Conveyancing is the legal transfer of property from one owner to another, usually between a seller and buyer. There are various tasks that must be completed in the conveyancing process to ensure the transfer of ownership of the property is valid and meets all legal obligations.
What is the conveyancing process in Perth?
To help you understand the conveyancing process in Perth and throughout WA, we have outlined the steps involved.
Buying or Selling your Property
At this stage your primary contact is with a real estate agent. They will list the property for sale and invite offers from potential buyers. Real estate agents prepare the contract for sale, often using the standard REIWA form. When the seller accepts an offer from the buyer a contract is formed subject to any conditions of the offer. The conditions generally relate to finance approval, property and termite inspections and any other conditions agreed between the buyer and seller.
Nominating a Conveyancer
When signing the contract of sale, both the buyer and seller are asked to nominate a conveyancer, lawyer or settlement agent. Whilst you do not have to nominate a conveyancer at this time, we recommend you do so to avoid missing crucial compliance and payment dates under the contract.
Once your conveyancer is appointed, the real estate agent will arrange for copies of the contract to be forwarded to your conveyancer, who will contact you and send you documents required to confirm their appointment.
When all the conditions of the contract are fulfilled, the contract is unconditional.
Agency Enquiries Made
Once a contract is unconditional, the buyer’s conveyancer will make enquiries to the local shire, Water Corporation, Office of State Revenue and, if applicable, strata bodies to determine the current status of the seller’s accounts and to obtain information about the property.
Preparation for Settlement
Your conveyancer will prepare a settlement statement and make adjustments for rates and taxes between the buyer and seller so that each pays only for the period of their ownership of the property.
Prior to settlement, the buyer will make a final inspection of the property.
Your conveyancer will liaise with any financial institutions to ensure the required documentation is in order for settlement.
At settlement the representatives of all parties involved in the transaction will meet to ensure the documentation is in order and then exchange the required documentation for payment. If the settlement is conducted electronically via PEXA, there is no need for a physical meeting to exchange of documentation and cheques. The documents are checked in advance of settlement and funds are transferred in real-time on the same-day.
Learn more about e-conveyancing with PEXA.
Your conveyancer will notify the real estate agent of completion of settlement and the agent will make arrangements for the delivery of keys to the buyer. Your conveyancer will also send you a breakdown of fees, rates and taxes paid, adjusted up to and including the settlement date.
Why do I need a Conveyancer?
A conveyancer is someone you appoint to represent your best interests. They know the rules, regulations and penalties applicable to the conveyancing process.
Purchasing a property is often the largest financial investment you’ll make in your lifetime, so it’s important to have the best advice and professional guidance throughout the settlement process.
How much does Conveyancing Cost?
The cost of conveyancing has three major components:
- professional fee for conveyancing services;
- costs charged by local government and authorities; and
A good conveyancer will provide you with a comprehensive quote, including estimates of stamp duty, transfer fees and search fees so there are no surprises and you have a good idea of how much you will be paying to have the transaction completed.
Learn more about conveyancing costs.