You will need legal representation to help with the conveyancing process when buying a block of land. Conveyancing is the process of transferring the legal title of property from one person to another.
There are two types of conveyancing professionals:
- Real estate conveyancer.
- Solicitor who specialises in conveyancing.
Deciding which to use is really up to you – both have the expertise, skill and qualifications required. If you don’t have a conveyancer in mind, ask your land sales agent to recommend one for you.
- Conveyancers specialise in property, giving them extensive knowledge about the industry.
- Conveyancers are not lawyers but specialise in property law within the conveyancing process.
- Generally, conveyancers have lower fees than those of a solicitor—anywhere between $500 and $1000.
- Have extensive knowledge of the law in general – this may be beneficial if you encounter any legal issues outside of the conveyancing process.
- Solicitors generally charge between $500 and $1,500.
- If choosing a solicitor, ensure they specialise in property conveyancing before engaging them.
What a conveyancer will do during the land settlement process:
- Liaise with the vendor’s legal representative to book a time for settlement on the settlement date.
- Prepare the transfer of land document and provide to the vendor’s legal representative.
- Provide advice to you and your bank on the cheques to be drawn ready for settlement.
- Ensure that your bank receives all the necessary title details to prepare mortgage documents.
- Contact your bank when booking settlement to ensure that all funds are in place to pay the vendor. You must ensure you have funds with the conveyancer at least 24 hours prior to settlement date.
- Ensure that if any adjustments are required to council rates or other charges, that you only pay post-settlement bills.
- Determine what statutory fees you need to pay, such as stamp duty and transfer fees.
- Attend settlement on your behalf, with your bank and the vendor’s legal representative.
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