Who Does What When You Buy or Sell a House?

Are you planning to buy or sell a house for the very first time?

First of all, congratulations! It’s an exciting time, but there’s a lot to organise and you may be wondering who does what when you buy or sell a house.

Most property transactions will involve a Real Estate Agent and a Conveyancer.

If you’re buying a property, you may also work with a Buyer’s Agent to help you find your ideal property. Once you find a property you will usually deal with the Real Estate Agent appointed by the seller, who is known as the Vendor. In some cases, the Vendor may sell their own property, but usually there will be a Real Estate Agent involved.

If you are selling a property, the Real Estate Agent will act on your behalf. They will advise you on any repairs or maintenance which may need to be carried out, and help you understand your obligations and rights as a property seller. If you are selling by auction, they will arrange an Auctioneer and will advertise your property, arrange open inspections, and accept offers from prospective buyers. They will also negotiate with interested buyers to help you get the best possible price.

Once a sale has been agreed, the Real Estate Agent will also draw up a Contract of Sale to be signed by both parties.

Each party to the transaction will also need a Conveyancer to prepare the legal documents required to transfer the property. 

We recommend engaging a Conveyancer as soon as you decide to buy or sell, as we can provide you with guidance throughout the process. If you’re a seller we can prepare the Form 1 you are legally obliged to provide to the purchaser. If you’re the buyer, we can review the Form 1 to ensure there aren’t any issues that may cause problems.  

The Conveyancer will also advise on contract conditions which you may wish to include as the buyer, or review any conditional offers you receive as the seller. Your Conveyancer will also perform searches on the property to ensure the title is clear of any unexpected encumbrances or other restrictions. This includes confirming there aren’t any unpaid council rates or land tax owing on the property, as well as checking for any planned developments, illegal building work or unresolved disputes that could cause problems in the future.

Once the Contract of Sale has been signed and the cooling off period has passed, the Conveyancer will organise for the title to be transferred via electronic settlement, including calculating the water and council rates owing on the day of settlement.

The Conveyancer will also arrange payment of the deposit, stamp duty and other fees and charges.

There’s a lot involved in buying or selling a property, so engaging a Conveyancer early will help your transaction run smoothly right from the start.

Depending on your circumstances, as a buyer you may also work with a Mortgage Broker to help you arrange finance for your purchase and an Insurance Broker who can provide advice on the appropriate insurances for your new property.

Both buyers and sellers may also use a Building Inspector to perform a detailed building inspection, check the property for any structural or other defects and recommend repairs. For buyers this will identify any additional costs you may need to consider, while some sellers like to have a building inspection done to identify any potential issues or opportunities to increase the value of the property. 

There are so many different parties involved in buying or selling a property, engaging a Certified Practising Conveyancer can help you navigate the complexities of this process.

We have also compiled some handy links to help you calculate the costs of buying or selling a property.

Please get in touch today for a confidential and obligation-free chat, so we can answer any questions you may have and provide you with a cost estimate for your conveyancing needs.