The legal process of transferring the title of a property from one person to another (from the seller’s name to the buyer’s name) is known as conveyancing. It may seem simple, but there is more to the conveyancing process than meets the eye.
What is conveyancing?
Conveyancing is the fancy term for the process of transferring ownership of real estate from one person to another. It has a lot to do with the paperwork involved in purchasing real estate (preparing it, verifying it, and lodging it). For someone who isn’t familiar with the process it could take quite some time to find, complete and lodge the necessary paperwork. That’s why there are licensed professionals called conveyancers that can help you through the process (or some solicitors specialise in this area too).
What do conveyancers do?
A conveyancer or solicitor can help you understand the legal bits of the home buying process and explain the paperwork to you. They will help you to decipher the complicated legal terms so you understand what it is that you are signing and why you are signing it. Conveyancers also inquire about anything that may affect the property that is being purchased (government proposals, illegal building, easements etc.). Essentially their role is to keep everything on track, and make sure that you meet all your legal obligations and are prepared for each stage of the conveyancing process. Some of the things that a conveyancer will do include:
- Preparing, explaining and lodging legal documents.
- Researching and enquiring about the property and the Certificate of Title.
- Calculating your rates and tax adjustments.
- Liaising with lenders, buyers, sellers and agents.
- Oversee the settlement of the property.
Consulting a conveyancer is a good idea whenever you are buying or selling a property, subdividing land, or updating a property title.
How does e-conveyancing work?
As you may have guessed, e-conveyancing is the conveyancing process completed online. There can be a blending of online and offline transactions depending on what works best for those involved. However, the NSW and Victorian governments have both announced their plans to transition to completely online conveyancing by July 2019, so this may not always be the case.
E-conveyancing is a much more efficient and accurate way of transferring property ownership. With the technology of online conveyancing, documents can be completed electronically with information being automatically input and cross-checked, reducing the risk of errors and fraud.
The efficiency of conducting everything online means that a lot of time is saved (and you need to make fewer visits to your lawyer/conveyancer). You also get access to updates in real time, so you can spend less time on the phone or waiting for a call back.
There is a third-party conveyancer cost associated with settling your home loan. Using a digital conveyancer like PEXA reduces this amount, so it will typically cost you from $30 to $150, which will be added to your loan.
Who is PEXA?
PEXA (Property Exchange Australia) is an online platform for digital conveyancing, which enables faster digital settlements. It allows lawyers, conveyancers and financial institutions to correspond and lodge documents to complete the property exchange process. PEXA provides an extensive network of professionals that help to simplify the whole process. Tic:Toc loves using PEXA because it saves time and makes everything simple and straightforward.
To learn more about our rates and fees click here.