What Is The Role Of A Solicitor In The Conveyancing Process?

In the intricate web of property transactions, the role of a Solicitor stands out as vital and indispensable. But when conveyancing, what exactly does a Solicitor do, and when do you need to get them involved?

The Essential Conveyancing Timeline: When to Engage a Solicitor in Your Home Buying Journey

When purchasing a home, it’s crucial to understand the role of your Solicitor and the optimal time to involve them to ensure a smooth and legally compliant transaction. Our recommendation is as follows:

1. Pre-Contract Stage:

Ideally, you should engage a Solicitor before entering into any binding agreement or signing a contract. This is because:

• Contract Review: A Solicitor can review the purchase contract to ensure it’s favourable and doesn’t contain any potentially harmful clauses. They can highlight any unusual terms, potential pitfalls, or areas where negotiation might be beneficial.
• Title Checks: At this stage, a Solicitor can conduct preliminary checks on the property’s title to identify any potential issues, such as easements or restrictive covenants.
• Advice on Conditions: If you wish to include specific conditions in the contract, such as subject to finance or building and pest inspections, a Solicitor can advise on the best way to phrase these to protect your interests.

2. Before Exchanging Contracts:

Even if you missed the pre-contract stage, it’s imperative to consult a Solicitor before exchanging signed contracts with the seller. Once contracts are exchanged, the sale becomes legally binding, and getting out of it can be costly and complicated. A Solicitor will ensure everything is in order before this crucial step.

3. Before Making a Deposit:

In all property transactions, a deposit will be required. Before parting with any money, have a Solicitor review the terms to ensure your funds are protected.

4. After the Contract Exchange

Even after contracts are exchanged, a Solicitor’s role is far from over. They will:

• Coordinate with Banks: If you’re taking a mortgage, they’ll liaise with your bank to ensure funds are available at settlement.
• Conduct Searches: They’ll undertake various property searches to verify that there are no undisclosed issues with the property.
• Stamp duty: They’ll ensure all necessary paperwork is prepared and provided to Revenue NSW so that the correct stamp duty is paid or the correct exemption is claimed
• Prepare for Settlement: The Solicitor will prepare all necessary documentation and coordinate with the seller’s representative to ensure a smooth settlement process.
• Settlement: They’ll arrange settlement and ensure the property is transferred to you without any encumbrances.

5. Post-Settlement:

Some issues might arise after the settlement, such as disputes about fixtures or final utility bill settlements. A Solicitor can offer guidance or representation if needed.

It’s advisable to engage a solicitor at the earliest possible stage when considering purchasing a home. Their involvement from the outset can safeguard you from potential legal complications, financial pitfalls, and the stresses of navigating the property transaction process on your own.