Published On: Tue, Jul 18th, 2017

Buying a new home: why you need to hire a conveyance lawyer

Buying a new house is a dream come true for almost all of us. Little do we know about the hassles that are to come once we have found our dream home and we decide to buy it. There are many smaller transactions, negotiations, deals, and deeds we all need to go through before we can move in. This goes for those who want to sell their old homes too. There are times when we feel lost due to mountains of paperwork involved in the processes.

photo Alina Ku-Ku via Shutterstock

Real estate is not easy to manage

Many sellers and buyers think they can handle these processes and payments themselves. Others do not know about legal aid they can seek during the stressful times like these. Conveyancing lawyers are solely responsible for making these transactions convenient for the buyers and the sellers. If you are already thinking about handling lawyer fees on top of broker fees and real estate costs, then stop right there! Conveyancing lawyers Townsville are here to make your transactions profitable for you. They will make sure; you save pretty bucks on all other fees and negotiations involved in the process. Thus, instead of an added expense, you should think of hiring a reliable conveyancing lawyer as an investment for a secure future.

What is conveyancing?

It is not a simple transaction like buying and selling. It involves a lattice of multifaceted relationships that vary according to sale, purchase, Quotable Value, mortgage brokers, real estate agents, realtors and local authorities.

It has three stages –

  • Before contract
  • Before closure
  • After closure

Your conveyancing lawyer will help you out in the following cases –

  • Buying and selling properties
  • Updating a title
  • New registration, removing and changing an easement
  • Subdividing an existing property (land)

Whom do the conveyancing lawyers manage?

The conveyancing lawyers are responsible for bringing all these relationships together to meet each party’s interests. These lawyers make sure that their transactions and negotiations are smooth enough, so they appear almost invisible to their clients (both buyers and sellers).

Banks: any bank does not lend money for transactions unless they have repayment guarantee. Even for collateral loans and reverse mortgages, banks need some form of guarantee in the shape of property insurance, documents that meet the Credit Contract and Consumers Finance Act 2003 requirements.

Seller& buyer: the lawyers of both parties communicate with each other to make sure their interests remain protected. They also conduct important negotiations will the banks during the purchasing and selling process. In each case, the lawyer will ensure all legal documents are present and sorted. If there is any request from the opposite party, your lawyer can represent you and respond to the requests.

A few words more

Always make sure your conveyancing lawyer is a member of the Australian Institute of Conveyancers before you hire them. Always settle on time frames and fees before you get down to work with them. Decide the terms of payments in case the purchase falls through, so you do not end up paying for a deal that holds no value for you.

Author: Charlie Brown

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