Buying and selling property in Australia

[Date: 1 January 2023]

With the frequent interest rates rises we have seen during this year, 2022 sure has been an interesting year for buying property. Most recent reports, from November 2022 suggest that house prices may finally be dropping; however there is little change to the overall affordability of property purchases. Furthermore, South Australia is bucking the trend when it comes to falling house prices.

If you are looking for a home or an investment property, it pays to familiarise yourself with any additional costs incurred, including conveyancing. This Zed Legal blog outlines what a conveyancer does in relation to property purchases.

What do conveyancers do?

Conveyancers are lawyers who deal with property. The main role of a conveyancing lawyer is to help you ensure all of the necessary documents and paperwork to complete the purchase (or sale) of a property. Your conveyancer should be guiding you through all of the administration and contractual details related to a property transaction. These actions might include:

• Notifying the seller you are ready to proceed with a purchase
• Completing searches enquiries with the local council
• Confirming there are adequate funds available for the purchase and any other payments that are due
• Booking and attending the settlement of the property in a court
• Advising all parties that the property has been settled
• Ensuring relevant companies and suppliers are advised of the transfer of the property

Other services conveyancers or property lawyers might be able to provide you assistance with include:

• Pre-contractual advice
• Explaining negotiation options and cooling off periods
• Referral to a qualified building inspector to assess the property
• Land division
• Family transfers of property
• Transferring property to your business
• Optional agreements, leases and licenses

Do I need a conveyancer?

To ensure the smooth purchase of a property, you need to engage a conveyancer to avoid mistakes or omissions which lead to delays in the processing of the sale. Processing and administering a property transaction has complicated conditions and mandatory processes. There is also a chance that an errors can cause not only a delay, but fines or fees being charged or a breach of contractual arrangement occurring. Conveyancing services are also critical in larger scale property purchases, where there are developers and investors involved.

The act of purchasing property becomes even more complex when that property is located interstate. There are many state-based rules and regulations that need to be researched and enacted. If the purchasing party is a foreign citizen, the Foreign Investment Review Board needs to grant approval for the purchase. This process has special conditions and exceptions.

With years of international experience, at Zed Legal we are regularly helping interstate and overseas clients to purchase or sell property here in South Australia. Get in contact today to discuss your conveyancing requirements. 

If you are planning to buy or sell property in Australia, please contact the Zed Legal team – [email protected]. Alternatively, you can book an appointment with us at www.zed.legal/booking/