What is Conveyancing?
If you’re looking to buy or sell property, you should not only know what conveyancing is, but understand its importance.
Conveyancing is the process where the legal title of a property is transferred from one person to another. A conveyance is the written document (i.e. a deed or a lease or a contract) that serves as proof that the property is transferred from seller to buyer.
The contract includes the purchase price and date of actual transfer (as agreed upon by both parties) as well as their obligations and responsibilities which if either party cannot fulfil, gives the other the right to take the defaulting party to court so that they can ensure the contract is fulfilled or otherwise claim damages.
In Australia, a licensed conveyancer completes the process of conveyancing. Alternatively, the buyer can choose to complete the process of conveyancing on their own with the help of kits. Because of the conveyancing laws and processes, as well as the requirements, searches and costs that vary by state, we advise all buyers to use an expert. The process of conveyancing is by somebody licensed (a conveyancer or a solicitor) can take between 4 to 6 weeks.