conduct due diligence. As a legal and real estate expert, the conveyancer can help you save money and avoid legal issues associated with the property sale.
2. What Are The Duties Of The Conveyancer?
Below are some of the duties of a conveyancer:
- The conveyancer will appraise the property to establish its current market price. This allows the buyer to negotiate and the seller to issue an asking price.
- The conveyancer will help out with property inspections. Ideally, they will advise you whether the property is structurally sound and if it requires urgent repairs.
- They will advise you about the legalities of property purchase. For example, if the building does not have a certifier's certificate, the builder could have disregarded the local building code. Additionally, it would be difficult to change the land use if the area is zoned for specific use.
- The conveyancer will explain the terms of the contract of sale. For instance, some buyers may not understand the contingencies and disclosures made in the agreement.
3. Can You Use The Other Party's Conveyancer?
Using the other party's conveyancer is a double-edged sword that could yield both positive and negative results. Ideally, your conveyancer should represent your interests. As such, the conveyancer will have a conflict of interest when representing the two parties. On the other hand, you can ease the property exchange process if you opt to use one conveyancer. It would be ideal when you completely trust the other party.
4. What Should You Look For When Hiring A Conveyancer?
The conveyancer's licencing should be a significant concern as you engage their services. Ideally, the conveyancer should have a licence to practice in your state. This guarantees that they understand property laws and the building codes in your area. The conveyancer should also have an excellent reputation, adequate insurance, and reasonable pricing.
Contact a professional who offers general conveyancing services to learn more.