Job Description of the Conveyancer
Attending to the transfer of a property may seem a simple process that takes little time. Nothing could be further from the truth. Conveyancing is a complex series of tasks that require knowledge and skill – which is the reason that conveyancers should hold special qualifications and be registered.
Below is a list of tasks required to fulfill a conveyancer’s in Adelaide legal obligations to you where a mortgage is to be registered. Because this task list reflects the commonly accepted legal requirements for a conveyance, all fee estimates must be benchmarked against this list.
Occasionally a transaction may involve more work than usual. Extra time may be required to advise a seller regarding dealing with an encumbrance/covenants, lease or contractual breach. In such cases, your conveyancer is entitled to charge an additional fee unless the work has been allowed or in any fee estimate. Basic job functionalities include the following:
Taking initial instructions from buyer and advice buyer regarding insurance, the conveyancers will send letter of engagement to buyer for signature and return them. They would open matter and set up file for the new transaction. They would get copy of certificate of title and any other documents affecting the title as required and also carefully peruse the contract, any disclosure statement and ancillary documents. They would also obtain ACN and company search for any corporation.
Once all this is done, they check certificate of title for any items that need to be addressed at settlement. They also provide copy of any encumbrance /covenants to buyer. Ensuring that buyer is getting the correct property e.g. client signed plan for land or body corporate plan, they will also ascertain if property to be owner occupied or for investment purposes. To consider if buyer needs GST or other tax, legal or professional advice and obtain instructions, they ensure if there are any stamp duty concessions available to buyer. They also guarantee the manner in which joint buyers are to hold the property. They would ascertain the names in which the property is to be held and ensure it matches the names on the contract.
Once they have checked the contract against title to ensure contract been drawn correctly and meets clients needs, they would also get instructions from client regarding exchange of contract. They then proceed to exchange contract and diarize cooling off date (if applicable), date conditions due and the settlement date. They will check/ensure the deposit is paid and simultaneously order any reports the buyer require. Once this is done, they provide copies of reports to client and get instructions to prepare transfer. Any associated documents and any stamp duty concession forms and arrange for buyer to sign is send transfer to seller’s solicitor for signing.
They then send copy of transfer to financial institution for preparation of mortgage documents. They also chase return of transfer from seller’s conveyancer for stamping. The conveyancers would then lodge transfer and stamp duty documents with Stamp Duty Office for assessment and confirm parties fulfill conditions of contract by the due dates.
The conveyancers ensure all conditions met by the correct date in the contract and confirm outstanding amounts with rating authorities for payment. They also confirm any outstanding amounts with body corporate (if applicable). They advice buyer to arrange final readings in respect of utilities and also telephones to receive adjustment statement and check details from seller’s conveyance.
About the Author
The author thinks that the conveyancers in Adelaide perform all the above functions and more to ensure that the buying and selling process is smooth sailing. To know more about the services, contact us here
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