A conveyancer specialises in property law. Therefore, a conveyancer can help to make the legal process of buying, selling or transferring the ownership of a property a much easier experience. There are a number of laws surrounding the transfer of property ownership and with it comes a number of legal obligations. A conveyancer can help you:
- understand contracts involved with transferring property ownership
- fulfil all your legal obligations when transferring property ownership
- take advantage of your potential entitlements (such as the First Home Buyer’s Assistance Scheme and stamp duty exemptions)
Especially when you’re new to property law, it is important to understand different terminologies. For example covenants, caveats and easements. A conveyancer can help you to understand what each entails for when you are buying a property or transferring property ownership.
All of the legal work surrounding transferring property ownership can be quite cumbersome and therefore a conveyancer can help you to save a lot of time, money and a significant amount of stress!
A covenant is a specific condition to which the buyer of the property has to adhere to. Generally, these are restrictive in nature as they prevent the new owner from doing something to the property. For example, a covenant may specify that specific materials have to be used for all buildings that exist on the property.
Covenants are rather difficult to remove and they may affect the future value of the property. It is important to seek legal advice to understand all the implications that specific covenants have on a property that you may be buying.
A caveat is a warning, condition or limitation of the property for the buyer. For example, the seller may have a personal loan that is secured against the property. So be careful!
A conveyancer can help to determine whether or not the caveat can be removed and if it can be done before or at settlement.
An easement is the right to enter into someone else’s property/land for a specified purpose or for a particular use of the land. Easements are quite common as they may allow access to facilities shared by others.
For example, someone may need to access part of the land used for supplying power or a sewerage line. As a result, you may not be able to develop over an easement as it can restrict access. Furthermore, there may be further restrictions including excavating, erecting fences that may restrict access, stockpiling materials or garbage, etc.