A typical conveyancing transaction contains two major landmarks: the exchange of contracts (whereby equitable title passes) and completion (whereby legal title passes).
Solicitors were more scared by the proposal that banks would be allowed to offer conveyancing services, but this suggestion eventually came to nothing.
The domestic conveyancing market is price competitive, with a high number of firms of solicitors and conveyancing companies offering a similar service.
Although to simplify conveyancing the law does not, equity does recognise unlimited numbers of co-owners, and owners with unequal interests (i.e. tenants in common).
It is important to note that conveyancing processes, legal documentation, contract requirements and search requirements vary between each state and territory.