Conveyancing refers to the process of transferring property ownership from one entity to another. With all the different factors to consider during this process, it’s a good thing that there are qualified individuals who can guide us every step of the way. They are called property conveyancers.
If you already have a property conveyancer, it doesn’t mean that they will do all the work for you. The key is to understand how conveyancing works so you will know what is expected of you and ensure that you will deliver whatever documents are necessary. One of the things that you need to know about conveyancing in Australia is that it differs depending on the state or territory you’re in.
In this article, let’s find out how conveyancing works for different states and territories:
New South Wales
In NSW, conveyancing companies are run and owned by licensed property conveyancers.
The conveyancing process is similar to that of NSW. If you’re the seller, you are required to tell potential buyers about the property before receiving a binding offer. Be sure to review the contract and other conditions before signing.
Queensland and Australian Capital Territory
The law dictates that all conveyancing work must be done by a law firm, unlike in other states where licensed property conveyancers run the conveyancing process. Law firms should act in adherence to the Legal Profession Act. A solicitor oversees the work of licensed conveyancers and para legal employees of law firms who do conveyancing work.
In South Australia, a property conveyancer is essential to represent both the buyer and the seller, to facilitate the transfer of property ownership.
According to the legislation of this territory, a qualified individual is required to protect the interests of both parties.
In other words, should you happen to be a buyer or seller of a property, make sure to know and understand the conveyancing rules and regulations of the state or territory that you’re in. It can be overwhelming and time-consuming especially if you do not understand the end-to-end process. Seek professional advice or ask family members or friends who have firsthand experience in working with a property conveyancer to give you a better idea of how it works.
Do you have other ideas when it comes to conveyancing in Australia? Share your insights in the comments section.Read More →