Any work required in the process of buying or selling a property, updating a title, subdividing land, registering the property, or transfer of loans are included in these steps. Essentially, a licensed conveyancer for the Purchaser and the Vendor should not be the same person so as to avoid any conflict of interests that may arise. Therefore, a conveyancer at the Purchaser’s end would perform the following set of duties:
- They will conduct extensive research on the property and its title. This may include checking for easements, type of title, and any other information regarding the ownership of the property.
- They can order searches, e.g building and pest reports, strata searches, or multi-authority searches on your behalf.
- They will prepare, organise, and lodge legal documents, such as a memorandum of transfer, vendor disclosure, and a contract of sales.
- A Purchaser’s Conveyancer will also evaluate and tabulate for any adjustments in rates and taxes, stamp duties, and other financial obligations.
- An expert property conveyancer will act on a Purchaser’s behalf in order to settle the property. This is done by offering valuable advice regarding final payments made at the bank or financial institution.
- They will represent the interest of the Purchaser with a Vendor or their agent.
On the other hand, a Conveyancer at the Vendor’s side takes up the following duties:
- Fill out legal forms and documents
- Conduct necessary research to confirm that the Vendor is a legitimate owner
- Prepare the contract of sale put forth by the Vendor along with the disclosure statement in order to identify any unusual clauses that may raise red flags
- Ensure that the property meets the council standards
- Give sound advice about the conditions that could protect one during the process
- Arrange for any assistance in finances (if necessary)
- Make necessary arrangements to pay off deposits and rates and charges or land tax adjustments.
- Discover if any government authority has a vested interest in the proposed property
- Research to find if any information is left out that may not have been previously disclosed
- Represent the interest of the Vendor with the Purchaser by asking questions, finding out information, or by requesting extensions
Furthermore, it is important to be mindful of the major differences between commercial and residential property conveyancing. Commercial property transactions tend to involve business premises, such as a shop, warehouse, or office. These businesses are often set up as limited companies, sole traders, or partnerships. Whereas, residential property conveyancing involves individuals who are looking to buy or sell a residential space such as a flat or house.