What is conveyancing?
Conveyancing is the legal transfer of a property's title from the seller to the buyer. Queenslanders have the choice of employing a solicitor to handle the conveyance or doing the job themselves.
When using a DIY kit, buyers or sellers take on the risks of costly and/or time consuming mistakes such as missing a contract deadline or failing to make appropriate adjustments at settlement.
Experience shows that a high proportion of those people who set out to handle their own conveyancing strike problems in the process. They may end up seeking professional legal advice that can cost as much as, or more, than the original conveyancing charges they sought to avoid.
Using a licensed solicitor often saves time on paperwork such as title searches and stamp duty and can also provide peace of mind when you may be making the largest single financial transaction of your life.
Whether you use a solicitor or decide to do-it-yourself, conveyancing still incurs costs such as searches of the Titles office, certificates of rates, zoning, stamp duty and registration fees. Searches of zoning and Titles will determine whether the property has any restrictions such as adverse planning, demolition orders, outstanding taxes linked to it, or encumbrances on Title such as easements.
The REIQ strongly recommends that buyers and sellers avoid the risks associated with do-it-yourself conveyancing and use the services of a solicitor in property matters.
Fees are variable, so make sure you compare a few different solicitors to ensure you’re getting the best deal. Good referrals and past experience are valuable when choosing your legal representative.
During the conveyancing process your solicitor will make the following checks on the property:
- Applications and permits
- Details of development approval permits previously approved
- Notices, orders, requisitions or certificates issued in previous years
- Land liable to flooding
- Ownership and real property details
- Sewerage mains, maintenance holes and property connection locations
- Sewerage and septic tank installation/plan details
- Water main locations
- Existence of easements on the property.
- Body corporate records if buying a unit or townhouse.
Contact the Queensland Law Society for further details about how to contact a qualified solicitor.
