Conveyancing
What is conveyancing?
Conveyancing is the process of transferring ownership of a property from the vendor to the buyer. Conveyancing involves preparing legal documents, checking for problems or restrictions relating to the property, and exchanging money between the buyer and the vendor.
Who does the conveyancing?
Do-it-yourself conveyancing It is difficult for a party to a real estate transaction to do their own conveyancing, as conveyancing in Victoria is now done via an electronic platform to which solicitors and licensed conveyancers must subscribe. Further, many contracts require the buyer to be represented by a lawyer or licensed conveyancer in the transaction. Conveyancers versus solicitors Licensed conveyancers compete with solicitors for conveyancing work. The Conveyancers Act 2006 (Vic) (‘Conveyancers Act’) commenced on 1 July 2008. This legislation regulates (non-solicitor) conveyancers in Victoria and deals in detail with licensing, qualifications, professional indemnity insurance, the operation of a property fund, and auditing of business records. Note that conveyancers are limited in the types of matters they can act in.
Before a conveyancer is granted a conveyancing licence, the law requires them to meet various requirements, including having a certain number of years of supervised conveyancing experience, and showing a certain standard of competency.
You can check a conveyancer’s licence via the public register of the Business Licensing Authority (BLA) (www.consumer.vic.gov.au/bla). Solicitors Solicitors undertake conveyancing and can also give legal advice about the process of transferring ownership of a property from a vendor to a buyer, including ancillary issues such as loan advice, adverse possession or estate planning.
Buyers can obtain legal advice about the contract of sale, the manner of ownership, stamp duty, tax implications and other legal aspects of the settlement process from a solicitor.
Vendors can engage a solicitor to prepare the contract of sale and to guide them through the legal process of selling their property.
Solicitors are also required by law to have profess ional indemnity insurance to protect their clients against professional negligence. This insurance is managed by the Legal Practitioners’ Liability Committee (LPLC). Solicitors are also regulated by the Victorian Legal Services Board (VLSB) and Commissioner.
For conveyancing services, most solicitors charge the same fixed fee as good conveyancers:
- for a house: approximately $1300 plus dis bursements of around $250–$350;
- for an apartment with one owners corporation: approximately $1300 plus disbursements of around $450, depending on what certificates need to be ordered. The best way to choose a good conveyancer or conveyancing solicitor is to check the online reviews and to ask for recommendations.
