The Role of a Conveyancing Lawyer during the Home Loan Process
- Author Don Milne
- Published December 24, 2017
- Word count 508
Purchasing a new home often is an overwhelming process with many hurdles and legalities that the ordinary Aussie individual may not be familiar with. It is widely accepted as practical knowledge that a conveyancing lawyer is critical throughout the purchasing process with engagements relating to advice on the terms of the contract, conducting land searches, making legal applications, and all other work relating to documentation.
So long as there is documentation involved, you can safely assume that a conveyancing lawyer acting on your behalf will have the responsibility and obligation to advise you on the best form of action in your interests.
When it comes to the home loan process, many individuals aren’t aware that conveyancing lawyers too have a role to play.
Acting for the Buyer
Often times it is assumed that the mortgage journey either involves the buyer and a lender or the buyer and a mortgage broker (who then communicates with the banks on behalf of the buyer).
Although it is not common for conveyancers to be part of the financial arrangements between you and lending institutions, their obligation to act as your legal representative in the property buying process is enough to engage them in some respect.
As a result, consultation with a conveyancer can be made with regards to any home loan documentation between the buyer and the banks. These documents can include any arrangement of the settlement with the bank, facilitation of the home loan process through ensuring that the bank receives all the necessary documentation such as the land title as well as assisting in the preparation of mortgage documents.
This can prove to be extremely useful especially if you aren’t savvy with legal terminology or aren’t accustomed to perusing a bundle of home loan documentation from a bank. After all, it is the duty of conveyancing lawyers, and a role of the profession, to diligently review relevant paperwork to ensure that their client’s interests are preserved.
A conveyancing lawyer can also assist in providing the bank with the vendor’s cheque details and help in sorting out any discrepancies between adjustments made before settlement to ensure that you only need to pay the price due from the settlement date.
Even if you are engaging with a mortgage broker, you can still seek assistance from your conveyancing lawyer with regard to the home loan documentation received from the lender. Your mortgage broker will still require you to review documents before signing them which gives you ample opportunity to seek the advice of your conveyancer to ensure that the home loan acts in your best interest.
Acting for the Seller
When it comes to the financing aspect of a sale of property, a conveyancing lawyer who is acting on behalf of the seller will be responsible for arranging for the discharge of the seller’s mortgage with the banks upon the sale of a property. This discharge includes the arrangement and review of all relevant documentation to ensure that the title to the land is clear from encumbrances.
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