Buying or selling a property is one of the biggest decisions in life. The process can quickly become complicated with all the legal and financial details involved.
This is where conveyancing steps in. It ensures a smooth and secure transfer of ownership from one party to another.
But what exactly is conveyancing? Why is it so important in property transactions?
In this blog post, we’ll explore everything about conveyancing. Including the stages and the costs involved. We’ll discuss how a conveyancing solicitor can save both buyers and sellers from costly mistakes. Additionally, if you need an expert assistance, our team at Hoe Lawyers specialises in conveyancing services in Perth. We offer affordable and transparent legal support to ensure a hassle-free transaction.
So, without further ado, let’s explore how conveyancing works:
What is Conveyance in Real Estate?
“In Australia, conveyancing is the process of transferring ownership of real estate or property from one person to another.”
It is an important step in the property buying or selling process. It involves several tasks. Such as verifying the property title, conducting searches, preparing legal documents, and managing the settlement process.
What is a Conveyancer? What Do They Do?
“A conveyancer is a licensed professional who ensures the process of buying and selling property follows all legal requirements and regulations.”
Their main goal is to make sure the property transfer is legally sound and free from any complications. Let’s explore what conveyancers do:
- Verifying Property Ownership
They confirm the legal ownership of the property, ensuring no disputes or claims exist on the title.
- Investigating Property Records
They review local council records to uncover any zoning laws, easements, or restrictions that could affect the property.
- Reviewing Legal Documents
Conveyancers prepare and double-check all legal paperwork, such as contracts and transfer documents, for accuracy.
- Managing Mortgage Paperwork
They make sure the buyer’s mortgage documents are in order and confirm the necessary financing is secured.
- Calculating Settlement Costs
They break down all costs involved. Including conveyancing fees, stamp duty, and additional charges.
- Verifying Identities
To prevent fraud, conveyancers verify the identities of all parties involved in the transaction.
- Handling Ownership Transfer
Finally, they supervise the official transfer of property ownership from seller to buyer and ensure the change is registered with the authorities.
How Does Conveyancing Assist Buyers and Sellers?
Let’s have a quick look at how conveyancing helps in property transactions:
| How Conveyancing Assists Sellers | How Conveyancing Assists Buyers |
| 1. Contract PreparationConveyancers draft the sale contract, avoiding costly errors that could lead to disputes. | 1. Preparing Legal DocumentsConveyancers ensure all contracts, land transfer, and mortgage documents are accurate and legally sound. |
| 2. Organising Property InspectionsThey arrange property inspections to find any potential issues before the sale. | 2. Organising Property InspectionsThorough inspections are arranged to identify any defects in the property before purchase. |
| 3. Coordinating with the BuyerThey work with the buyer’s team to ensure everything is on track for settlement. | 3. Reviewing the Vendor’s StatementConveyancers check the Vendor’s Statement for issues like unpaid fees or restrictions. |
| 4. Preparing for SettlementAll necessary documents are prepared and funds are managed to avoid last-minute issues. | 4. Mortgage and Legal AdviceConveyancers offer expert advice on mortgages, financial details, and legal obligations to protect buyers. |
| 5. Ensuring Smooth SettlementAll financial and legal processes are managed to ensure a smooth transfer of ownership. | 5. Managing Financial SettlementsConveyancers ensure all financial matters are settled on time, including payment of the purchase price. |
So, don’t let legal details slow you down. Hire a conveyancer to manage your property transfer smoothly.
Conveyancing Process in Perth | 5 Simple Stages
The conveyancing process may seem complex. But it’s an essential part of buying or selling property. While every settlement may vary, the steps are generally similar.
Here’s a quick rundown of the general process:
Stage #1: Pre-Contract
Before signing any contracts, it’s smart to consult a property lawyer. Legal advice upfront helps you avoid unexpected costs later on. In this stage, you’ll:
- Have a face-to-face meeting with a lawyer
- Get guidance on key terms, conditions, and any clauses that could work in your favour
Stage #2: Exchange of Contracts
Here you seal the deal. Once the contract of sale is ready, both the buyer and seller will sign it. The real estate agent facilitates the exchange, and the buyer pays a deposit. During this stage:
- A settlement date is set
- Any special conditions are included
- The buyer pays a deposit You’ll also select a conveyancer to assist in the process.
Stage #3: Post-Contract
The real work begins here. After exchanging contracts, the conveyancing process kicks into high gear. Key tasks include:
- Reviewing the contract of sale
- Conducting a title search
- Preparing government forms and conducting searches
- Coordinating with banks for settlement preparations
- Paying stamp duty on behalf of the buyer
- Finalising settlement arrangements
Stage #4: Settlement
Here comes your big day. On the settlement date, your conveyancer ensures everything is in order. This involves:
- Confirming both parties are ready to proceed
- Arranging payment for outstanding rates
- Ensuring the legal transfer of property ownership. Regarding conveyancing fees, these are typically deducted during settlement. So, you usually don’t have to pay upfront.
Stage #5: Post-Settlement
It’s a wrap up. After settlement, your conveyancer will finalise the remaining tasks, such as:
- Notifying government agencies of the transfer
- Providing final legal documents and the property title. A good conveyancer will keep you informed at every step and act as a liaison between the buyer and seller.
How Much Does Conveyancing Cost in Perth, WA?
When buying a property in Perth, conveyancing fees typically range from $1,200 to $1,900. If you’re selling a property, you can expect to pay between $800 and $1,500.
These costs can vary based on the specifics of the transaction and the conveyancer you choose.
Breakdown of Conveyancing Fees in Perth
For a conveyancing fee of around $1,400, you might find the following breakdown:
- Approximately $600 for search fees
- Approximately $800 for professional fees
What Are Conveyancing Search Fees?
Essentially, a ‘search’ helps your conveyancer determine if there are any legal reasons that can affect the sale of the property. It checks for local council regulations, environmental restrictions, and any claims against the title.
Common searches can include:
- Local land charge searches
- Register searches
- Environmental assessments
- Local authority searches
- Drainage and water searches
The costs and types of searches will depend on factors like the property’s location and the local council.
What Is Conveyancing Professional Fees?
Professional fees cover the conveyancer’s time, advice, and office costs. This means these fees go towards the administrative work and consulting needed to complete your conveyancing effectively.
What is the Difference Between a Conveyancer and a Solicitors?
Here’s an easy comparison between a conveyancer and a solicitor:
| Aspect | Conveyancer | Solicitor |
| Qualification | Licensed expert in property law | Fully qualified lawyer with broader legal expertise |
| Specialisation | Focused on property transactions | Handles a variety of legal matters beyond property |
| Services Provided | Manages legal paperwork for buying/selling property | Offers all conveyancer services + legal advice |
| Scope of Work | Mainly property-related tasks | Provides advice on multiple legal issues |
| Title | Not a lawyer | Fully qualified lawyer, can specialise in conveyancing |
Conveyancer vs Solicitor | Whom to Choose When Buying a House?
Both solicitors and conveyancers can prepare documents and provide legal guidance for your property purchase.
But it’s important to remember that;
Solicitors are fully qualified lawyers. Whereas, conveyancers are professionals licensed by state regulators specifically for property matters.
When deciding who to hire; Consider your specific needs and the complexity of your situation. Both can assist you in buying a house. For smooth property transactions, a conveyancer can be sufficient. But if you anticipate needing broader legal advice, a solicitor can be the better choice.
DIY Conveyancing | Can I Do My Own Conveyancing in WA?
Yes, you can technically handle your own conveyancing in Western Australia.
But it’s not the easiest route. Without a solid understanding of legal requirements and access to PEXA (Property Exchange Australia), you’re putting yourself at risk.
Professional conveyancers also have indemnity insurance to protect you in case anything goes wrong during settlement. DIY kits may seem affordable, but conveyancing is complex. A small mistake could cost you big. Think losing your 10% deposit.
Hiring a Perth conveyancer like Hoe Lawyers is all about investing in peace of mind. They can guide you through the process, saving time and reducing stress, while keeping you protected. In most cases, it’s worth the cost.
Need help regarding your property transfer?
Let Hoe Lawyers Handle Your All Conveyancing Matters
As expert property settlement lawyers in Perth, Hoe Lawyers helps buyers and sellers with a seamless, hassle-free property transfer process. We ensure that all outgoings are fairly apportioned, taxes are fully paid, funds are securely held in trust, and the transfer of titles and business names is completed smoothly.
Since 2009, we have been providing affordable, professional services with no hidden costs.
So, no need to worry about your property matters.
Get a No-Obligation Consultation Now!
FAQs About Conveyancing
Q1: What is conveyancing law in WA?
Conveyancing is the legal process of transferring property ownership. In Western Australia, it involves various tasks to ensure property transactions are smooth and legally sound.
Q2: When should you hire a conveyancer or conveyancing solicitor?
Hire a conveyancer when you’re buying or selling property, subdividing land, updating titles (e.g., registering a death), or dealing with easements. They handle the legal paperwork, taxes, and ensure everything is transferred correctly.
Q3: What are the stages of the conveyancing process?
The process has 5 key stages:
- Pre-Contract
- Exchange of Contracts
- Post-Contract
- Settlement
- Post-Settlement
Q4: Can I sell my house without a conveyancer?
You can sell without one, but it’s risky. A conveyancer ensures everything runs smoothly and according to the law.
Q5: Is conveyancing the same as settlement?
Yes! In Australia, a conveyancer is also called a settlement agent. They ensure all legal aspects are covered during the transaction.
Q6: Who pays for the conveyancer when buying a house?
The buyer typically covers the conveyancer’s fees.
Q7: What are common conveyancing issues and how can I avoid them?
Typical conveyancing issues include boundary disputes, unpaid debts, and planning restrictions. To avoid these, work with an experienced conveyancer, perform thorough property searches, and ensure all legal requirements are met.