Conveyancing 101: What You Should Know
Conveyancing might not be the most glamorous part of buying a home, but it’s one of the most important. Whether you’re a first-time buyer or a seasoned investor, understanding the property conveyancing process can save you time, money and a lot of stress.
From contract reviews to settlement day, there are plenty of moving parts – many of which trip up unprepared buyers. Here in Brisbane, navigating property contracts and settlement rules can feel like a maze – that’s where a good conveyancer comes in. Here’s what you should know before you sign on the dotted line.
What Is Property Conveyancing and Why Does It Matter?
Property conveyancing is the legal process of transferring ownership of real estate from one person to another. This includes everything from preparing and reviewing the contract of sale, conducting property searches, liaising with banks, to finalising the legal paperwork.
For buyers, it’s essential to ensure you’re not taking on any hidden risks. These can include zoning issues, outstanding council rates or title disputes. This is why engaging a professional to guide you through the process isn’t just helpful – it’s critical.
Because this cost can vary so much, we only talk about the purchase price deposit here. You’ll need to add the extra costs to these figures.
The Conveyancing Process: Step-by-Step
Buying property involves more than just choosing a home and signing a contract. Here’s a breakdown of the typical conveyancing process:
1. Conveyancing Pre-Contract Checks
Before you sign anything, a licensed conveyancer will review the contract of sale and help you understand the terms. They’ll also conduct essential searches, including:
- Title search to confirm legal ownership
- Zoning and land use checks
- Strata or body corporate records (if applicable)
These checks can reveal potential problems early. This can include such matters like unapproved building works or boundary issues.
2. Contract Exchange
Once both parties agree to the terms, contracts are signed and exchanged. At this point, a deposit (usually 10%) is paid by the buyer and the transaction becomes legally binding.
3. Settlement Preparation
Leading up to settlement, your conveyancer coordinates with your lender. They also ensure the transfer of title is ready and adjusts council rates or water bills to reflect the change in ownership.
4. Settlement Day
This is when the remaining funds are transferred. When this is done, the property title is handed over and you officially become the new owner. Your conveyancer manages the entire process, ensuring everything goes smoothly.
Why Use a Licensed Conveyancer?
Some buyers ask, “Do I really need a licensed conveyancer?” The short answer: yes. While some people choose to use a solicitor, a licensed conveyancer specialises in property law and understands the finer details of buying and selling real estate.
They offer:
- Expert advice on contracts and disclosures
- Protection against legal risks
- A streamlined, legally compliant process
- Communication with all parties, including banks and agents
They’re your safety net through what can be a complex legal transaction.
Conveyancing Fees: What Should You Expect?
Conveyancing fees can vary depending on the type of property, its location and the complexity of the transaction. On average, you might expect to pay anywhere from $800 to $2,500.
These costs typically cover:
- Title and council searches
- Reviewing and lodging documents
- Liaising with banks and real estate agents
- Stamp duty forms and settlement coordination
Keep in mind that while a cheaper conveyancer might seem like a good idea upfront, experience and thoroughness can save you far more in the long run.
Common Mistakes Buyers Make During the Conveyancing Process
Even with a professional on your side, there are pitfalls to avoid. Here are some common missteps:
- Not reading the contract – Always review it thoroughly with your conveyancer.
- Skipping building and pest inspections – Legal ownership doesn’t guarantee the home is in good condition.
- Delaying finance approval – Settlement dates are tight, and banks can be slow.
- Assuming all costs are covered – Conveyancing doesn’t include things like stamp duty or lender fees.
The key takeaway? Be proactive, ask questions and stay involved in the process.
Conveyancing Is More Than Just Paperwork
Many Aussie homebuyers assume conveyancing is just a box to tick. In reality, it plays a critical role in protecting your legal rights and financial interests. A good conveyancer not only handles the paperwork but acts as your advocate. They ensure no detail is missed and no corner is cut.
Whether you’re buying an apartment in the city or a family home in the suburbs, don’t overlook the importance of having a qualified expert in your corner.
Let NBHL Show You the Way
Buying property is one of the biggest financial commitments most people will ever make and having the right support makes all the difference. The conveyancing process may seem complicated at first, but with the right help and a bit of know-how, you can navigate it with confidence.
Don’t treat conveyancing as an afterthought – work with a qualified, experienced and licensed conveyancer. To learn how property conveyancing protects your investment contact us. Our team here at NBHL will gladly guide you down the right path on your property journey.
Patrick Cranshaw, a Certified Mortgage Professional for over 21 years, founded North Brisbane Home Loans in 2002. His career began with ANZ Bank in New Zealand, where he progressed over 16 years to a Business Banking role in Virginia. After moving to Brisbane in 2000, Patrick led the QLD market for a home loan agency, helped set up the REMAX Real Estate Finance division, and practiced as a broker.
