What conveyancing is
You can buy a car in an afternoon. Hand over the money, take the keys, drive away. Property does not work like that, and the reason is worth understanding before you start.
When property changes hands, you are not simply transferring a building. You are transferring a bundle of legal rights to a piece of land, and that bundle has history. Someone may have the right to run a drain under the back corner. The council may have recorded something about what can be built there. A previous owner may have agreed to a restriction that still binds whoever owns it next. None of that is visible when you walk through the front door on a Saturday morning.
Conveyancing is the work of finding all of that out, and then moving those rights from one person to another safely.
Conveyancing is the legal process of transferring ownership of a property from one person to another. A conveyancer handles the work involved in that transfer. They review the contract, check the property and title information, manage the relevant requirements, work out the financial adjustments between the parties, and coordinate settlement.
You will also hear the word used loosely to mean the whole period between agreeing a price and getting the keys. That is close enough for everyday use.
Most of conveyancing happens out of sight. Here is what is going on while you get on with the rest of your life.
Every property carries a legal record, and it rarely matches the version in the listing. Your conveyancer orders searches against the title and with the relevant authorities, looking for the things that do not turn up at an inspection: a shared driveway, an easement for a pipe or a drain, a restriction on what can be built, money owed against the property. Most of the time nothing alarming comes back. The point is that you find out while there is still an opportunity to deal with it, rather than after the transaction has completed.
The contract is where the rights, obligations and deadlines of the transaction are set out, and what any of it means varies by state and from contract to contract. That is precisely why it matters that someone reads the contract for your particular transaction before you are committed. Most people sign one without ever having it explained to them, and it is the point in this process where an hour of someone's attention is worth the most.
Costs attached to a property, such as council rates, water and relevant property fees, are often paid for periods that do not line up neatly with the day ownership changes. They are worked out and allocated between the parties as part of settlement. It is unglamorous arithmetic, and it quietly makes sure neither side pays for days they did not own the place.
Settlement is when the transaction is completed. Funds are transferred, ownership changes and the relevant records are updated. These days it is generally done electronically, coordinating the transfer of funds and change of ownership through the settlement process rather than relying on cheques and paperwork moving between offices.
This is something a lot of people wonder about and few ask, so let us answer it plainly. Your deposit is generally held under a trust arrangement rather than simply being handed to the other party to spend. Exactly how it is held, and when it can be released, depends on the contract and the state you are in, which is a good question to put to your conveyancer early.
The principle worth holding on to is that the money is not meant to be sitting wherever anyone finds convenient. If you are ever unclear about where your deposit is or what releases it, that is a reasonable thing to ask, and a straight answer should be easy to get.
You will hear both words. A conveyancer specialises in property transactions. A solicitor is a lawyer who may also handle property work alongside other areas of law. Which professionals can act depends on the state and the circumstances of the matter, so ask whoever you are considering whether they can act where your property is. We go further into how to weigh them up in choosing a conveyancer.
Property law and conveyancing requirements vary between Australian states and territories, and those differences can matter.
The broad shape of the process is similar: check, contract, conditions, settle. But the paperwork, the timing, and the requirements and rights that apply can differ depending on where the property is.
That is why a generic national answer is often not much use to you, and why the detail lives in our state guides rather than here. Once you know which side of the transaction you are on, they will tell you what actually applies where you are buying or selling.
Two terms you'll commonly see are the professional fee and disbursements. The professional fee is what you pay the conveyancer for their work. Disbursements are third-party costs associated with the transaction, such as searches and certificates.
When comparing quotes, look beyond the headline professional fee and check what is included, what is separate, and which disbursements you can expect.
Earlier than many people realise. You do not need to have found a property to start comparing your options. Reviewing the contract before you are committed is where a conveyancer can be most useful, and that only works if someone is already engaged when the moment arrives. Starting early also gives you time to understand your options before you are under any pressure to decide.
In some circumstances people do handle parts of a property transaction themselves. Because the requirements differ by state and the process involves important deadlines and legal documents, anyone considering doing it themselves should first check what applies in their state.
The fee pays for the professional work: reviewing the contract, managing the requirements, and coordinating settlement. Disbursements are third-party costs associated with the transaction, such as searches, certificates and other external charges.
Ideally, before you are committed to the transaction. Early advice can help identify issues in the contract or property information while there is still an opportunity to understand them, ask questions or take action.
This guide covers what is true for everyone. What happens next depends on which side of the transaction you are on.
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