Legals
The legal work involved with buying or selling property is called Conveyancing. When buying a house, you will enter into a contract of sale. This is when the comveyancing work commences.
The conveyancing process can be performed by the following:
- Yourself
- Licensed Conveyancer
- Solicitor
The Conveyancing process generally involves the following:
- Arrange building and pest inspections
- Review a strata report if the property is part of a strata scheme
- Arrange finance
- Go through the contract of sale checking terms and conditions
- Exchange contracts
- Pay deposit
- Arrange payment of stamp duties
- Prepare and check the mortgage documents
- Check if there are outstanding arrears or land tax obligations
- Find out if any government authority has a vested interest in the land or if any planned development could effect the property (eg. local council, Sydney Water, Roads and Traffic Authority)
- Find out any information that may not have been previously disclosed such as a fence dispute or illegal building work
- Calculate adjustments for council and water rates for the property settlement
- Ensure the change of title with the Land and Property Information NSW occurs
- Complete any final checks prior to settlement
- Attend settlement
Licensed Conveyancer
A licensed conveyancer is able to do the legal work involved in buying and selling real estate.
This includes:
- Preparing documents
- Giving legal advice on contracts
- Explaining any implications
A conveyancer must be licensed through the Office of Fair Trading.
Solicitor
A solicitor is able to do the same legal work as a licensed conveyancer.
They should also be able to deal with any other legal matter not related to the buying and selling of property.
They do not, however, necessarily specialise in this area.
