What is conveyancing?
Conveyancing is the process of transferring ownership of a property from the A seller. to the buyer. Conveyancing involves preparing legal documents, checking for problems or restrictions relating to the property, and exchanging money between the buyer and the vendor.
Who does the conveyancing?
It is difficult for a A person or organisation directly involved in a court case. Parties include the plaintiff or applicant, the defendant, and any third party added to the action, but not independent witnesses. to a real All the property a person has, including real property and personal property. It is often used to describe property belonging to someone who has died, or the property of a bankrupt. transaction to do their own conveyancing, as conveyancing in Victoria is now done via an electronic platform to which solicitors and licensed conveyancers must subscribe. Further, many contracts require the buyer to be represented by a lawyer or licensed conveyancer in the transaction.
Conveyancers vs solicitors
Conveyancing practices compete with solicitors for conveyancing work. The Conveyancers A written law made by parliament. Also called an ‘Act of parliament’, ‘statute’ or legislation. 2006 (Vic) (‘Conveyancers Act’) commenced on 1 July 2008. This comprehensive Statutory rules made by parliament or by bodies the parliament delegates power to, for example a local council or a registration authority. See delegated legislation; statute. provides a Found in a statute of delegated legislation. For example, a statutory authority or body is aperson or organisation that has special powers given by parliament to do work for the public benefit. base for the regulation of (non-solicitor) conveyancers in Victoria and deals in detail with licensing, qualifications, A type of insurance that covers a person against a claim that they did not take enough care in doing their job. Lawyers and prescribed owners corporations, for example, are required by law to take out professional indemnity insurance., the operation of a property fund, and auditing of business records.
Before a conveyancer is granted a conveyancing licence, the law requires them to meet various requirements, including having a certain number of years conveyancing experience, and showing a certain standard of competency.
You can check a conveyancer’s licence via the public register of the Business Licensing Authority (BLA) (www.consumer.vic.gov.au/bla).
Solicitors also do conveyancing but can also give legal advice about all the elements of the process of transferring ownership of a property from a vendor to a buyer.
Buyers can obtain legal advice about the An agreement that the law will enforce. of sale, the manner of ownership, A state tax on the transfer of ownership of property such as land, or on leases., tax implications and other legal aspects of the settlement process from a A legal practitioner (lawyer) who sees clients and opens files to deal with their legal matters but usually does not appear in court. See also barrister..
Vendors can engage a solicitor to prepare the contract of sale and to guide them through the legal process of selling their property.
Solicitors are also required by law to have professional A promise to pay compensation to cover losses or expenses that may arise in the future if some stated event occurs. For example, if a business partnership ends and one partner continues to run the business, they generally agree to indemnify the others against any claims against the business in the future. Insurance contracts also indemnify the insured against stated risks. insurance to protect their clients against professional An act that breaches a duty to take reasonable care and results in loss or damage to another person. See also tort.. This insurance is managed by the Legal Practitioners’ Legal responsibility, enforced by civil or criminal courts. Committee (LPLC). Solicitors are also regulated by the Victorian Legal Services Board (VLSB) and Commissioner. (For more information about the LPLC and VLSB, and how they can help consumers, visit https://lplc.com.au and www.lsb.vic.gov.au, respectively.)
For conveyancing services, most solicitors (1) A statement giving the details of a crime an accused person is claimed to have committed. (2) A personal property security. (3) A judge’s directions to a jury at the end of a case. the same fixed fee as good conveyancers:
- for a house: approximately $990 plus disbursements of around $200;
- for an apartment with one A body corporate created by registration of a plan of subdivision or a plan of strata or cluster subdivision. See also prescribed owners corporation.: approximately $350, depending on what certificates need to be ordered.
The best way to choose a good conveyancer or conveyancing solicitor is to check the online reviews and to ask for recommendations.