What Does a Conveyancer Actually Do? A Step-by-Step Guide for Melbourne Buyers

Before you sign: the contract review

The most important work often happens before you commit to anything. In Victoria, the seller must give you a Contract of Sale and a Section 32 Vendor Statement. The Section 32 sets out what you are really buying, including the title, any mortgages or caveats on it, planning and overlay information, rates and outgoings, and anything that could affect the property.

A good conveyancer reads both documents carefully and explains anything that could catch you out, such as an owners corporation with high fees, a planning overlay that limits what you can build, or a covenant that restricts the block to a single dwelling. At Orange Legal Group this review is turned around in one to two business days, so you are never left waiting while a property slips away.

After you sign: getting the transaction moving

Once contracts are exchanged, your conveyancer takes over the running of the file. They confirm the key dates, including the settlement date and any conditions such as finance or a building and pest inspection, and they diarise the deadlines so nothing is missed.

They also order the certificates needed to complete the purchase, including title searches and a Land Information Certificate from the council, which confirms the rates and any charges owing on the property.

Working with your lender

If you are borrowing to buy, your conveyancer works alongside your bank or broker. They make sure your lender is ready to settle on the right date, confirm the loan and deposit figures, and coordinate the electronic settlement so your funds and the title change hands at the same moment.

Adjustments and the final figures

Before settlement, your conveyancer prepares a statement of adjustments. This works out the exact amount payable at settlement by apportioning council rates, water and owners corporation fees between you and the seller, so each party only pays for the time they owned the property.

They also calculate your land transfer duty, commonly called stamp duty, and check whether you qualify for any concessions or exemptions, such as the first home buyer benefits.

Settlement day

Settlement is when the property legally becomes yours. In Victoria this now happens electronically through PEXA, so there is no need for anyone to meet in a room with paper documents and cheques. Your conveyancer attends the online settlement, confirms the funds have moved, and lodges the transfer of land so the title is registered in your name.

Once settlement is confirmed, you can collect the keys, usually from the agent. Your conveyancer then attends to the final steps, such as notifying the council and water authority that you are the new owner.

Why it pays to get advice early

The biggest risks in a property purchase are usually hidden in the contract and Section 32, and they are far cheaper to deal with before you sign than after. Getting a conveyancer or property lawyer involved early means someone is looking out for your interests from the start, and dealing with problems while they are still cheap to fix.