How to Understand Property Conveyancing

Is this your first time hearing about property conveyancing? We at Morrow McKenzie will give you a quick run-down of what property conveyancing is and how you can find the right group to team up with.

What is Property Conveyancing?

Property conveyancing is the process of transferring a property from its legal owner to another. This process includes the following steps:

• Agreeing to the sale - upon agreement, a conveyancing group will hand over various forms, the copy of the land title and the contract of sale to the buyer’s solicitor. In case of questions and concerns that may arise during this step, the conveyancing group can step in and answer them on your behalf. Additionally, the group will relay the completion or moving date. 
• Exchange of contracts - the conveyancing company will receive the buyer’s deposit on the owner’s behalf. Once you and your buyer have signed the contract, everything is set and we will receive a Transfer Deed, which we will give to the buyer so that they can register their names on the deed.
• Completion of transaction - the conveyancing company will use the remaining balance of the payment of the property to pay or settle your mortgage, real estate agent fees and other costs incurred during the sale. At this point, the buyer will now be registered as the new owner, removing any references to you.

How to Find a Quality Conveyancing Group

There are many conveyancing groups that can do the nitty-gritty work for you as you sell your property, but some are indeed better than others. Here are some qualities to look out for when you search the right conveyancing group for you:

• Deep knowledge in property law in Australia and other laws per territory and city. Rule of thumb is: the more specialised the conveyancing group is, the better. They don’t necessarily have to be lawyers, but must have handled enough cases and clients to know how to address concerns should they arise.
• Good communication is always an important quality as property law can be full of confusing jargon and technicalities. They also need to keep you informed so that you know what is going on with your deal. 
• A quality conveyancing group must be reliable in keeping up with deliverables. These are legal documents and transactions after all and must be relied upon to deliver on a particular date. A quality conveyancing group values your time and wants to help you see your property deal through from start to finish.

How Much Does Conveyancing Cost in Australia?

Depending on where you live, the conveyancing fees range between $500 to $2,000 - the fee also depends if you’re the buyer or the seller. Our fees at Morrow McKenzie Conveyancing are tailor-fit to our clients’ needs but we deliver the same high quality conveyancing for everyone.

Morrow McKenzie Conveyancing promises to deliver for buyers and sellers the peace of mind they deserve when they buy or sell a property. Expect on-time settlements for buyers - no cheques required - and great certainty for sellers - we provide online document checks for easier settlements. Buying a property in Ballarat has never been easier - learn more about us on our website.