A ‘conveyance’ is the legal process by which property is transferred from one party to another.
The difference between a licensed conveyancer and a conveyancing solicitor is that the breadth of knowledge of a conveyancing solicitor is greater. A conveyancing solicitor will have undertaken five years of tertiary education, as opposed to a licensed conveyancer’s one year.
Engaging a conveyancing solicitor will ensure that that you are advised on legal matters and risks that may arise in the purchase or sale of a property:
- Negotiating the deletion of unfavourable special conditions;
- Defects with the property found between exchange of contracts and completion;
- Strata special levies and strata inspections;
- Adverse affectation searches of government authority registers;
- Effecting removal of caveats listed on title;
- Issues with delayed completion; and
- Risks in relation to the release of deposit.
Conveyancing Solicitor Sydney – What Does a Conveyancing Solicitor do?
A conveyancing solicitor will assist purchasers:
- Review the contract for sale;
- Negotiate special conditions with the vendor’s solicitor;
- Lodge all required legal documents;
- Deal with any issues relating to a property inspection;
- Arrange settlement via PEXA with the incoming mortgagee (lender) and vendor’s solicitor.
A conveyancing solicitor will assist vendors:
- Prepare the contract for sale including special conditions;
- Negotiate with solicitors acting for prospective purchasers;
- Answer requisitions on title;
- Lodge all required legal documents;
- Arrange settlement via PEXA with the mortgagee being discharge (lender) and purchaser’s solicitor.
What is PEXA
PEXA is the acronym for Property Exchange Australia. PEXA is an online tool used by conveyancing solicitors to effect the transfer of land. All parties are joined to an online workspace, including:
- The vendor’s conveyancing solicitor;
- The purchaser’s conveyancing solicitor;
- The bank/lender acting as incoming mortgagee (if required);
- The bank/lender listed as mortgagee on title (if present).
In the PEXA workspace a digital transfer of land is generated. At the day scheduled for settlement the purchaser’s funds, uploaded by the bank providing the loan OR directly from the solicitor’s trust account, will be uploaded to the PEXA workspace.
At the exact time of settlement the funds will be disbursed in accordance with the settlement adjustment figures agreed by the parties.
Carneys Lawyers – Conveyancing Solicitor Sydney Team
Carneys Legals’ team of conveyancing solicitors is second to none.
The team is headed by Nathan Wrench who is an experienced property solicitor. Nathan has acted for developers; first home buyers; property investment groups; advised on SMSF property purchases; lenders; hotel groups; receivers – to mention a few.
A conveyance gone wrong is one of the most expensive and oft litigated matters in the legal domain. One small mistake in the conveyance process can cost a lot. It is crucial that you have good team on your side to ensure that your interests are protected every step of the process.
