Page 14 - Real estate: a guide for buyers and sellers

Real estate: A guide for buyers and sellers

The transfer of ownership of land from the Legal practitioners
seller to the buyer is called a conveyance
of land. This is usually undertaken A legal practitioner must hold a current
with the help of a legal practitioner or practising certificate and have professional
conveyancer. Buyers and sellers should indemnity insurance.
engage their own legal practitioner or
conveyancer. Legal practitioners can perform general
legal work and provide legal advice.
Conveyancers Some legal practitioners specialise in
conveyancing and property law.
A conveyancer is someone, other than
a legal practitioner, who is licensed to Sellers can engage a legal practitioner to
undertake property conveyancing work prepare all the required documentation,
and to do legal work or give legal advice including the vendor’s statement and the
about the transfer of title. contract of sale. Legal practitioners can
also be engaged by buyers to review and
Conveyancers can be engaged by a seller advise on the vendor’s statement and
to prepare the vendor’s statement and the contract of sale, and ensure that the
other legal documentation, such as the transfer of title is done correctly.
contract of sale. They can be engaged by
a buyer to check the vendor’s statement, SELLER’S TIP
advise on the terms and conditions in the
contract of sale and conduct searches. Make sure all charges including
disbursements (additional administrative
Licensed conveyancers must have costs) are discussed and understood
professional indemnity insurance. before you engage a legal practitioner or
conveyancer.
Get written quotes before choosing a legal
practitioner or conveyancer.

If you use a conveyancer, make
sure that they are licensed. You
can check if someone is licensed
by contacting the Business Licensing
Authority on 1300 13 54 52 or by
searching the public register of licensed
conveyancers at bla.vic.gov.au.

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