Before you can be sure that investment property is truly yours, you’ll need to go through the conveyancing process. Here are some of the basics.
When buying a property, you’re going to be dealing with a number of different individuals. There’s your mortgage broker of course, who will ensure you get properly structured financing for the home. There’s also your real estate agent, who will help make sure you actually get your hands on the property you want. Then there’s your conveyancer. If you haven’t heard of the term before, the concept of conveyancing will need a little bit of explaining.
There’s a whole team behind you when you buy a property.
Comprehending conveyancing
The term ‘conveyancing’ refers to the legal process of transferring legal ownership of a property. The law around property ownership can be complex and somewhat treacherous if you don’t know your way around it, so it’s important to have an expert who can provide you with advice and guidance. If you want to make sure your property investment goes off without a hitch, having a conveyancer on your side is key. They might, for example, advise you that you need to make a revision to your will now that you’ve purchased the dwelling.
There are numerous steps that are part of the process, including:
- Building inspections
- Finance approval
- Settlement
- Title searches
In the course of undertaking their work, a conveyancer will also pass on any extra information they came across to you if it was initially excluded.
Conveyancing can be done by professional conveyancers, solicitors and even yourself, though unless you’re a sharp legal mind, the latter can come with a great deal of risk.
The conveyancing process typically ends after settlement, when the property transfer is registered at the Land Titles Office, and begins from the moment you enter into your contract. But that doesn’t mean you should start thinking about it only then. Look at hiring a conveyancer beforehand, so you’re ready to go when you decide to buy.
Who are conveyancers?
A conveyancer is anyone who helps get your property through the conveyancing process. This can be done by professional conveyancers, solicitors and even yourself, though unless you’re a sharp legal mind, the latter can come with a great deal of risk. For its part, the Real Estate Institute of Queensland recommends you hire a qualified solicitor.
Be sure to shop around when hiring a conveyancer, and beware that the costs of the process can add up if you’re not careful. Some conveyancers work using a fixed fee, so you know how much you’re going to pay up front, while others will charge you for everything from photocopying and phone calls, to title office and zoning searches. Make sure you know what your conveyancer is billing you for before you decide.
The process is certainly a pain, but that’s why there are professionals you can hire to do grunt work for you. At the end of it all, you’ll have a real estate investment that may form the centrepiece of your plan for a secure retirement in the Whitsundays.
