Homeownership changes hands between a seller and a buyer. The process of conveyancing in Townsville and other locations in Australia is usually within the bounds of the practice of a solicitor. You may choose to do all the tasks yourself or you may hire the services of a professional.
It all starts when someone offers a residential property for sale, and ends when the new owner receives the keys. Read on to find out more about the process and the benefits of having a professional by your side.
Cost and scope of legal support
For sure, you need to be prepared to pay a professional for his or her services. A solicitor would be overseeing the conveyancing process. Consider that a referral could cost you a higher amount in legal fees because the arrangement would be commission based. Compare the cost of hiring online and signing up a local solicitor to facilitate the transfer of ownership.
The solicitor will facilitate the preparation, filing, and submission of documents in all three stages of the conveyancing process. If you are not familiar with residential conveyancing procedures, the smart option is to get legal help. After all, you don’t want to make any costly mistakes.
When the property changes hands
There are three changes in residential conveyancing, namely agreement to sell, exchange of contracts, and completion of the sale. You may have prior experience in one, two, or all steps of the process, but an experienced solicitor could bank on wisdom garnered from years of facilitating the buying and selling of property. Transactions involving a change of ownership may be wrought with errors if amateurs who have no real experience to back them up decided to take matters into their own hands.
Clearing the property of potential issues
Solicitors engaged in residential buying and selling will not spend most of the day chained to a desk and preparing the necessary documents. At the early stages, they will be busy conducting legal searches with the local authority for construction and other related concerns that have a direct bearing on property’s value.
That is not all. A solicitor hired to oversee the process should check with the land registry as to who is designated as the property owner. The title plan and register must be accurate. The solicitor would need to learn about the land where the property sits, the surrounding land, and the presence of environmental hazards in the area.
Review of documentation
When you are ready to buy or sell a property, you must be confident about the legal support you receive. After all, this type of purchase is a major life decision and it could be the biggest financial transaction you will engage in this year.
One of the most important documents the buyer and seller would need to sign during residential conveyancing is the purchase agreement. Most of the time, the agreement has accompanying documentation. The solicitor of the other party would have a field day if the document you put forward does not meet the expectations.
Conveyancing attorneys would advise you to read carefully before signing a contract prepared by a real estate agent. Protection of your rights and privacy is of utmost importance. Teams offering residential conveyancing can even add conditions you wish to put forward to the standard contract.