Yes, when buying property in Australia, it is highly recommended to hire either a conveyancer or a lawyer to handle the legal aspects of the transaction. While it is not legally required in all states, having professional assistance can help you navigate the complex process of property purchase.
Why You Need a Conveyancer or Lawyer
- Legal Checks & Due Diligence
- Reviewing the Contract of Sale to ensure fair terms.
- Checking for any caveats, easements, zoning restrictions, or heritage listings that could affect the property.
- Ensuring compliance with state-specific laws and requirements.
- Handling Finances & Settlement
- Assisting with stamp duty calculations and payments.
- Coordinating with your bank or lender for mortgage approval and settlement.
- Preparing the transfer of title documents.
- Negotiations & Special Conditions
- Negotiating contract terms, such as extensions, price adjustments, or repairs before settlement.
- Ensuring all special conditions (e.g., subject to finance, pest and building inspection) are included.
- Lodging Documents & Compliance
- Registering the change of ownership with the relevant state land titles office.
- Ensuring compliance with Foreign Investment Review Board (FIRB) rules (if applicable).
Conveyancer vs. Lawyer – What’s the Difference?
| Feature | Conveyancer | Property Lawyer |
|---|---|---|
| Scope | Specializes in property transactions | Covers all legal aspects, including disputes |
| Cost | $800 – $2,000+ | $1,500 – $3,500+ |
| When to Hire? | Standard property purchases | Complex deals, disputes, legal advice beyond conveyancing |
State-Specific Rules
Each Australian state has different property laws and procedures. Here are some key points:
- Victoria (VIC) – Buyers must receive a Section 32 Vendor’s Statement before signing.
- New South Wales (NSW) – A 10% deposit is usually required at exchange. “Cooling-off period” of 5 business days applies (except at auction).
- Queensland (QLD) – Settlement usually takes 30 days, and a cooling-off period of 5 business days applies (unless waived).
- Western Australia (WA) – “Offer and Acceptance” contracts are legally binding once signed.
- South Australia (SA) – Buyers receive a Form 1 (Vendor Disclosure Statement) before signing.
- Tasmania (TAS), Northern Territory (NT), Australian Capital Territory (ACT) – Different disclosure and stamp duty processes apply.
