Don’t think that any of your questions are silly questions! It is perfectly understandable that if you have never bought or sold property before or have studied at law school, that you might not have ever come across the phrase “conveyancing” before. Conveyancing is the transfer of the legal title in land, from one person to another. It sounds simple, but there are all kinds of things that can go wrong if you do not know what you are doing.
It sounds straightforward, but if the processes of conveyancing are not done correctly, or in the right order, then the title in land might not be correctly conveyed, resulting in no transfer or opening yourself up to litigation and damages. Conveyancing lawyers also ensure that the rights of the buyer and the seller are protected fully under the law and that any problems with the land or the title to the land are picked up and dealt with.
Conveyancing and the transfer of land is definitely a creature of history. There are tales in ancient English Feudal law where lawyers were parties to the transfer of land. Since the Statute of Frauds in 1677 the contracts for the purchase and sale of land have needed to be in writing, therefore an official contract needed to be drawn up, necessitating lawyers to be involved in the process.
In Queensland, conveyancing has to be overseen by a professional solicitor. In other States and jurisdictions people can train to be just conveyancers which is nothing like the training and study that a professional solicitor has to do. Mostly, a conveyancing matter will be conducted by a paralegal, which enables most firms to keep the costs down. This work should always be overseen by the licensed solicitor at every stage of the conveyance.
As well as offering a host of information about conveyancers that is quick and easy to compare, the Internet has enabled transactions to take place completely using post, email and the phone. Because most of the work that the solicitor does is fairly standardized and the local authority searches that need to be carried out can be done from anywhere this is a cost-effective way of finding the cheapest solution to your conveyancing needs.
At Onsite Conveyancing we will navigate the complex issues which can arise, manage the risk and keep you fully informed every step of the way. Our expert team of dedicated conveyancing professionals are waiting to speak to you now!
Transfer duty is an amount of money you must pay to the State Government when you purchase a property in Queensland. Your conveyancer will advise you during your first discussion with them what the amount of duty payable is and when it must be paid. Office of State Revenue
The DNRM Land Registration Fee is an amount of money you must pay to the State Government when you purchase a property in Queensland to register the property into your name.
When your transfer papers are lodged for registration after settlement, the Local Council, water authority and the Valuer General and the Office of State Revenue are all automatically notified of the purchase.
Other providers, such as the phone and electricity suppliers however, will need to be notified by the purchaser.
Settlement is the finalisation of the Contract of Sale. The likely four parties involved:
- the representatives of the vendors and their banks and
- the representatives of the purchasers and their banks.
On settlement, the vendor will:
- discharge any mortgage they have with their Financiers and deliver all documents to the purchaser’s representative;
- who in turn checks them and delivers them to the purchaser’s financier;
- who will advance the funds to enable the purchase to complete.
The real estate agents are then authorised by both parties to release the deposit and to deliver the keys to the new purchaser.
Mostly times this is dealt with by requesting an extension of time from the other party.
Queensland operates under a system known as “time is of the essence”. This means that the date specified for the condition must be strictly adhered to.
Extensions of time are not uncommon although they are not always granted and are considered not to be part of the basic conveyance requirements. Depending upon the situation, an extension of time may find you being liable for interest on the unpaid purchase price or at the least the cost of your own and/or the other side’s additional legal fees.
If a party finds themselves in breach of the contract, they will face a number of potential consequences (including but not by way of limitation) forfeiture of the deposit and being sued for damages or specific performance. It is therefore extremely important that the various deadlines are managed appropriately and if breach situations do arise then your conveyancer has the skills to negotiate the best possible outcome with your instructions.