Conveyancing

29 Jan

Written By For Good Digital

Conveyancing is the process of transferring ownership of a property from the vendor to the buyer. It involves preparing legal documents, checking for problems or restrictions relating to the property and exchanging money between the parties.
Conveyancers versus solicitors
Licensed conveyancers compete with solicitors for conveyancing work. The Conveyancers Act 2006 (Vic) (‘Conveyancers Act’) deals with licensing, qualifications, professional indemnity insurance, the operation of a trust account, and auditing of business records. Conveyancers are limited in the types of matters they can act in.
Before obtaining a conveyancing licence, the law requires conveyancers to meet various requirements, including completing a certain number of years of supervised conveyancing experience, and showing competency.
You can check a conveyancer’s licence via the Business Licensing Authority (BLA) (www.consumer.vic.gov.au/bla).
Solicitors
Solicitors undertake conveyancing and can also advise on the process of transferring ownership of a property, 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 guide them through the legal process of selling their property.
Solicitors are required by law to have professional 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 conveyancers:
- for a house: approximately $1300 plus disbursements of around $250; and
- for an apartment with one owners corporation: approximately $1300 plus disbursements of around $450, depending on what certificates are required.
The best way to choose a good conveyancer or solicitor is to check online reviews and ask for recommendations.