8 Steps to Buying Property

7. Conveyancing

What is Conveyancing?

Conveyancing is the legal transfer of a property’s title from the seller to the buyer. It is important that buyers research who they wish to use for conveyancing when they have a contract of sale.

Use a Solicitor

The REIQ recommends the use of a qualified solicitor (for details of qualified solicitors contact the Queensland Law Society) for any property matter, including conveyancing.

Using a solicitor often saves time on paperwork such as title searches and stamp duty, and can often provide peace of mind when making what may be the largest single financial transaction of one’s life.

Conveyancing Costs

Conveyancing will incur costs such as searches of the:

  • Titles Office,
  • Certificate of Rates,
  • Zoning
  • Transfer duty 
  • Registration fees
  • Standard professional services costs

Council and property searches can identify any planning issues or problems, and highlight what the area might look like in five to 10 years. They ensure major changes like new freeways and major road upgrades are not planned for a property’s backyard.

Searches for zoning and titles will determine whether the property has any restrictions such as adverse planning, demolition orders, outstanding taxes or encumbrances on the title (for example, easements or caveats).

Most of these searches are standard in the conveyancing process but are often overlooked when buyers elect to do the conveyancing themselves.

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Step eight: Settlement