Whether you’re buying your first home, selling a family property or investing in real estate, the transaction entails more than just a handshake and an exchange of keys. Conveyancing is key to each successful Adelaide property sale. Though it’s a term most people are familiar with, very few are aware of what a crucial role a conveyancer plays in this intricate journey.
So, what do conveyancers actually do? They are your legal counsel, guiding you through the process and protecting your interests at every step. They will help take care of everything from start to finish. At Adelaide Conveyancing, that’s what we’re here for, and we’ve been doing it since 1987, which means you get the peace of mind that only comes through years of knowledge!
What is Conveyancing? A Simple Definition
Legally speaking, conveyancing refers to the process of moving the legal title of a property from one party to another. It refers to the body of law and administrative process governing whether a sale or purchase is legitimate and sufficiently well-conducted so as to pass a clean, unencumbered title. It’s a bit like the official process of turning a signed contract into an actual reality that you can then rely on.
In South Australia, conveyancing has evolved significantly. Since August 2020, all property settlements are conducted electronically through secure platforms called PEXA (Property Exchange Australia) or Sympli. This digital transformation has made property transfers faster, more secure, and more efficient.
The Conveyancer’s Role: A Step-By-Step Guide
A conveyancer’s job is multi-faceted. They perform a number of critical functions which must be performed in the correct order to ensure that settlement occurs without any hitches. Below is a list of the activities your conveyancer undertakes on your behalf.
Step 1: Contract and Form 1 Review
This is one of the most crucial phases and it’s happening all at once in the early part. Prior to you being bound by a contract, your conveyancer will explain the Contract of Sale and Form 1 (the vendor’s statement). They will:
- Explain the Terms: They’ll translate the legal jargon into plain old English, so that you know all of your rights and responsibilities, including your 2 business day cooling-off period in most cases as a buyer in South Australia.
- Check for Red Flags: They’ll be aware and make you aware of anything odd or negative in the special conditions that may disadvantage you.
- Verify Details: Make sure everything in the Form 1, a mandatory document that provides important information about the property including title details, encumbrances, council rates, and zoning, is true and thorough.
This preliminary check is your best defence and is why we always advise that you get a conveyancer to handle things before you sign anything.
Step 2: Conducting Statutory Searches
Once the contract is signed, your conveyancer commences their due diligence by performing a series of searches on the property through Land Services SA (the government authority responsible for maintaining South Australia’s land titles register). This one is a fact-finding excursion to determine whether there are any latent problems with the title to the property. These searches can reveal:
- Easements: Permissions or rights other people can have over your land (such as for drainage or access).
- Encumbrances or Caveats: Legal liabilities or limitations on land that could affect an unimpeachable change of ownership.
- Council and Zoning Information: If there are any existing development approvals, heritage listings or zonal restrictions that may impair your plans for the property.
- Certificate of Title Details: Verification of current ownership, identify property boundary issues, and any registered interests.
This will make sure you don’t get any nasty surprises after settlement. You are purchasing the property with your eyes open, confident that you are getting a clean title.
Step 3: Liaising with All Parties
A lot of people are involved in a property transaction, including the real estate agent, the other party’s conveyancer and the banks or other lending institutions for both buyer and seller. Your conveyancer is the person in charge of all this, liaising with all these people for you. This includes:
- Checking with your bank to make sure that your home loan finance has been approved and is ready for settlement.
- Speaking to the opposite side’s conveyancer to monitor progress and sort out any problems.
- Coordinating with the electronic settlement platform (PEXA or Sympli) to ensure all parties are registered and ready for the settlement date.
- Updating you regularly so you never miss a thing.
Step 4: Preparing for Settlement
As settlement becomes imminent, your conveyancer will be working on the financial particulars of your sale. This includes preparing a Settlement Statement, which outlines the money that must change hands. Rates and taxes are adjusted between buyer and seller according to the contract terms, typically on a pro-rata basis up to the settlement date, with the buyer paying from that day onwards. This is to ensure that the expenses are spread fairly.
Your conveyancer will also prepare the electronic workspace in PEXA or Sympli, uploading all necessary documents and coordinating with all parties involved in the settlement.
Step 5: Settlement Day
Settlement day in South Australia is now a completely electronic process, mandatory since August 2020. Gone are the days of face-to-face meetings with bank cheques and paper documents. On settlement day, your conveyancer will:
- Log into the electronic settlement platform (PEXA or Sympli) at the scheduled settlement time
- Supervise the online transaction as money from your bank is sent to the seller electronically
- Ensure the seller’s mortgage (if any) is paid off and discharged from title digitally
- Lodge the Transfer of Land documents electronically with Land Services SA for registration, making you the official owner
- Confirm when settlement is complete so you can collect your keys
The entire process typically takes 30 minutes to 2 hours, and once complete, you’ll be notified that you’re now the legal owner of the property.
Step 6: Post-Settlement Notifications
The work isn’t over once settlement is settled. Your conveyancer then informs all the appropriate authorities such as local council, SA Water and RevenueSA of the new owner. This is to make sure all future bills and correspondence go directly to you, the new owner, tidying away all of those loose ends.
Why You Need a Professional Conveyancer
You don’t need to use a conveyancer in South Australia, but it’s a gamble trying to DIY. Your home is probably the biggest financial investment you will ever make. Failure to include a key provision, misinterpretation of a term in the contract or missing a deadline can result in the deal falling apart, not to mention unforeseen legal entanglements and financial liability.
The introduction of mandatory electronic settlement has added another layer of complexity. You need a conveyancer who is registered with and experienced in using PEXA or Sympli, understands the technical requirements, and can troubleshoot any issues that arise during the electronic settlement process.
An experienced conveyancer is also a troubleshooter. At Adelaide Conveyancing, we understand not all purchases are simple. When life happens, and you need support working out any unexpected issues, we’ll be there to navigate solutions and manage extensions to maintain the momentum of your transaction.
Choosing the Right Conveyancer in Adelaide
When choosing a conveyancer, look for:
- Deep Experience: Since 1987, we’ve processed thousands of property transactions and nothing surprises us. We’ve successfully navigated the transition to electronic settlement and have extensive experience with both PEXA and Sympli.
- Local Expertise: As local area specialists from Somerton Park to North Adelaide, from Glenelg to Prospect, we know the unique quirks that can affect local property laws and have strong relationships with local councils, banks, and real estate agents.
- Technical Proficiency: In today’s digital conveyancing environment, you need a conveyancer who is fully proficient with electronic settlement platforms and Land Services SA systems.
- Personalised Service: We work with you one on one to tailor our service to your specific requirements. You are not just a file number to us.
- Transparent Communication: Honest and open communication, we will always keep you in the know, respond to questions on time, and offer advice that you can count on.
Peace of Mind is Just a Phone Call Away
A conveyancer is there to guide you and make your property transaction smooth, safe, and as stress-free as possible. They are your biggest ally in the process, handling the details so you are free to enjoy everything you love about your new home.
If you’re buying or selling a property in Adelaide, contact the professionals at Adelaide Conveyancing. You can reach us on 08 8358 5111 or submit an online enquiry form to discuss your needs and have the confidence that your transaction is in safe hands.