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what does a conveyancer do when selling a house?

When selling a house in Victoria, a conveyancer plays an essential role in managing the legal and administrative aspects of the property transfer from the seller to the buyer. Here are the primary duties a conveyancer typically handles during the sale of a proeprty a client:

Preparation of Legal Documents: The conveyancer assists in preparing the Contract of Sale and the Vendor’s Statement (also known as Section 32), which provides details about the property such as zoning, encumbrances, easements, and outgoings like rates and taxes.

Legal Advice: They provide legal advice regarding the terms of the sale contract, and any adjustments or conditions that need to be understood or negotiated with the buyer’s conveyancer.

Liaising with Interested Parties: A conveyancer acts as the intermediary between the seller, the buyer’s conveyancer, real estate agents, and any financial institutions involved. They coordinate with these parties to ensure all details align and timelines are met.

Managing Financials: They handle the financial aspects of the sale, including the adjustment of rates and taxes to ensure a fair distribution between the seller and buyer as of the day of settlement.

Deposit Handling: Conveyancers arrange the receipt and holding of the buyer’s deposit, typically in a trust account, until the sale is finalized or terminated as per the contract stipulations.

Ensuring Contract Compliance: They monitor the buyer’s adherence to contract terms, ensuring that all conditions are met within the stipulated time frames, such as obtaining financing or conducting inspections.

Settlement Preparation and Execution: Conveyancers prepare all documentation required for settlement, coordinate the settlement process, and ensure that all obligations are completed for the transfer of property. They calculate what is due to and by the seller and facilitate the exchange of these amounts.

Transfer of Ownership: They manage the process of transferring the title of ownership to the buyer, ensuring all legal requirements are complied with for a smooth transition.

Post-Settlement: After settlement, they deal with any final matters such as ensuring that keys are handed over to the buyer and notifying utility providers and various authorities about the change in ownership of the property.

Record Keeping: They keep accurate records of all transactions and legal compliance, which is crucial for any potential future disputes or legal checks.

Choose A Professional Conveyancer For Your Property Transfer

Choosing a skilled and licensed conveyancer when selling a property ensures that the legal obligations are thoroughly managed, reducing the risk of errors and potential legal disputes.

The expertise of a conveyancer can provide reassurance and clarity to sellers through what is typically a complex and stressful process. Having professional indemnity insurance also provides an added layer of financial protection against potential legal errors.

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