Engaging a conveyancer when buying or selling a property is crucial and a good one will definitely make this stressful period easier.

But what is exactly is a conveyancer and why are they so important?

Why should you engage one and how much do they cost?

Let's take a look.

What is a conveyancer?

A conveyancer is your legal go-to person when buying and selling property, including vacant land.

These licensed lawyers only deal with real estate laws and details and in literally minutes, can cut through legal jargon and red tape.

In this way, conveyancers lighten your stress load and save you time - with good ones being worth their weight in gold. 

What does a conveyancer do?

A lot! 

Conveyancers can do all - and more - of the following:

• check, prepare, clarify, and assist with legal documents, particularly contracts of sale 
• act as an intermediary between you and the sales agent
• manage contract milestones such as the initial deposit and other finances, building and pest inspections, and more
• should any issues arise from these points, negotiate on clients' behalf to come to a mutual resolution
• advise you on property rates and taxes
• conduct background research especially title, planning and property searches, land surveys, land tax, and local council and state laws
• identify potential issues with the property from a legal point of view, including whether the property sale is legal
• transfer the property title from the seller to the buyer
• help and advise on dealing with sales agents, organising building and pest inspections, and paying stamp duty and other property transfer costs
• fix issues that arise in pre-settlement building and pest inspections 
• calculate figures for settlement including the balance purchase price (less or plus any adjustments); the sales agent's commission; legal fees, registration fees and stamp duty 
• act for clients at settlement by meeting with the other side's representation plus banks (if required), Titles offices, and Revenue office.
• handle final payments on settlement day

How do I find a conveyancer?

As with your other crucial property people - such as lenders and building and pest inspectors - asking friends and family members for recommendations is the best way to find a good conveyancer.

Do your research as well by checking that your preferred conveyancer is registered, licensed, and practicing.

The Australian Institute of Conveyancers (AIC)'s database includes all such conveyancers; however, for Queensland and ACT conveyancers, you'll need to go to the Queensland or ACT Law Society. 

Feel free to ask your sales agent for their advice too - but buyers, remember they'll be biased towards the seller - or your mortgage broker.

Remember too that buyers and sellers should have different conveyancers; otherwise, it can lead to a conflict of interest.

How much do conveyancers cost?

Aah, the big question...!

And the answer is: there is no easy answer!

Conveyancer costs can be incredibly varied, depending on the nature of their business, their duties, and the services they offer.

Some conveyancers also charge rates based on a percentage of the sale; others offer flat rates or are priced by the hour.

One conveyancer we talked to advised fees can range anywhere between $800-$1,500 for a purchase and $500-$1,000 for a sale.

"Saying this, you really do get what you pay for," she added.

"The amount of files I have taken over from ‘cheap’ conveyancers is phenomenal."

If this cost sounds high, go back and look at that list of everything a conveyancer does during, before, and after a property sale or purchase!

A great conveyancer will also handle all the little questions that first-home buyers in particular have when house-hunting and submitting letters of offer - with all this included in their fee.

They may well be happy to run their eye over contracts of sale for free - even from properties you don't intend to buy or where the vendor rejects your offer - to check for issues or errors.

And they can do this in minutes, rather than the hours and more it will take you to get past the first legal line!

Whoever you find to help you, aim for at least three quotes.

And don't be afraid to tell your conveyancer that you're a first-home buyer or first-home seller.

FYI: you will still need to pay stamp duty and other government charges such as transfer and lodgement of your mortgage on top of your conveyancer fee.

We’re here to help

Listing Loop is here to help make the conveyancing process easier by offering this service under our roof.

Conveyancing Loop offers hassle-free simple and secure property conveyancing whether you’re buying or selling.

Plus, we’re pleased to offer our members $100 off conveyancing services through Conveyancing Loop.

For more information visit ConveyancingLoop.com.au