Conveyancers and Solicitors in the Property Selling Process
The role of a solicitor or conveyancer in conveyancing will vary depending on whether they are acting for the buyer or for the seller.
The role of a solicitor or conveyancer when acting for a seller in conveyancing is basically as follows:
- To obtain instructions from the client about the information needed to prepare a contract for sale
- To prepare a contract for sale and send that to the seller’s agent. In NSW it is illegal to market a residential property for sale without a draft contract for sale being available for inspection by prospective purchasers.
- To negotiate amendments to the contract for sale which might be requested by a buyer or their solicitor after taking instructions from the seller
- To arrange for the contract for sale to be signed by the seller
- To arrange for the an exchange of contracts for sale ie this is a physical swap of the contract for sale signed by the seller with an identical contract signed by the buyer.
- To ensure that a deposit is paid by the buyer at the time of exchange of contracts for sale. The deposit is usually for 10% of the purchase price although it is not uncommon for the deposit amount to be reduced to 5% of the purchase price or for a deposit bond to be used
- To arrange for a discharge of any mortgage over the property
- To answer any requisitions and other correspondence sent by the purchaser’s solicitor
- To deal with any problems or difficulties which might arise during the settlement period eg a default by the purchaser. When these arise they can be very stressful for the seller and it is important that you select a competent solicitor who will act in your best interests in a timely and effective manner
- To arrange for the settlement of the sale
- To report to the seller at all stages of the transaction.
At clickconveyancing, we employ experienced solicitors who are passionate about property and conveyancing. We have become experts at servicing clients selling property as is evidenced by our glowing conveyancing testimonials.
In the next article, I will outline the role of a buyers solicitor in conveyancing.
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To put it simply, conveyancing is the process by which real property is legally transferred from one person to another. In Australia, the owner of real property is “registered” as the owner of the property with the relevant State Government land department. The effect of being noted as the “registered” owner of real property is that no-one can steal your property or otherwise be entitled to claim ownership of your property. Read more
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