Conveyancing for first home buyers in New South Wales

Purchasing a home for the first time can be a daunting task. Learning the technical jargon, knowing what to search for and how to negotiate your way into the perfect settlement just add to the stress. This is where a good conveyancer can not only make life easier, but possibly save you thousands of dollars too.

What is conveyancing?

A conveyancer is a solicitor or licensed professional conveyancer who acts on your behalf when buying or selling a property. It's possible to do your own conveyancing, and packs are available for this, but if you are a first homebuyer, it's not really advisable to take this route. With Australia's three-tiered government system, conveyancing can be very complex. The bulk of a conveyancer's work is running searches on the property being sold, including title deed and property searches, company searches and makes sure that there are no outstanding fees owing, such as rates and taxes.

If the search does turn up outstanding rates or other issues, the conveyancer will work on your behalf to write in special conditions into your contracts, or make sure all outstanding fees are paid before settlement. They will also take care of all stamping and lodging.

When do I hire a conveyancer?

As soon as an offer has been made on a property, the conveyancing work begins with an exchange of solicitors' or conveyancers' details between the two parties are exchanged. Your conveyancer immediately begins the process of examining the vendor's contract (usually drawn up by the vendor's conveyancer or representative). The contract should contain:

• The names of the parties (buyers and sellers)
• Full address of the property
• Selling price
• Any special terms and conditions
• Timing of settlement (when you will take possession of the property)

The contract and searches will inform your conveyancer if there are any hidden restrictions, such as zoning or title restrictions. They will also ensure that the contract meets your needs, will protect your interests, and reduce the risk of entering into a dispute with the vendor.