What does a conveyancer do?
Whether you’re selling or buying property, you’ll need the services of a conveyancer to ensure all your legal rights. It’s a big financial transaction, so it’s crucial that everything is done to the letter of the law. Read on to find out everything you need to know about Mt Isa conveyancing.
What do conveyancers do for Mount Isa property sellers?
When you’re selling a property, a conveyancer will ensure that:
- all of your legal rights in your contract of sale are protected.
- you receive the correct amount owing to you on your settlement date. The correct amount owing can include adjustments for expenses like council rates or body corporate fees (if you are selling a unit or townhouse), as well as the payment to your lender of any amount owing on the property’s loan (if you still have a mortgage).
- you fulfil all your contractual obligations as a seller (such as providing evidence that the property you are selling complies with Queensland’s smoke alarm legislation and Queensland’s safety switch legislation), and providing a disclosure document (if you are selling a unit or townhouse).
- the property is legally transferred out of your name on your settlement date, so that you are no longer responsible for it.
What do conveyancers do for Mount Isa property buyers?
When you’re buying a property, a conveyancer will ensure that:
- all of your legal rights in your contract of sale are protected. These rights can include your cooling-off period (5 business days in Queensland), and the seller’s adherence to any special contract conditions such as finance, building and pest inspection, or pre-settlement inspection clauses.
- you fulfil all your contractual obligations to the seller (such as paying your deposit by the due date).
- appropriate property searches are conducted (for example, a title search to ensure the seller has the legal right to sell the property, and whether there are any registered encumbrances on it).
- you pay the correct amount owing to the seller on your settlement date, including liaising with your lender if necessary to ensure that this happens. The correct amount owing can include adjustments for expenses like council rates or body corporate fees (if you are buying a unit or townhouse), as well as for the deposit you have already paid.
- the property is legally registered in your name on the settlement date, including the payment of any associated stamp/transfer duty and registration fees.
How much do Mount Isa conveyancing services cost?
This depends on whether you are buying or selling. Conveyancing costs are usually cheaper when you are selling than when you are buying because there are less tasks for the conveyancer to do.
Budget $500 to $1,500 for conveyancing fees depending on the provider and the extent of the services provided.
What is the difference between a conveyancer and a solicitor?
A conveyancer specialises in property transactions, while a solicitor can advise on broader areas of law than just property. Some solicitors offer conveyancing services, while others don’t.
If you have a complex property selling or purchase transaction, then it may be wise to hire the services of a solicitor (though it will cost more), otherwise using a conveyancing specialist should be fine.
If you’re thinking about buying, selling, renting or leasing any Mt Isa property, or you need your property professionally managed, then contact our team today for an obligation-free chat!
We’d be happy to provide you with advice and to answer any property questions you have.