When setting out to buy your first home there are many questions, but the most common question usually comes directly after receiving a recommendation for a conveyancer. The question is what’s a conveyancer?
A conveyancer is qualified person who is able to provide information about the sale of a property and also prepares the documentation and finalises settlement. The common misconception is that a conveyancer is a solicitor but this isn’t necessarily the case.
So what do they do?
Conveyancers will perform different tasks depending on whether you are buying or selling a property.
For a seller, a conveyancer will:
- Complete documentation.
- Respond to buyer’s questions and requests as your representative.
For a buyer, a conveyancer will:
- Prepare, edit and lodge purchase documentation.
- Look over property documentation (certificate of title, easements etc).
- Transfer of deposit.
- Transfer of land documentation.
- Calculate taxes and adjustment of rates.
- Perform settlement, including payment.
- Notice of acquisition.
- Be your representative.
Fees will vary between solicitors and conveyancers as there is no official charge for conveyancing. As well as a legal service fee you will usually be charged for ‘disbursements’. These can include:
- a title search
- certificate fees charged by authorities with responsibility for water, electricity, roads, schools etc.
- photocopying
- registering the mortgage
- registering the transfer.
Conveyancing costs other than legal fees and disbursements may include:
- building and pest inspections
- survey report
- establishment of mortgage
- home building insurance
- valuation fees
- mortgage insurance
- stamp duty and mortgage duty
- levies, if the property is in a strata or community scheme
- council and water rates.
Legal practitioners and conveyancers must disclose their costs to clients, including the client’s right to negotiate a costs agreement, receive bills and be advised of changes.
