How to choose the right conveyancer PART 2
- Stuart Clough
- Aug 11, 2021
- 3 min read
One of the most stressful financial events of a person's life will be the process of purchasing a property. Whether it is buying a family home or investment in real estate, the amount of work and dedication it requires can be very tiring. If done right, you will benefit but if done the other way around it might cost you much more, something you can ill afford on an already expensive process.
Solicitors play a vital role in the property sale process, and choosing the right solicitor can make a huge difference on how the process proceeds, and more importantly on the risk that you expose yourself to. The reality is, today, it is almost impossible to do conveyancing yourself. The sector is quite competitive, so even trying to do it yourself will likely be more expensive and will expose you to significant risks.
Here are 5 solid reasons why you should always hire a conveyancing professional than trying to do it yourself.
Understanding the contract - A home purchase contract is a complex legal document. If you do this job yourself, you might quickly get confused and misinterpret the meaning which can prove costly in the long term. But, when you hire professional conveyancing solicitors, they will efficiently guide you through the process efficiently, and ensure that you understand all content before proceeding to the next step.
The conveyancer has easy access to all the available searches and certificates. Many of these are typical, checking the title, identity of seller, and whether there are outstanding loans on the property. But also don
Dealing with property is a time-critical process, if you don't get everything done on time, you can suffer significant penalties and the deal can also fall through. This is why having a quality conveyancing solicitor working with you is critical. They will initiate all the required searches and processes as soon as possible, and will chase up all the loose ends to be sure that your position is properly protected come settlement date.
The process itself has so many elements, having a quality conveyancer means you can focus on the parts you need to organise. The home buyer has plenty to do in this process. Finalising finance, arranging insurance, arranging a sale (if buying/selling together) and much much more. There is a risk you won't be able to get everything done, especially if you are working full-time as well. The conveyancer looks after the majority of the process, and will even check up on you to make sure you aren't falling behind on anything you need to be arranging. It entirely takes the pressure off and allows you to focus on running the rest of your life.
If you're buying or selling a home, then this is likely to be the biggest financial commitment you'll ever make. You'll want to make sure that you have the right legal advice, and that you're buying a property that is worth the money or that is legally yours to sell. Signing the wrong contract can cost you hundreds of thousands of dollars and can leave you with serious problems in the long term. This is also why we strongly recommend engaging your conveyancer early in the process, definately before you make a bid or an offer on a property.
If you are buying a commercial building or residential property, your conveyancing solicitor will be the one to take care of all the pre-contract package that the seller is offering. Once you are satisfied with the package and it meets your needs, the conveyance solicitor will be the one to arrange all the local authority searches to find out more from the commercial building that you are considering buying.
The conveyancing process, in short, is helping the party they represent, whether buyer or sellers through the legal process. Even in Australia, where we use "standard" contracts, there are still many loopholes and traps that you can fall into. So, it’s advisable to hire a conveyancing solicitor early in the process, definitely before you sign anything. The conveyancing solicitors will protect your legal interests and rights; and if there are any disputes between the parties regarding the contract, they will assist in resolving them to protect you.