Understanding the roles in property transactions: The difference between conveyancers and real estate agents?

The Role of a Conveyancer vs. a Real Estate Agent

When navigating property transactions in Perth, two essential professionals come into play: the conveyancer and the real estate agent. Each serves distinct but complementary roles, offering unique expertise and guidance crucial to a successful property transaction.

Conveyancer’s Role

A conveyancer, also known as a settlement agent, is responsible for the legal procedures required to transfer property ownership. Typically engaged after an Offer and Acceptance (O&A) is signed, it’s wise to have one on hand prior to buying or selling, as they can offer valuable guidance on contract conditions. Working on behalf of the buyer or seller, a conveyancer handles a range of essential tasks. These include identity verification, document preparation, title searches, and expert advice on contract implications to ensure a seamless settlement process.

Diving deeper into the conveyancer’s role:

Offering Peace of Mind: Managing the preparation, execution, verification, and submission of legal documents, conveyancers provide clarity and guidance, explaining the significance of each document in the conveyancing process.

Documentation and Compliance: Ensuring that all legal documentation meets the state’s laws and regulations.

Title Verification: Conducting comprehensive searches to confirm property ownership and identify any associated legal issues, ensuring a clear title for the buyer.

Settlement Coordination: Overseeing the entire settlement process, including fund transfers and ensuring all legal obligations are met on settlement day.

Dispute Resolution: Assisting in resolving disputes and safeguarding clients’ interests, at times involving a property lawyer when necessary.

Real Estate Agent’s role

The role of a real estate agent extends far beyond the initial property search or listing. While their primary function involves assisting in finding the ideal home or facilitating a successful sale, their work continues even after an Offer and Acceptance (O&A) is secured. Acting as a central communication hub among various parties, including buyers, sellers, mortgage brokers, and inspectors, they ensure all involved are updated on the transaction’s progress. Representing clients in negotiations and disputes over prices is also part of their responsibility.

However, post-O&A, their role expands:

Addressing Potential Issues: Resolving any issues arising after the contract is signed, which might involve renegotiations, addressing repair matters, or navigating unexpected challenges to ensure a smooth transaction.

Communication with the Settlement Agents: Serving as a liaison between parties to minimise stress and unnecessary involvement, ensuring a cohesive process.

Coordinating Inspections: Assisting in scheduling and managing property inspections, such as building or termite inspections, by the specified due date in the O&A.

Key Handover: Facilitating the final step, once the settlement is successful, by providing the keys to the new owners, concluding the transfer in an efficient manner.

Crucial differences between your conveyancer and real estate agent

Expertise: Conveyancers focus on the legal aspects and documentation of property transfers, ensuring legal compliance. Real estate agents specialise in property marketing, negotiation, and facilitating sales.

Client representation: Conveyancers primarily represent the legal interests of both buyers and sellers, while real estate agents chiefly represent the seller’s interests in marketing and negotiating the sale.

In partnership, conveyancers focus on the legal intricacies, ensuring the legal compliance and documentation necessary for a smooth property transfer. On the other hand, real estate agents excel in property marketing, negotiation, and overseeing sales, bridging buyers and sellers for successful transactions.

Collaboration between these professionals stands out as crucial for a seamless and successful property transaction in Perth. Their synergy covers legal and sales aspects, ensuring that the needs of both buyers and sellers are met.

By engaging both conveyancers and real estate agents, clients can rest assured of a well-rounded approach that leads to a smooth and successful property transaction experience in Perth.