If you are a home buyer or seller, you will need a solicitor to assist you with the legal aspects of buying or selling a property.
Sometimes, a solicitor will work closely with a conveyancer, so the terms solicitor and conveyancer will be used interchangeably.
A solicitor’s main role is to ensure that the clear title of a property passes from the seller to the buyer smoothly. A solicitor, therefore, plays a central role in the home buying or selling process. They undertake numerous tasks, sometimes behind the scenes, to ensure that settlement takes place on the agreed date.
In this article, we will discuss the top 5 top tasks a solicitor or conveyancer does in the conveyancing process.
1. They Take Care of Tedious Legal Paperwork
When you have your own conveyancer, they will take care of all the paperwork for you.
For example, they prepare or review the Contract of sale, review or draft the Transfer Forms, review or prepare the Statement of Adjustments, and prepare forms that are relevant to the Transfer Duty Assessment.
2. They Conduct Searches
As mentioned, a solicitor’s main role is to ensure that clear title passes from the seller to the buyer. A conveyancer will therefore conduct the necessary property searches for you to ensure that:
- there are no encumbrances registered over the property so that clear title can pass from the seller to the buyer; and
- That there are no amounts owing (such as Land Tax and rates and water), and if there are any amounts outstanding, then there can be an adjustment at settlement.
3. They Ensure Critical Dates Are Met
In Queensland, time is of the essence. This means that a failure to meet deadlines set in your contract could have serious legal and financial consequences.
For example, your contract may be subject to finance or building and pest. You must therefore ensure that you obtain finance on or before the nominated date. If you are able to obtain finance, then your solicitor will satisfy the condition, and the contract becomes unconditional in that respect. If you are unable to obtain finance, you must terminate your contract on or before the nominated date.
A solicitor will advise you of your legal position and ensure that timely action is taken on or before any critical dates to preserve and protect your rights.
4. They Prepare the Statement of Adjustments for the Seller
A conveyancer will prepare a statement of adjustment prior to settlement.
The Seller:
- Is entitled to rents and profits; and
- bears rates and other outgoings up to and including the settlement date.
It is, therefore, necessary to calculate adjustments to the purchase price so that seller and buyer each receive their entitlement and pay for what they are responsible for.
Usually, adjustments will be made for rates, water and rent.
5. They Arrange for the Transfer of Property Ownership
A solicitor will do all the necessary tasks and liaise with all the necessary parties to the transaction, such as banks and the solicitor on the other side, to ensure that all steps have been correctly completed to ready the matter for settlement.
They attend settlement to ensure that legal ownership and title pass from the seller to the buyer.
Conclusion
The role of a conveyancer is often underestimated.
Conveyancers play a critical role in ensuring that all the required steps are taken so that settlement can take place on the agreed date and that clear title passes from the seller to the buyer.
It is therefore imperative that you choose your conveyancer carefully. Your choice should not be driven by price only—remember, cheap is not always the best. Ask yourself what value your solicitor is adding and how your solicitor will make the process easier.
At One80 Conveyancing, we help home buyers get into their dream homes efficiently and trouble-free with our revolutionary One80 Prime System™ and One80 App™. If you are planning to buy a property in Queensland, call us today.
