Hello, my name is Robin and I own a medium sized business which is based in a suburb of Perth, Australia. Many business owners do not understand the importance of commercial law on their operations. I know that I certainly didn't when I set out. At first, this wasn't an issue but as my business grew, I realised that if I didn't teach myself about the legal rules in place and seek expert help, I would find myself in serious trouble. I got in touch with a great law firm who helped me to understand exactly what I needed to know. I decided to start this blog to help other business owners.
Are you new to the property buying process? There's a lot you may not know about what is involved in buying a property, which could mean making mistakes that will cost you quite significantly. One crucial element you may not be aware of is conveyancing. It's the process of transferring property ownership from one person or entity to another. The success of your property buying process sometimes depends on how effective the conveyancing process is. Therefore, here is all the relevant information you need to know about conveyancing.
Who Conducts the Conveyancing Work?
Conveyancing services are often offered by licensed professionals known as conveyancers. A solicitor can also undertake the conveyancing work. While you are not legally obliged to hire a solicitor or conveyancer, it's usually highly recommended that you do so because the legal and technical nature of the work involved can be complex. For instance, a conveyancer or solicitor will prepare the legal documents required such as the sale contracts. They will also check the legitimacy of the current title of the property, settle the property, and represent your interests with your seller as well as the real estate agent. If you don't have legal knowledge in matters involving conveyancing, a lot of things can go wrong if you decide to take on such responsibilities on your own. You can lose your dream property or even make yourself open to legal action. Consequently, you may end up losing a significant amount of money in the process.
How Much Does It Cost?
It always pays off to draw a budget whenever you have plans for a big project such as buying a property. There are no standard costs when it comes to conveyancing. In fact, you can always negotiate with your conveyancer or solicitor on the conveyancing fees and other associated costs. However, the conveyancing costs will come in two major forms; the conveyancing fees and disbursement fees. The conveyancing fee is the amount a conveyancer or solicitor will charge you for the legal work they undertake to transfer the property ownership in to your name. You may be charged a flat rate or a sliding one depending on the price of the property. If you don't want any surprises in your budget, consider a conveyancer who charges a flat fee. The disbursement fees, on the other hand, are the costs incurred in the process of transferring ownership. They may include the costs of things such as tax clearance certificates, title searches, and inspection.