What is a conveyancer
It is one of life’s greatest joys to buy a first or new home. Other than that, it is also a big step and the most important financial transaction you will ever make. That’s why we will recommend you not deal with it lightly.
Before you take possession of your new property and move in, make sure that the legal process of transferring ownership of the property is completed correctly.
This legal process of transferring property or land ownership from one person to another is known as “Conveyancing.” And the person who facilitates you in this process is called “Conveyancer.”
This post will provide you with enough information about the role of conveyancer in New Zealand and the cost of conveyancing.
What is a Conveyancer or Conveyancing Practitioner?
A national body called “The NZ Society of Conveyancers” was formed after the Lawyers and Conveyancers Act 2006, which came into force on 1 August 2008. The role of this society is to represent, promote and regulate the conveyancing profession. According to this society, conveyancing practitioner can be of two types:
- Conveyancing Lawyer – this can be a fully qualified legal professional with immense training in many aspects of the law and who can provide you with the full range of legal services.
- Licensed conveyancer – a person who has the expertise and specializes in the transfer of property ownership. A licensed conveyancer cannot deal with any other complex issues because they’re only specialized in the property.
In New Zealand, whether your conveyancer is a conveyancing solicitor or licensed conveyancer, in both cases, they are bound to handle all the legal aspects of your property purchase or sale for you.
As we discussed earlier, a property deal is often quite a complex process, and so many complications can arise in this process. Therefore, it is advised to use a fully qualified lawyer or solicitor as your conveyancing practitioner. So, if any other legal issue pops up during your property transaction, they will be able to handle it.
Common services to be provided by Conveyancers are:
- Creating notices of sale for local authority
- Preparing, receiving, and perusing the sale and purchase agreement
- Collaborating with other lawyers for confirmation of any condition of the agreement
- Preparing and checking the settlement statement
- Searching and reviewing the certificate of title
- Preparing loan documentation from your functional institutions
- Obtaining a guaranteed search of the title
- Preparing for completing the settlement
- To complete the registration of the transfer of the property and the mortgage.
How much does conveyancing cost in New Zealand?
Conveyancers set their own free, although it can be negotiable. Most firms offer all-inclusive, fixed conveyancing fees for their range of services. But this fee can vary depending on:
- The workload
- Why you use
- The type of property
- The number of complications that may arise
- Location
The average conveyancing fee or costs in NZ are as below. It also excluding GST and disbursement costs;
- Purchase of Property (with mortgage) from $1800
- Purchase of Property (without a mortgage) from $1450
- Sale of property (mortgage to discharge) from $1650
- Sale of property (no mortgage to discharge) from $1450
- Refinance of mortgage from $1200
These are standard residential conveyancing prices and don’t cover unexpected complications that may arise during the transaction. Firms are bound to inform you before proceeding if any unforeseen matters occur.
Why use a conveyancer?
You will easily include or overlook incorrect information if you don’t use a conveyancer. Without a conveyancer, it is easy not to notice omission when it comes to legal documentation.
Remember one thing once you’ve signed something, it’s legally binding. Suppose there is a need for a particular clause to be inserted; how do you know if it’s worded so as to protect you?
Whether you engage conveyancing services in Willington, Auckland, or anywhere in New Zealand, make sure to do proper research and ensure that your conveyancer has the necessary qualification, licenses, and experience. We will suggest you give preference to The New Zealand Society of Conveyancers (NZSOC).
