NAVIGATING THE MAZE: YOUR CONVEYANCING FAQs ANSWERED

Buying a property is an exciting step, but the legal side of things can feel overwhelming. Conveyancing, the process of transferring ownership, is crucial yet throws around terms like "transfer duty" and "rates clearance." Don't worry, we've got you covered! This blog dives into frequently asked questions (FAQs) to shed light on the conveyancing process.

What are some hidden fees I should be aware of?

While your conveyancer should provide a clear breakdown of costs upfront, there can be a few extras. These might include:

Property searches: Uncovering potential issues like outstanding debts or boundary disputes.

Bank fees: Associated with registering your bond (mortgage).

Transfer Duty: A tax levied by the government on property purchases.

Corrections: sometimes a previous conveyancer may have made errors or you have had your name changes or the property has a condition (clause) that needs to be removed.

How long does conveyancing typically take?

The ideal timeframe can vary depending on various factors. A smooth process, with a straightforward sale and an efficient conveyancer, could take around 6-8 weeks. However, delays can arise due to:

Financing complexities: If you require a mortgage, approval times can impact the timeline.

Outstanding paperwork: Missing documents from either seller or buyer can cause hold-ups.

Unforeseen issues: Title disputes or property defects can require additional investigation.

What happens if unexpected issues arise?

Deeds Office Delays: The Deeds Office in each province is the master of the process and it may experience delays due to large volumes of work and or technical issues. Bear with the conveyancer as this is beyond their control.

Don't panic! A good conveyancer will anticipate potential problems and guide you through them. Here's what to expect:

Open communication: Your conveyancer will explain the issue and the possible solutions.

Renegotiation: Depending on the situation, you might need to renegotiate terms with the seller.

Possible delays: Addressing unexpected issues will likely extend the conveyancing timeline.

Pro-Tip:  Choose an experienced and reputable conveyancer who can explain things clearly and address your concerns promptly.

Conveyancing is an essential step in securing your property ownership. By understanding the process and potential hurdles, you can approach it with confidence and navigate the exciting journey of buying your dream home! Feel free to give our team a call on 021 424 4599.

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