In Queensland, a conveyancer represents either the buyer or the seller in a property transaction. More on what a conveyancer does in QLD. There are many tasks that occur as part of the conveyancing process. Some of the main tasks include:
- Checking over the contract before signing the contract and negotiating special conditions and timeframes.
- Diarising critical dates and educating clients on what each milestone date means, what the legal implications are, and ensuring their clients rights are protected along the way.
- Communicating with the real estate agents throughout the entire transaction and keeping the agent up to date
- Liaising with the banks to either help release the mortgage for a sale, or arrange settlement funds for a purchase.
- Helping to navigate building & pest(if applicable) - helping the clients understand their legal obligations and educating and advising around the law for this condition. Also assisting with negotiations if building & pest issues occur.
- Preparing the transfer of land legal documentation that will be transacted as a part of the settlement.
- Ensuring the owner is advised regarding any tenants in the property - explaining the legalities of whether a tenant needs to be out of the property, timeframes etc.
- Attending to the removal of any caveats, mortgages etc - ensuring the Title is free of any encumbrances.
- Ordering searches- with council, the water company, body corporate, land tax and any other relevant searches for the property.
- Stamping the contract - advising and actioning the payment of transfer duty owing the QLD Government.
- Preparing the settlement statement. This covers the adjustments for rates, water, land tax, body corporate, purchase price and deposits paid, to land on an exact figure for settlement.
- Ensuring after settlement, all relevant authorities are contacted and any tasks finalised -i.e council rates, water authority bills paid, body corporate levies, land tax, etc.
As you can see, there is a lot of things happening here. This is why its soo important to pick a good conveyancer! Missing a deadline (by even one minute) could cost you your deposit, the deal falling over, and even getting sued for any losses suffered!