A good conveyancing solicitor can save you money. Even if you have full confidence in the party with whom you make a property transfer transaction, a conveyancing solicitor is not just an assistant with paperwork, but someone who protects your interests. It doesn’t matter if you make a deal with a family member or a friend, a solicitor’s task is to make sure that after a year, two, or ten years you don’t regret any aspect of the deal.
Here are a few basic questions that a conveyancing solicitor usually asks to help you better understand how conveyancing works.
How Long Does Brisbane Conveyancing Take?
The process of conveyancing in Brisbane can take between four and six weeks. There are a lot of factors that will impact the exact amount of time it will take, such as the conditions of the contract and the results of various searches. Professional conveyancing services can streamline the process for you.
Why Should I Work with a Conveyancing Lawyer Brisbane?
You should work with a professional Brisbane conveyancing solicitor because they understand the property laws that govern the local area. They specialize in specific property transactions, so they can streamline the process for you. They also have fidelity insurance and indemnity insurance, which means that you are protected in the event of an error during the transaction. You should use a QLD conveyancing solicitor because they have the qualifications and experience necessary to walk you through the process. They have an intimate understanding of the legal intricacies of selling and purchasing real estate in the local area. You also don’t have to worry about them getting distracted by other types of legal work, so they can focus on helping you during the process.
Is There a Difference Between a Conveyancer and a Solicitor?
In Queensland, conveyancers can’t own a conveyancing firm, so only solicitors are the ones who can provide legal assistance in the transfer of ownership. This is a significant difference if you are looking to sell or buy property in Brisbane.
If you would like to learn more about the differences between a conveyancing solicitor and a solicitor, you could also check out this link here.
When Should I Pay My Conveyancing Solicitor for His or Her Services?
Typically, there is a conveyancing fee that is collected at the time of settlement which is the end part of the conveyancing process. But it is important to understand that you pay a significant part of the amount not for the conveyancing services, but for various legal aspects of transferring property (for example, stamp duty), and these payments are made at different stages of the transaction.
What Are the Specific Stages of the Conveyancing Brisbane Process?
The exact stages you will progress through will vary depending on whether you are purchasing or selling property. In general, the individual steps you will follow include:
- You approach a real estate agent to buy or sell a property.
- A draft contract is drawn up and when the buyer signs this draft contract this constitutes an offer. When the seller signs (usually the last person to sign) this constitutes acceptance and a contract is formed.
- The buyer or seller may wish to consult their solicitor prior to signing to review the draft contract.
- Once the contract is formed the agent will send a copy to the buyer’s solicitor and a copy to the seller’s solicitor.
- The solicitor will then contact you to discuss the process and write to you highlighting the essential conditions and key dates, outlining the costs, and detailing your rights and obligations.
- If the contract is conditional then your solicitor/conveyancer will monitor those conditions.
- If the contract is for residential property, then the buyer will have a cooling-off period in most circumstances.
- The buyer’s solicitor will conduct a number of property searches and check the results of those searches against the parties’ rights and obligations under the contract.
- Transfer documents will be prepared by the buyers’ solicitors and sent to the sellers’ solicitors prior to settlement for signing. The seller will then return these to the buyer prior to settlement so that the buyer can arrange for Transfer Duty to be paid on the contract.
- Settlement arrangements are made by the parties including the Mortgagees and the Lenders involved in the transactions.
- Settlement occurs after the parties’ solicitors ensure that all matters adversely affecting the property which is not intended to pass to the buyer ( including mortgages) are lifted from the property
The details of these stages will be different depending on the property in question. The very first step can be the most challenging, as clients often want to know the cost of hiring a Brisbane conveyancing solicitor before they decide who to partner with. There is an opportunity to get an Instant Quote using the data from your property – here you can find out exactly how much the GM Law services will cost for your particular case. You will also receive a list of the duties required by the state via email.
You are also welcome to learn more about the individual stages of transfer ownership during property transactions here.
How Often Do I Need To Reach Out To My Conveyancing Solicitor?
Typically, you will communicate with your representative using either phone or email. It is usually quicker to send an email than to wait for physical documents to arrive. If you don’t hear from your representative for a while, it is a sign that everything is moving along as it should. Of course, you are always welcome to reach out with any questions or concerns. If you would like regular updates, you should make that known before you partner with your conveyancing solicitor. This is a normal practice for conveyancing solicitors and if this is important to you, a member of the firm can contact you on a daily basis.
How Do I Pay the Deposit if I Am Buying Property?
If you are purchasing a specific property, the contract will specify a date by which you need to pay the deposit. Make sure you take a look at this date before you sign the contract. If the day doesn’t work well for you, you should talk about this with the sellers before signing.
What If I Want to Finance the Purchase of the Property?
If you need to finance the purchase of the property, make sure there is a finance clause in there. That way, you can terminate the contract and get your deposit back if you cannot find financing. Typically, this is subject to terms and conditions.
Do I Need to Do an Inspection Before Buying?
It is a good idea if you are a seller to conduct a building inspection prior to selling the property. This will highlight any potential obstacles that you may face during the contract period. If you are a buyer, it is strongly recommended that you negotiate a building and pest inspection clause in the contract. In addition, you should negotiate the inclusion of a pool fence inspection if there is a pool on the property.
Can I Terminate the Contract If the Inspection Has Issues?
If there is an inspection clause in the contract, you should be able to terminate it if the inspection has issues. If the report only revealed minor issues, then you might not be allowed to terminate; however, if there are major issues, you should be able to terminate and get your money back as long as there is a clause that says so in the contract.
Can a Conveyancing Solicitor Negotiate for You?
A good conveyancing solicitor should be able to negotiate any issues that arise during the contract period on your behalf. They may be able to focus on issues that were revealed in the inspection report and use those to help you save money. If a conveyancing solicitor can say that you will have to spend a lot of money to fix up the house, you may be able to get a discount on the sale price.
What’s In the Contract?
You should not assume that all of the necessary information is in the contract. You should always work with a conveyancing solicitor who can advocate for your best interests. For example, appliances, fixtures, and furniture are generally not included in the contract. If those are important to you, you should make that known to your representative.
How Much Should I Pay for Conveyancing Services?
The key factors that dictate the fee you might pay for conveyancing services include the location of the property, the market value of the property, and whether you are purchasing or selling the property. If you are interested in the exact cost of conveyancing services, you can get an Instant Quote from our team – this is our special service, which will help you calculate the cost of conveyancing services in just a minute.