How many conveyancers does it take to transfer a property?

05 May 2020 1195
Buying or selling a property for the first time is a milestone event in any person's life. However, after the excitement wears off and the contracts are signed, it's time to deal with the legal side which most commonly consists of:  1) the transfer of the property from the Seller to the Purchaser, in most instances 2) the registration of a bond for the Purchaser and 3) the cancellation of the Seller’s existing bond over the property.

In a transaction such as this, there is usually more than one Conveyancing Attorney involved, who each play different roles. This in itself, could leave you confused and wondering whose bill to pay.

In the instance where you are the Purchaser of a property, there are two roles that a Conveyancer can play in your transaction. Firstly, there's the Transfer Attorney, who will request you as the Purchaser to pay the transfer fees and sign your transfer documents at their offices. They are appointed by the Seller, but they act in both the Purchaser and the Seller’s interest during the transaction. The Transfer Attorney facilitates the entire transfer process, and you will be in communication with them throughout the transaction. They also liaise with all the other attorneys whomay be involved in the transaction.

Secondly, as the Purchaser, if  you approach a bank to finance the property and your bond application is granted, you will be appointed a Bond Attorney. The Bond Attorney is appointed by the bank from their Panel of Attorneys, and you will sign your bond documents at their offices. As the Purchaser, you can advise your bank that you would like your bond instruction to go to the law firm of your choice, which they may consider. The Bond Attorney will also request you as the Purchaser to pay the bond registration fees, which is in addition to your transfer fees.
 
The Bond and Transfer Attorneys respectively may be from the same law firm, or your transaction may be dealt with by two different firms.

The Seller may also interact with a Bond Cancellation Attorney if they have an existing bond to be cancelled. The Bond Cancellation Attorney is appointed by the bank to assist in cancelling the existing bond over the property, as the property will not be able to be transferred with any existing debt. The Seller will be responsible for the Bond Cancellation Attorney's fee.
 
When the Transfer, Bond and Bond Cancellation Attorneys are ready to send your matter to the Deeds Office for registration, they liaise with each other and indicate to the Deeds Office that they are all linked to the transaction. The documents are then all lodged simultaneously, so that transfer, registration of the Purchaser’s bond and cancellation of the Seller’s bond all occur on the same day.

By familiarising yourself with the above, you'll be much more prepared and certain of who you will be communicating with and what fees you are meant to pay. It's sure to make your experience in buying or selling property more efficient, and certainly a lot less stressful.
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