First home buyer's guide

In the excitement of purchasing a first home, it is easy to overlook the additional costs and anxieties of the legal aspects of the transaction. The transfer of a clear title or deed to the property from seller to buyer is known as conveyancing, and this is not really something that you should attempt to do yourself, as it is a complex area of law and mistakes can lead to awful problems. Conveyancers or solicitors who specialise in conveyancing are the best option for dealing with this aspect of the sale.

What is conveyancing?

Conveyancing refers to all of the legal aspects of the transfer of the title to your name. It involves searching the title to ensure that it is 'clear' (ie free of debts, doubtful ownership, easements which may affect your enjoyment of it, or other complications), negotiations with the financial institutions involved, negotiations between you and the seller, and any other details to ensure that you have a 'watertight' settlement.

Who can do conveyancing on a first home?

You may choose to use a solicitor to complete the conveyancing when buying your first home, or a specialist called a conveyancer (they used to be known as land brokers). Some conveyancers are solicitors who have specialised in conveyancing, some are people who have completed specific training as conveyancers, and specialise only in this area of law. If you use a conveyancer, ensure that they are a member of the Australian Institute of Conveyancers.

It is possible to do your own conveyancing, using a Conveyancing kit, but this is risky, and if you make a mistake you will not have a conveyancer's insurance to recompense you.

What costs are involved?

The costs of the conveyancing on your new home will depend on the complexity of the situation. A clear title with no complications will take less searching and the costs of employing a solicitor or conveyancer will be less than for a more complex case. Also, conveyancers negotiate between you and the other parties involved (the seller, financial institutions and real estate agent, so again the simpler the situation the less you will pay. Get quotes from several different conveyancers for the whole job, to help you make your decision, as fees vary.

Bear in mind that while professional conveyancing may be an additional unwanted cost at an expensive time, it can potentially save you from far worse costs and complications in the future.

Conveyancing for first home buyers

Amid the joy and excitement of buying your first home lie the complications and traps of the legal side of getting the property safely in your name. While getting this done professionally may seem like another unwanted expense, it is well worth the peace of mind to ensure that it is watertight, as the implications for the future are potentially grave if mistakes are made. Conveyancers deal with the legal language and legal traps so that you can just enjoy your new home.