Property Conveyancer - What Are Their Responsibilities?
A property conveyancer is a legal professional who, in most cases, specialises in buying and selling land.
Conveyancers and estate agents work closely with each other and buyers and sellers in the process of buying, selling and leasing property. Therefore, the terms conveyancing and real estate can be used interchangeably when describing all legal aspects surrounding property transactions. Property conveyancing Melbourne is a huge market in today’s time due to increase in buying and selling of real estate.
Conveyancing refers to the whole process of buying, selling or leasing real estate (i.e., property). It usually involves the conveyancer's work with banks, mortgage brokers and other financial institutions. A property conveyancer must also handle all legal aspects surrounding the transaction. The legal documents involved are called "conveyancing documents". A separate legal professional usually does conveyancing to that of the solicitor.
A property conveyancer will review all documents related to buying, selling or leasing real estate, and advise you on your rights and responsibilities- many sellers only use the services of a conveyancer when they have found buyers and vice versa. However, this trend is evolving due to the increase in foreign and interstate buyers.
Conveyancers also advise you on your rights and responsibilities; however, they cannot provide legal advice or offer representation in court. Their role is often combined with an estate agent's job - doing everything from property maintenance to selling real estate, usually for a fixed fee.
Another essential responsibility of a property conveyancer is to coordinate all aspects of the transaction, including the legal documents involved and act as an intermediary between you and any other parties involved in the sale or purchase. This means that without a property conveyancer, transactions would fall apart because each party involved would have to sort out all the legal requirements independently.
Most property conveyancers work for a real estate company or independent firm, not directly for buyers or sellers. This means that they can perform several roles within a real estate agency. In addition to being involved in all aspects of the sale process, they may also include setting up contracts, checking contracts and other relevant documents for errors, liaising with clients and carrying out market research.
The services of a property conveyancer may not always be required in all transactions. For example, if you are only making an offer on the property, you may not need to hire any independent professionals. Property conveyancers usually work on a commission, which is split between them and the real estate agency.
The term "conveyancing" was first used in England following the Norman Conquest of 1066 [7]. Before this time, the process of transferring property from one individual to another was known as buying and selling. In those days, most conveyancers were known as "nuncios" or agents.
In the early 20th century, an estate agent was called a "conveyancer" in Australia. However, from 1938, the term conveyancing was used to describe their work. The change in terminology coincides with a time when many states introduced legislation that required sellers to hire an estate agent.
Before this time, most people who took part in real estate transactions employed their legal representation; however, it was difficult for buyers and sellers to find conveyancers with the necessary expertise. Most property lawyers were either sole traders or worked as partners in large law firms. It was also difficult to find lawyers with experience in the new conveyancing-only firms that were being established.
When you appoint a property conveyancer or estate agent, it is essential to check whether they are licensed by the state or territory where you intend to buy or sell your property. Under certain circumstances, buyers may be entitled to compensation if they use an unlicensed conveyancer.
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