Property Conveyancing Explained
Perth conveyancing specialists Residential Settlement Services are licenced conveyancers who focus on delivering conveyancing services which are safer, simpler and more transparent.
We understand buying and selling real estate can be a stressful business. It’s why partnering with a Perth based conveyancer with over 35 years’ experience in the Western Australian Real Estate industry makes good sense.
In this article we aim to explore every aspect of conveyancing including:
- Definition of conveyancing
- What does a conveyancer do?
- Is there a difference between a conveyancer and Settlement Agent?
- What is a licenced conveyancer?
- The differences between WA and other States
- What else can a registered conveyancer help me with?
- Buying a house, conveyancing fees
- Conveyancing costs calculator
Definition Of Conveyancing
What Does A Conveyancer Do?
- Entering into a contract for the sale of the property (through the signing of an Offer and Acceptance by the buyer and seller)
- Financial settlement (exchange of money and documents)
- Registration of the transfer and other documents onto the land registry maintained by Landgate.
Is There A Difference Between A Conveyancer And A Settlement Agent?
The short answer is no, but there are rules.
In Western Australia, an individual or business undertaking property settlements must be licensed as a Settlement Agent and hold a triennial certificate issued under the Settlement Agents Act 1981. They are bound by the Settlement Agents’ Code of Conduct.
Licenced conveyancers must also have:
- professional indemnity insurance;
- maintain an annually audited trust account; and
- participate in the Compulsory Professional Development program.
What Is A Licensed Conveyancer?
What is a senior conveyancer?A senior conveyancer is an experienced professional with (usually) four to five years’ of industry experience employed in a settlement agency. They manage their own client portfolio autonomously, handling the settlement process from start to finish.
What to expect from a conveyancer conducting your settlementIn the course of their duties, a conveyancer will carry out:
- land registry searches;
- searches of government departments and local authorities;
- perusal of the contract and advice on potential issues;
- stamping of required documents;
- confirmation that inspections or special conditions in the contract are finalised prior to settlement;
- calculation of adjustments of rates and taxes;
- preparation of settlement statements;
- liaison with mortgagees and financiers; and
- attendance at settlement.
Differences Between WA And Other States
In Australia, there are no universal rules for buying and selling a property. In Western Australia, most sales start with a standard REIWA Offer and Acceptance document, usually completed by the Real Estate Agent on behalf of the buyer. Once the offer is accepted by the seller, it becomes the contract.
In other Australian jurisdictions real estate sales are completed by an exchange of contracts and these documents are often prepared by lawyers.
Because most sales in WA use the standard REIWA Offer and Acceptance document, there’s no need for lawyers to be involved in the preparation of the contract.
What Else Can A Conveyancer Help Me With?
Primarily the work a licensed conveyancer undertakes is related to guiding their clients through the sale or purchase of residential or commercial property.
They can also assist with things like:
Buying A House, Conveyancing Fees
Perth conveyancers are experienced professionals with significant industry experience employed in a settlement agency. Conveyancers can represent either the buyer or seller (but usually not both) for the sale of property or transfer of title.
Conveyancing fees in WA vary from provider to provider.
In general, fees for conveyancing are calculated on the value of the property and complexity of the transaction.
A conveyancing quote usually includes professional fees, statutory charges such as stamp duty and land registry fees, and any associated third party charges.
That’s My Promise To You.
Thank you for stopping by Residential Settlements. I’m aware that many property conveyancing firms will be competing for your business. When you walk through our doors, you will get nothing but sound settlement advice that’ll make the entire process stress-free and simple.
Most importantly, I give you my word that you will be treated honestly and with respect throughout the settlement process. As the Managing Director, I stand by every single property settlement we complete.
When you work with my team you can take comfort knowing that our highly experienced conveyancers will take the time to understand your unique needs and will guide you through each step of the settlement process.
At Residential Settlements, we don’t just strive to win business; we forge lifelong bonds.
I look forward to helping you.
08 9459 0044