A conveyancer is a critical player to have on your side during your property purchase. They are the legal practitioner who plays the important role of managing all the contracts, settlement monies and government registrations.
Here is a snapshot of the important roles that they undertake to ensure that the purchase of property is a smooth transition for both the purchaser and the vendor.
Review the Contract of Sale
The comprehensive detail outlined within a contract of sale needs to be reviewed thoroughly by your conveyancer to ensure that you as the buyer are fully aware of what you are purchasing. The contract of sale should include the following:
Before you buy
· Details on the property outlining the fixtures and fittings. Items that are excluded from the contract may also be identified
· Details of the vendor’s conveyancer
· If you are buying off the plan, a sunset clause enables you to cancel the contract if the plan or development isn’t completed on time
· A zoning certificate from the local council
· A copy of the title of the property
· Statement of any cooling-off rights
· Explanation of how money is to exchanged hands and policy regarding breaches of contract
Once you have purchased
· Purchase price and balancing owing at settlement
· Date of settlement
· Your name and vendor’s name
· Any special conditions such as ‘subject to finance’
Your conveyancer may also recommend changes to the contract before you sign so it is important that all items are understood and agreed before the contracts are exchanged.
Define the monies that need to change hands at settlement
An important component of a conveyancer’s role at settlement is to define and identify any monies that need to be exchanged. Your conveyancer will calculate the settlement adjustments for water, council rates along with body-corporate contributions, rent and land tax that may be applicable.
Organise any government grants/benefits available to you
As a first home buyer you may be entitled to certain government grants and benefits if you fit the criteria depending on the state to which you purchase in. It is important for you and your conveyancer to be aware of any grants that may be accessible so this can be facilitated during settlement. It is the role of your conveyancer to ensure the right paperwork is submitted and processed so you can receive these grants at settlement.
Represent you on settlement day to ensure all monies go to the appropriate entities
On settlement day, your conveyancer will ensure that the allocated funds and monies are settled with the correct entities. There are many different entities that require money during settlement so having all this detailed and managed professionally will ensure a smooth and on time settlement. On settlement day there is a lot of bits and pieces moving so having an experienced conveyancer is important to ensure that you as the buyer are familiar with the processes and there isn’t any confusion during a stressful period.