If you’re looking to buy or sell a residential property, then conveyancing will be an essential part of the process. Entering into a contract to buy or sell a home can be incredibly stressful. To alleviate some of the strain, you should make sure that the correct legal processes are in place. In this article, we will discuss the conveyancing process for residential properties and whether you need a lawyer to help you with this.
What is Conveyancing?
Conveyancing is the term given to the legal transfer of ownership of property from one person to another. The process must be undertaken whenever someone buys or sells their home or investment property. At present, in Queensland, conveyancing is governed by over 20 pieces of State and Federal legislation, which means that the process can be incredibly complex.
There are a number of steps to the conveyancing process, from preliminary steps to entering into a contract for sale and carrying out the terms of the contract. Certain sub-steps may even dictate the process further if any issues arise. Significant problems can be caused if deadlines pass or steps are missed.
Do I Need a Lawyer?
In Queensland, there is a Conveyancing Protocol that must be adhered to. This means that, although you can organise your own transfer of property, it is highly advisable that you hire a lawyer to act on your behalf.
This is because conveyancing is a precise area of law and there are strict legal processes that must be followed, as well as deadlines and requirements. By instructing a solicitor to work on your behalf, you can receive clear advice on anything you’re required to file or complete, as well as any deadlines involved.
By using a solicitor, you can also navigate the law surrounding conveyancing, ensuring that all your rights and obligations remain protected. In addition, your solicitor can also make sure that you have all the information you require available to you, including property searches.
Plus, as well as helping you to complete any relevant paperwork to ensure that property is transferred into your name correctly, your solicitor can also make sure that you pay the correct amount of transfer duty (previously referred to as stamp duty) at the correct time, preventing any hold ups and penalties.
When Should I Look for a Lawyer?
You should look for a lawyer to assist you with the process as soon as possible. Conveyancing may be one of the last things on your mind, but as this post has shown, it is incredibly important. Your contract will contain a number of rights and obligations, so having this looked at by a lawyer before you sign it is incredibly important.
If you would like help with your conveyancing process, or if you would like to receive a quote for the fees you can expect to incur with your matter, please contact our office on (07) 3343 9522 or (07) 5446 1745 or through our contact us service here.