Are you looking to own part of Australia's real estate? Australia is a great place to live, work and invest. If you have identified a piece of real estate property you want to purchase, you'll need to go through the conveyancing process in order to purchase the property. But what is conveyancing and how does it work?
Here's some crucial information to know before embarking on the process of conveyancing.
A property purchase is a legal transaction.
Buying real estate property is usually an expensive undertaking that involves the legal transfer of ownership of a property from one party to another.
Because of the sheer amount of legal work to be carried out, purchasing property is largely a legal transaction, and conveyancing is the process through which the legal title of real property is transferred from the seller to the buyer.
No sale or purchase of any real estate property — vacant land, developed land or space within a building — can be completed without carrying out conveyancing.
How conveyancing works varies slightly from state to state.
Because no one set legislation exists to govern property transactions throughout Australia, each state has set specified conveyancing requirements and conditions that must be met to allow for the legal transfer of property between transacting parties.
It is, however, important to recognise that the key aspects of the conveyancing process remain the same.
You can carry out your own conveyancing, but don't be quick to do so.
Real estate property buyers aren't legally required to hire a solicitor or conveyancer to do their conveyancing. DIY kits can be purchased online by anyone looking to carry out their own conveyancing.
That said, the legal legwork involved in carrying out DIY conveyancing can be huge and overwhelming. Plus, property laws are constantly changing to keep pace with emerging trends in real estate, and it can be difficult to stay current on regulatory changes.
The best way to protect your investment and enjoy peace of mind is to let a seasoned solicitor or conveyancer work for you.
Should you hire a conveyancer or a solicitor for your conveyancing needs? Whether you need a conveyancer or a solicitor to help with your property transaction will depend on your situation and needs. While both can carry out conveyancing on your behalf, conveyancers only handle legal aspects of the conveyancing process. If you need help with legal matters that don't touch on conveyancing, you may be better off hiring a property solicitor.
Contact conveyancers in your area to learn more.
Share3 September 2020
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