The basics of Sydney conveyancing services
Conveyancing is the legal transfer of a legal title of a property from one person or business to another or the granting of an encumbrance like a lien or mortgage. The role of a conveyancer is therefore to ensure all the legal aspects of buying, selling, and/or transferring properties are carried out correctly and on time. It is the only way to be sure of legal ownership.
These professionals must be licensed to provide conveyancing services in Sydney. Sometimes you will be dealing directly with a local lawyer, or solicitor for conveyancing. However, it’s more common for lawyers to delegate the conveyancing work to a conveyancer they have trained or that has been trained by a lawyer. Full training along with the license is a necessity for conveyancing professionals.
Besides having the basics about the services provided by conveyancers in Sydney, it’s also important to have a few of the frequently asked questions at hand to better understand the process.
Q: Why does the settlement take six weeks?
A: Buyers commonly want to know why the settlement process takes six weeks. The need for your bank to ensure and certify that all the documents and paperwork are in order, signed, and organised takes this amount of time. During this process, conveyancers often perform further property investigations and inspections to ensure nothing is left undone.
Q: How long will it take to discharge a mortgage?
A: This is a common seller question. This process begins after you have accepted an offer, signed the contract, and after the cooling-off period is over. The deposit will be held for five to six weeks for the process to be completed on all sides. The bank will also take an additional 10 to 15 business days before they discharge the loan. The goal of the conveyancer is to expedite this process for you. Your Sydney Conveyancer will keep you informed about the time frame of mortgage discharge.
Q: Do you have to pay water, strata, or council rates after you sell your property?
A: Your conveyancer best answers this question when the settlement is impending. Otherwise, you are responsible for these rates as long as you own the property, and will be adjusted accordingly through your conveyancer to make sure you aren’t paying more than you should.
Other things you can expect
A local Sydney conveyancer can also help you with the following:
- Contractual advice
- Strata report research/searches
- Organise building and pest inspections
- Represent you to your bank or financial institution by speaking on your behalf
- Prepare and arrange contract exchanges
- Arrange and deal with issues as they arise related to the settlement.
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