Introduction

Buying a house is one of the most significant financial decisions you’ll make in your lifetime. The process involves many legalities, paperwork, and potential pitfalls that can be overwhelming, especially if you’re unfamiliar with property law. This is where a conveyancer comes in. But what exactly does a conveyancer do when buying a house? In this blog, we’ll explore the crucial role a conveyancer plays in the home-buying process, from conducting property searches to ensuring a smooth settlement.

What Is a Conveyancer?

A conveyancer is a legal professional who specializes in property law. Their primary role is to manage the legal aspects of buying or selling real estate, ensuring that the transfer of property ownership is legally valid and binding. While both conveyancers and solicitors can handle property transactions, conveyancers typically focus exclusively on conveyancing work, making them experts in this area.

When you hire a conveyancer, they act on your behalf throughout the entire property transaction process, providing essential advice, conducting necessary searches, and handling all the legal paperwork involved in the transfer of property ownership.

Key Responsibilities of a Conveyancer When Buying a House

So, what exactly does a conveyancer do when you’re buying a house? Here are the key responsibilities they handle to ensure your property purchase is as smooth and hassle-free as possible:

1. Conducting Property Searches

One of the first tasks a conveyancer undertakes is conducting property searches. These searches are crucial because they reveal important information about the property that may not be immediately obvious. For example, property searches can uncover:

• Title Information: This confirms the legal ownership of the property and checks for any encumbrances, such as mortgages or liens, that may affect the sale.
• Zoning and Planning Information: This reveals how the property and surrounding land can be used, which is vital if you have specific plans for the property.
• Easements and Covenants: These are legal restrictions that may affect how you can use the property, such as rights of way or building restrictions.
• Environmental and Flood Searches: These determine whether the property is in a flood-prone area or affected by other environmental risks.

By conducting these searches, your conveyancer ensures that you have a full understanding of the property you’re purchasing and that there are no hidden surprises that could affect your ownership or use of the property.

2. Reviewing the Contract of Sale

The Contract of Sale is one of the most critical documents in a property transaction. It outlines the terms and conditions of the sale, including the purchase price, settlement date, and any special conditions that apply to the sale.

Your conveyancer will carefully review the Contract of Sale to ensure that it accurately reflects the terms you’ve agreed to and that there are no unfavorable conditions that could put you at a disadvantage. They will also negotiate any necessary amendments with the seller’s conveyancer to protect your interests.

3. Preparing the Section 32 Vendor Statement

In Victoria, the seller must provide a Section 32 vendor statement to the buyer before the contract is signed. This document contains essential information about the property, such as title details, zoning, easements, and outgoings.

While the seller prepares the Section 32, your conveyancer will review it on your behalf to ensure that all the necessary disclosures have been made and that there are no red flags. This step is crucial in protecting you from any undisclosed issues that could affect the property’s value or your ability to use it as intended.

4. Handling Legal Documentation

The legal documentation involved in buying a house can be complex and overwhelming. Your conveyancer will handle all the necessary paperwork, including:

• Transfer of Land: This document legally transfers ownership of the property from the seller to the buyer.
• Mortgage Documents: If you’re financing your purchase with a mortgage, your conveyancer will review the mortgage documents to ensure they are in order and comply with legal requirements.
• Stamp Duty: Your conveyancer will calculate the stamp duty payable on the purchase and arrange for its payment to the relevant authorities.

By managing these documents, your conveyancer ensures that all legal requirements are met and that the transaction is completed smoothly.

5. Liaising with Financial Institutions

If you’re taking out a mortgage to finance your property purchase, your conveyancer will liaise with your lender to ensure that the funds are available at settlement. They will also coordinate with the seller’s conveyancer to arrange for the transfer of funds and the release of the mortgage on the property.

This coordination is crucial to ensure that settlement occurs on time and that there are no delays in the transfer of ownership.

6. Managing the Settlement Process

Settlement is the final step in the property buying process, where the purchase price is paid, and ownership of the property is transferred to the buyer. Your conveyancer will manage the entire settlement process, including:

• Calculating Adjustments: Your conveyancer will calculate any necessary adjustments for rates, taxes, and other outgoings to ensure that you only pay for these costs from the settlement date onward.
• Arranging for the Transfer of Funds: Your conveyancer will arrange for the transfer of funds from your lender (if applicable) to the seller’s account.
• Registering the Transfer of Ownership: Once settlement is complete, your conveyancer will lodge the necessary documents with the Land Titles Office to register the transfer of ownership in your name.

7. Providing Post-Settlement Support

Even after settlement is complete, your conveyancer continues to provide support. They will ensure that all post-settlement tasks, such as registering the property in your name and ensuring all financial obligations are met, are handled efficiently.