Conveyancing frequently asked questions
Q: What is conveyancing?
A: In short, Conveyancing is the legal process of transferring the ownership of a property from one person to another.
Q: When should I talk to a conveyancer?
A: It is recommended you speak with a conveyance solicitor, lawyer or licensed conveyancer during the pre-purchase/pre-sale process. If you are buying property they can review the contract with you, help make amendments (if necessary), and organise building or pest inspection reports. If you are selling your home, conveyancers and solicitors can help you prepare your vendor statement or contract for sale.
Q: What is a Certified Practising Conveyancer (CPC)?
A: A Certified Practising Conveyancer is someone who has completed the education and practical training requirements to be a member of the Australian Institute of Conveyancers and hold a conveyancers license. They must abide by the rules of the AIC, complete annual training and professional development and hold professional indemnity insurance.
Q: What is difference between conveyancers and solicitors?
A: Conveyancers are educated and qualified to provide expert advice in relation to matters of conveyancing and property law only. Solicitors can give you legal advice about conveyancing as well as other legal matters such as wills, estate law, family law and criminal matters, to name a few.
Q: Can I do conveyance work myself?
A: Yes, although DIY conveyance it is not recommended. Conveyance work is time consuming and requires a lot of complex paperwork. Self conveyance can be risky because you cannot get the same insurance available to a conveyancer or solicitor. If you make a mistake then you are responsible and will not be able to get financial compensation.
Q: Are conveyancers cheaper than solicitors?
A: Not always. The fees that solicitors and conveyancers charge for professional services will vary depending on your needs. Some people will have more complex legal requirements than others. We recommend you get three quotes from licensed conveyancers or conveyancing solicitors to compare costs before you engage their services.
Q: How long does conveyance take?
A: The general settlement period is 4-6 weeks from exchange. This term can be negotiated by either the buyer or seller prior to signing the contract.
Q: What is a cooling off period?
A: A cooling off period is a period of time in which the buyer of property can withdraw from a contract without penalty. Cooling off periods vary between Australian States and Territories and do not apply in certain circumstances (ie, when you buy at auction). Check with your conveyancer before signing any contract.
Q: What happens at settlement?
A: Settlement is when the sale is finalised. Generally, your conveyancer will attend settlement on your behalf. There are usually four parties at settlement - the buyers and sellers conveyancers and the banks for the buyers and conveyancers.