Your Guide To Conveyancing In Australia

Your Guide To Conveyancing In Australia

If you are planning to buy your first home, the conveyancing process can be confusing and overwhelming. Fortunately, a conveyancer can help you with all the tedious processes required in Adelaide. To help you understand how it works, we are going to discuss all the basics of conveyancing.

What Is Conveyancing? 

Conveyancing is the process of legally transferring a property from one owner to another. It is typically a 10-week process that involves rigorous legal and administrative work before the formal exchange of contracts and property rights. While most conveyancing in South Australia is fairly similar, each arrangement will be different. 

For instance, if you’re trying to obtain a mortgage, a conveyancing solicitor will act on you and the lender’s behalf. Before any funds are requested, the mortgage offer must be settled in compliance with all the lenders’ conditions. Hence, why we encourage buyers like you to verify your mortgage offer and ensure all conditions are dealt with.

How Do You Choose A Conveyancer?

From legal matters to regulation compliance, a conveyancer can do the heavy leg work for you. That’s why it’s important to choose one that is highly experienced and reputable. Hearing recommendations from previous clients should be considered as well. Moreover, one good way to verify this is through reading website testimonials and asking around. While there’s no need to personally meet your conveyancer, you can arrange an online face to face meeting to ensure you’re making the right choice. 

How Much Does Property Conveyancing Cost?

Property conveyancing in Adelaide varies. To give you brief details, here are some fees you should expect:

  1. Conveyancers’ legal fee plus VAT
    Legal fees rely on how much work a conveyancer needs to accomplish. Their experience is considered as well. Taxes depend on the value of the property and whether it is leasehold or freehold. 
  1. Disbursements
    Disbursements refer to a conveyancer’s expenses to pay for third parties such as searches, settlements, certificates, water rates, heritage listings, roads and more. 
  1. Location
    The cost of the conveyancing process also depends on the location of the property and the professional.

How Long Does Conveyancing Take?

As mentioned, a conveyancing process usually lasts up to 2-3 months. We have witnessed other parties that have completed their transactions in just days while others can take months. This led us to a conclusion that the duration of the process depends on several external factors including:

  1. The chain of buyers in line before you and how different their circumstances and properties are.
  2. The complexity of your transaction. 
  3. Problems related to the property title such as missing documents and lack of permission.
  4. Unfavourable results and search that can lead to further investigations or required construction work.
  5. People just simply having a change of heart.  

Ways To Speed Up Your Conveyancing Process

To avoid waiting for months, you can follow this guideline:

  1. Prompt submission of valid evidence for your ID
  2. Provide proof funds immediately
  3. Settle your lender’s conditions 
  4. Sign legal documents as instructed by your conveyancer
  5. Provide all necessary documents and funds upon request

If you have more questions about the conveyancing process, don’t hesitate to contact our team.