A comprehensive guide to conveyancing in Australia: key steps and legal requirements

As a conveyancer or lawyer in Australia you are entrusted with the important task of facilitating successful property transactions for your clients. Whether you are representing the vendor or purchaser, having a comprehensive understanding of the conveyancing process in Australia is essential to navigate the complexities of certain transactions and ensure a smooth transfer for your clients.
In this guide, we will provide an in-depth overview of the conveyancing process in Australia, navigating through the crucial steps involved and the forever evolving legal requirements you need to stay actively aware of.
1. Staying compliant
In the conveyancing arena, compliance with state-specific is of the utmost importance. Depending on the jurisdiction, conveyancing services may be exclusive to lawyers or open to licensed conveyancers. Familiarise yourself with the licensing and regulatory requirements in your state to ensure you are on the right professional path.
2. Ordering Property Enquiries
As a scrupulous lawyer or conveyancer, you understand that thorough property searches form the bedrock of a successful transaction. Conduct searches with various authorities to ascertain vital information about the property, such as encumbrances, zoning restrictions, planning approvals and any outstanding debts. These searches are instrumental in safeguarding your clients’ interests and ensuring a transparent transaction.
3. Preparing the contract
Drafting a comprehensive and legally robust contract of sale is one of your primary responsibilities. Requiring a meticulous attention to detail as you outline essential terms and conditions, including the sale price, date of completion, inclusions, and any special conditions agreed upon by both parties. A well-prepared contract of sale can avert potential disputes and protect your clients’ rights throughout the process.
4. Due diligence
Complete your due diligence by verifying your clients identity which is now easier than ever with remote verification of identity (VOI) technology. InfoTrack’s VOI solution, InfoTrackID includes the option to have your clients complete the client authorisation form (CAF) and Purchasers Declaration electronically. Assisting your clients in conducting due diligence is crucial for informed decision-making. Encourage thorough property inspections, contract reviews, and an understanding of the outcome from the property searches performed.
5. Navigating finance and building inspections
Helping your clients secure financing for their property purchase demands a keen eye for detail. Facilitate the loan arrangement process efficiently to ensure a smooth transaction. Additionally, ensure that building and pest inspections are carried out diligently, identifying any issues that may affect the property’s value or pose potential risks. Equipped with these reports and knowledge, your clients can make well-informed decisions.
6. The exchange of contracts
Once all parties are content with the contract’s terms, it’s time to facilitate the exchange of contracts. As the trusted intermediary, ensure a seamless transfer of legally binding documents between the buyer and seller. Handle the deposit payment with utmost care, as it signifies the commitment of both parties to the transaction. Engage in solutions such as Securexchange to securely exchange documents and share banking details between parties all in one secure place.
7. Nearing settlement
The settlement phase demands precision and efficiency. Coordinate with all parties involved to ensure a smooth transaction. Attend to any last-minute issues promptly and liaising with the banks to ensure their requirements have been met and they’re ready to proceed with settlement, to avoid delays and complications come time to settle.
8. Title registration
After settlement, the process concludes with the registration of title. To finalise the transfer all documents are to be submitted for registration with the relevant authority at time of settlement, all documents are to be prepared in registerable form to avoid a requisition raised.
Your team is likely highly skilled, exceptional with clients and experts at contract review and negotiation, which is why it is important to hone their skills in these fields and empower them to be the best lawyers and conveyancers they can be.
Utilising InfoTrack’s tailored solution SettleIT on your property transactions as legal professionals, where your expertise lies in providing exceptional legal counsel to your clients means that by delegating administrative tasks to us, you can reclaim precious time and energy to concentrate on what truly matters—building strong client relationships and delivering outstanding legal services.
This also means you can increase capacity without increasing your headcount, also allowing you to expand your business interstate, no need to register or be trained on ELNO platforms like PEXA or Sympli, saving you time and allowing you to make more money with less stress.
So, how does SettleIT work?
Create an order and upload the required documents, Sit back and let SettleIT create the ELNO workspace, prepare the transfer, attend to stamping, contact authorities and calculate adjustments and liaise with the other parties via the ELNO. Receive real-time status updates and track the status of your order on the platform. You will be notified immediately once settlement takes place and all relevant documents will be uploaded for your records. Find out more about how SettleIT works here.