What is Conveyancing & why to engage Conveyancer

Conveyancing is the process of transferring the ownership of property from one party to another.

 For Buyer Conveyancer take care of such things as: lodge legal documents, research the property, settle the property and put the deposit in trust account and for the seller the conveyancer take care of such things as complete and make sure that all the legal documents are sorted and respond to any request from the buyer. 

It is now a requirement for any person (including corporations) involved in a property

purchase or sale to undergo Verification of Identity (VOI) and to provide a Client

Authorisation to their legal representative for the purposes of registration of documents

and the assessment of stamp duty

 When purchasing property in Victoria, Section 31 of the Sale of Land Act 1962 states that buyers are entitled to a cool off period. They have 3 clear business days in which to change their mind and withdraw from the contract of sale. The first day of the cooling off period starts the first business day after the buyer signs the contract.
 

The cooling-off period does not apply if:

• the property was purchased at a public auction or within three clear business days before or after a public auction
• the property is used mainly for industrial or commercial purposes
• the property is more than 20 hectares and used mainly for farming
• you previously signed a contract for the same property with the same terms
• the buyer is an estate agent or corporate body.