When you are buying your first home or your first piece of real estate, you will most likely work with a conveyancer to assist in completing the transaction. So to help you understand what's involved, here are the answers to some frequently asked questions about the conveyancing process.
What Is the Definition of Conveyancing? -- In real estate, conveyancing is the process by which the title of a property is transferred to a buyer from a seller. When you establish an agreement to buy a home or a piece of real estate, you will sign paperwork that indicates the terms of the sale. A conveyancer is responsible for helping you obtain the title of the property, and ensuring that the change in ownership is registered with the Land Titles Office.
Do Conveyancers Charge Fees To Both Buyers And Sellers? -- Yes, but in most cases a buyer will pay higher conveyancing fees than a seller, because conveyancers are required to do more work for a buyer. For example, a conveyancer has to make sure that the chain of title for a property has been properly vetted so that when the property is sold, no one can claim that they have ownership interest that wasn't satisfied prior to the sale. In addition, conveyancers must make sure that there are no outstanding liens or judgments against the property being sold, which can invalidate a sale if the lien isn't satisfied.
Do Conveyancers Have Law Degrees? -- Although some conveyancers are also lawyers, most of them are not attorneys and do not work for large legal firms. Conveyances, however, are highly trained professionals who are well-versed in all aspects of transferring property ownership. If any legal issues should arise during the conveyancing process, conveyancers will consult with a solicitor for legal advice.
What Role Do Conveyancers Play With the Land Title Office? -- The Land Title Office is where the legal ownership of a property is registered. It provides evidence that you own a house or a piece of real estate. Conveyancers are responsible for ensuring that all the paperwork related to the sale of a property is recorded in the Land Title Office, including the transfer of title from the old owner to you.
Where Can One Get Information On Reputable Conveyancers? -- The Australian Institute of Conveyancers (AIC) is a member organization that lists licensed, registered and certified practising conveyancers. It is a valuable resource for finding a conveyancer in your area.