What is the Role of A Conveyancer
When you buy or sell a property or block of land, there are a range of things that need to be considered and duties that need to be performed to ensure settlement runs smoothly. The main objective being, the title to the land or property is legally transferred to the new owner.
This is where a conveyancer comes in. When you choose a conveyancer you are engaging them to act on your behalf in the transaction.
Below are some of the duties that your chosen conveyancer will perform on your behalf –
- Peruse the contract and Form 1 and advise of any implications
- Advise on any special conditions that may be included in the contract
- Answer any queries with respect to buying as joint tenants or tenants in common
- Ensure you are aware of your responsibilities in regards to insurance
- Inform you of the obligations, regulations and responsibilities when buying a property that is strata titled or community titled
- Advise you of all settlement costs
- Examine the title of the property and statutory charges to ensure there are no outstanding charges on the property
- If required, assist in the preparation or transfer of any leases if buying an investment property
- Provide advice on any caveats if they need to be removed or lodged
- Calculate council rates and taxes and Emergency Services Levy to be adjusted on the property to the end of the current financial year and discuss any applicable land tax implications
- Liaise with your bank in regards to discharging your mortgage if selling your property, or provide information for your new loan when buying
- Calculate all Government charges such as Stamp Duty, Registration of Transfer, Mortgage Registration etc, to be paid at settlement
- Prepare a Transfer and any other documentation required to transfer the property from the seller to the buyer
- Apply for a reading of the water meter and calculate any adjustments required in favour of either the vendor or purchaser up until the settlement date
- Prepare a Settlement Statement and forward it to you prior to settlement to account for all monies applicable to the transaction so you know what you need pay, or how much you will receive at settlement
- Arrange for all monies due to be paid at settlement
- Attend the settlement on the nominated date and complete the transaction
- Once the settlement is completed, advise you that settlement has occurred, forward change of ownership notifications to the relevant local council, SA Water, Strata Manager (if applicable), pay any outstanding rates and taxes and if you are the seller, deposit your proceeds into your nominated bank account
Whether you are the Vendor or Purchaser, your Conveyancer plays an important role and performs many required tasks to ensure settlement goes smoothly and that ownership of the property is properly and legally transferred.
You are free to choose your own Conveyancer to act on your behalf or contact Bernie Lewis Home Loans Property Conveyancing (Helen Romanowski) 0439 693 366
