People living in Australia may wonder how conveyancing in Inner West Sydney works. But, what is conveyancing? Conveyancing is a branch of law that refers to the legal transfer of property from one person to another (buying or selling a property). People who handle the conveyancing process are conveyancers or conveyancing solicitors. Here are the parties involved in the conveyancing process:
- Purchaser – the buyer of the property/land
- Vendor – the person selling property/land
- Banks/financial institutions – provide finance against mortgage over the property
- Licensed conveyancer/conveyancing solicitor – people who handle the conveyancing process
Both conveyancers and conveyancing solicitors can provide conveyancing services, but conveyancing solicitors can handle legal matters. When people want to buy or sell their property, it is highly advised that they contact a conveyancing solicitor. This is because there are a lot of legal matters that revolve around the conveyancing process. Read on to know more about conveyancing in Inner West and a solicitor’s conveyancing services.
Can People Do Their Own Property Conveyancing in Inner West?
Although conveyancing seems simple on the surface, the majority of people are unaware of the amount of information and documentation that is necessary during property sales. It could take weeks to locate and file legal paperwork if buyers and sellers are relying on their personal service.
Moreover, if buyers did their conveyancing alone, they may lose their deposit if they make a mistake. That’s why it’s highly advisable to choose a solicitor’s conveyancing services if people are conveyancing in Inner West Sydney. This is because solicitors provide clients with the right conveyancing service and legal and personal service.
Duties And Responsibilities of a Conveyancing Solicitor
What are the duties and responsibilities of a property conveyancing solicitor for a buyer and a seller in Inner West? There are a lot of duties with key dates in a sale contract that buyers and sellers have to abide by. If buyers and sellers miss these, it could cost the buyer the property and the seller may lose the sale. Here are the duties, responsibilities and personal service of a conveyancing solicitor for buyers and sellers:
Conveyancing solicitor acting for buyers:
- Do title and property searches (look for easements, the type of title, historical limitations, etc.);
- Organize the preparation, filing, and execution of legal paperwork (transfer documentation;
- Determine the rate and tax adjustments;
- Take care of the property’s settlement (act on the buyer’s behalf, give an update when the property is resolved, and communicate with banks or other financial institution when final payments are being made);
- Monitor important dates, and
- Act as a buyer’s advocate while speaking with a seller or the seller’s agent.
Conveyancing solicitor acting for sellers:
- Setup of the execution of legal documents;
- Take care of the property’s settlement (act on the seller’s behalf, give an update when the property is resolved, and communicate with banks or other financial institutions when final payments are being made);
- Monitor important dates, and
- Represent the seller in conversations with the buyer (request to extend dates, questions about searches etc).
Relevant Laws for Conveyancing Inner West
There are a number of relevant laws that are related to the process of property conveyancing in Inner West of Sydney. The Fair Trading Act 1987 NSW creates a fair, safe, and equitable place for buyers and sellers in New South Wales. Hence, this legislation also covers any kind of conveyancing transaction in NSW. This law also ensures that there are no unfair business practices and unregulated sold goods in NSW.
Another relevant law applicable to the conveyancing process is the Competition and Consumer Act 2010. The Competition and Consumer Act is a national law that controls how businesses must deal with suppliers, competitors, clients, and customers. Moreover, this Act also covers business aspects such as advertising and price setting.
Buyers and sellers typically pay their own property conveyancing costs and the sale contract’s terms will usually set this out. The contract’s conditions will often state that the buyer is responsible for paying any taxes due when the property is transferred to the government.
Purchase prices will increase along with the amount of tax. In most conveyancing in Inner West cases, the buyer will cover additional expenses like searches and services from building and pest inspectors. The buyer might also have to pay bank fees for the loan if they want to get financing from a bank.
Property Conveyancing in Inner West: Relevant Documents
1. Sale Contract
A sale contract will outline all of the conditions for buying or selling property/homes. Real estate agents often negotiate sale contracts in order to get the best purchase price fit for the buyer. Conveyancing solicitors are the most qualified for easement and mortgage inspections in a sale contract.
2. Release or Discharge Authority and Loan Documents
Buyers or sellers will need a release or discharge authority if banks or financial institutions are involved. This document notifies the bank or financial institution about the sale of a property. This document also has details of the conveyancing solicitor and allows the solicitor to liaise with the bank or financial institution.
If a buyer receives financing, the buyer will need to sign loan documents with the bank. This includes a mortgage that the buyer must give in the bank’s favour. The buyer must also get unconditional written loan approval from the bank if they entered into the contract on the condition that they will obtain financing. The buyer must get this approval before the Finance Date in the contract.
3. Identity and Transfer Forms
Conveyancing solicitors will require buyers and sellers to sign identity forms in order to permit the property transfer during settlement. Even when settlement is conducted electronically, conveyancing solicitors should still ensure that buyers and sellers signed the necessary documents. Both sellers and buyers must also sign a transfer form to complete the settlement phase during conveyancing in Inner West Sydney.
4. Settlement Statement
The Settlement Statement will effectively outline the amount of money transferable upon settlement in exchange for the property title and cheques. This statement also contains the amount needed to remove the mortgage of a property. Furthermore, a settlement statement includes numerous modifications such as rates and water charges permitted under the contract.
Our Conveyancing Solicitors’ Legal Advice and Conveyancing Services
Our conveyancing solicitors at JB Solicitors ensure that buyers and sellers have a clean and honest property transaction throughout the conveyancing process. We provide clients the best legal advice should they have legal disputes that may arise during conveyancing in Inner West Sydney.
Contact our team today to avail our legal services about conveyancing in Inner West, Sydney.