A conveyancer is a professional who helps you settle and transfer a property's title. In Australia, many solicitors provide conveyancing services. So, how do you choose a conveyancer? Below are a few questions to help you interview a conveyancer.
What Is Their Speciality?
The conveyancer should specialise in the type of property you intend to purchase. The reason behind this is that residential conveyancing significantly differs from commercial or industrial conveyancing. The conveyancer should also be based in the area where you intend to purchase the property. This guarantees that he or she understands zoning regulations and local council laws.
What Services Will They Provide?
The conveyancer should provide the following services:
- Due diligence to ascertain the property's type of title and whether the property is registered under the seller's name.
- The conveyancer should organise your financing. He or she should negotiate mortgage and repayment terms with your banker.
- The conveyancer should help organise your documents. For example, he or she should provide the seller with a mortgage pre-approval letter. After the sale, he or she should transfer the title into your name.
- He or she should negotiate the asking price and the terms of the contract of sale.
- The conveyancer should offer online services if you do not live in the area.
Do They Have Any Conflicts of Interest?
A conflict of interest occurs when the conveyancer represents both the seller and the buyer. It could also happen when the conveyancer has vested interests in the property. For example, if he or she will receive a commission from the seller or if the conveyancer owns part of the property, that would constitute a conflict of interest. Conflicts of interest may significantly affect the conveyancer's impartiality. For instance, he or she may hasten the process to ensure you purchase the property. A professional conveyancer must declare a conflict of interest. If you choose to work with the conveyancer, he or she must explain how to protect your interests.
What Are Their Terms and Conditions?
Examine the conveyancer's terms and conditions. These would include the following:
- What are the official means of communication? Most conveyancers will give you their official phone number and email address.
- How long will the process take?
- Are you allowed to terminate the contract without incurring penalties?
- How much will the conveyancer charge? When and how should you make payments? Check extra fees such as fess for the title search, property inspection, title transfer and administration charges.
The conveyancer should also have professional indemnity insuranceto protect you from financial losses caused by errors and omissions.