Conveyancing is the term used to refer to the process involved in transferring home ownership from the seller to the buyer. The process begins the moment your offer on a house is accepted and ends when the keys are handed over to you. It is very important to understand what it involves to avoid encountering surprises along the way. This process is usually conducted by a solicitor or a conveyancer and although it is difficult, you can do it yourself.
There are so many Conveyancers and Solicitors out there who provide services for Conveyancing process for those who are buying or selling. When you are looking for a competent Conveyancer or Solicitor, you need to take into consideration a number of factors. They include location, experience, reputation and the confidence that your interests will be looked after appropriately. However, one of the most common factors considered when selecting a Conveyancer or Solicitor is the conveyance fees that you will be charged.
Conveyance fee matters when you are looking at a conveyancing quote. However, you should bear in mind that just because a quote is the cheapest, it does not mean that it is always the best. This is because there is no guarantee that the Conveyancer or Solicitor will do a good job to protect you either as a buyer or seller. Cheap can be expensive, and definitely you are not ready to engage an inexpensive Conveyancer or Solicitor who might compromise the level of service they should provide you with.
The following are a number of things that you should take into consideration when comparing conveyancing fees:
1. The Range of Conveyancing Works
This is very important. Of course you want to look at a quote and be sure that you are getting value for your money. You want to ensure that the Conveyancer, as the person representing your interests, will do enough in your purchase or sale. It is not always easy to do this assessment since you are not completely sure what the person should be doing for you, especially if you have no experience and you are selling or buying your first home.
This is what your Conveyancer or Solicitor should be doing for you as a buyer:
1. Review your contract and the Vendor’s Statement. A conveyancer has a trained eye in detecting normal terms that may pose a risk to you. So, as long as you engage a Conveyancer with an in-house Solicitor prior to signing, they should first examine the contract and Vendor’s Statement for you. There is a risk known as acceptable and unacceptable related to your purchase and this will help you to understand both.
2. Searches on the property: Searches on the property is crucial and it includes items such as the title, rates and land tax. This is a vital step in the Conveyancing process since it enables your Conveyancer or Solicitor to obtain the necessary information to divide rates between the seller as the present owner, and you as the future owner.
3. According to property law, debt runs with the land. This means that if the rates are not divided before settlement is done, you will be left with the seller’s debt. In addition, a title search is crucial in determining whether there is a third party who has registered their name on the title that may be hindering you from becoming the new owner. This is referred to as Caveat, and has to be removed before or at settlement.