Conveyancing is a legal process that transfers the ownership of land or property from one person or organisation to another. It is most commonly used to transfer the legal title of residential property between individuals but can also apply when transferring commercial property or business assets between companies.
What is a Conveyancer?
A conveyancer is a licensed professional who handles the transfer of legal title, generally from a seller to a buyer. Conveyancing is a complex process that can be fraught with dangers for the inexperienced and so only professional conveyancers should be trusted with the task. Such an individual or business will be familiar with what is required and so can ensure the process proceeds smoothly and the whole transaction completes successfully and on time.
If you are buying or selling land or property, or changing the title in any way, you should appoint a licensed conveyancer to act on your behalf as early in the process as possible. This will avoid unnecessary delays and ensure everything is done properly.
How Does Conveyancing Work?
As soon as you sign a contract to buy a property, a cooling-off period starts. You then have two days to withdraw without penalty, otherwise you are legally bound to complete. Appointing a conveyancer early, therefore, will mean:
- the contract can be checked before it is signed
- all necessary legal documents can be prepared or examined, including Form 1 which gives details of the property being sold and any details that may impact the sale
- identities and title to property are verified
- there is liaison with all interested parties
- any due charges are paid, and adjustments are made for rates and other advance payments
- searches and checks are undertaken
- any problems are resolved quickly
- settlement is made and title to the property is legally transferred on time.
Property Conveyancing vs Land Conveyancing
The two processes are very similar because they aim to achieve the transfer of title for an asset. This may be a residential or commercial property, an area of vacant land or even the intellectual property of a business. Conveyancing occurs when:
- property or land is bought, sold or transferred to another person or organisation
- the current owner of the property or land dies or the legal title needs to be transferred for another reason
- land is sub-divided into separate plots, or the boundaries are changed, possibly leading to development
- an easement on a property needs to be registered, transferred or adjusted.
The ultimate aim in each case is to ensure that the legal title to the land or property is correctly and accurately registered. This can require the transfer of funds and a number of complex steps where the outcome cannot always be predicted. The importance of appointing an experienced and professional conveyancer cannot be overemphasized.
At Adelaide Conveyancing, we are fully familiar with the process of conveyancing and know how to make it operate as smoothly as possible. To avoid stress when buying, selling or transferring property or land, get in touch and we’ll ensure you meet your Settlement date on time.