Are you just starting out on your property journey? Or perhaps it’s been so long since you bought or sold, you can’t remember all the ins-and-outs of conveyancing?
Let us give you the basics so you start off on the right foot.
Conveyancing is the process of transferring ownership of a legal title of land to the new owner. The legal work involved in conveyancing includes preparing the contract and other related documents so that the transfer can take place.
The most common type of conveyancing transaction is when parties are buying or selling property. Typically, people hire a conveyancer or a solicitor to assist with their purchase or sale.
In New South Wales, solicitors and licensed conveyancers are qualified to do conveyancing. There are some differences between solicitors and licensed conveyancers.
Solicitors are qualified legal practitioners (lawyers). They provide legal advice on any aspect of law, including property matters.
Licensed conveyancers are not lawyers, but are trained to undertake conveyancing work.
Is it better to hire a solicitor or a conveyancer? There is no right or wrong answer. Solicitors and conveyancers are both qualified to do the job.
However, solicitors have a broader and more extensive knowledge of the law. They are best placed to assist with high risk or complex transactions. Solicitors can give you legal advice should things not go according to plan.
People often assume a solicitor will charge more than a conveyancer. That’s not always the case.
We are qualified solicitors and Open House Conveyancing is a law firm – but our prices are better than most conveyancers!
Why? Because it is our mission to provide a premium conveyancing service at the lowest possible price. Ask us for a quote and see for yourself!
Saving a thousand bucks might sound like a good idea when you are buying or selling property. That’s why people sometimes try and do the job themselves.
However doing your own conveyancing can actually cost more in the long run.
Here are some things to consider:
A certain level of skill and experience is usually required to successfully manage a conveyance. The process can be confusing and complicated for people who are inexperienced.
The contract requires buyers and sellers to do certain things within a set timeframe. It is easy for people to overlook their obligations. Especially if they don’t have a professional guiding them.
If you are the seller, missing a key deadline could cost you the sale. For a buyer, missing a crucial date could mean you lose your deposit and the chance to purchase the property.
A solicitor has the expertise and experience to progress your matter quickly and efficiently. They can also advise you on the best way to handle any issues that arise.
Most conveyancing matters run smoothly, but issues can arise. Sometimes people make mistakes or things just don’t go to plan. If you personally handle the conveyance, you will be responsible if something goes wrong.
On the other hand, solicitors and conveyancers must have professional indemnity insurance. This means you are covered if there’s a problem or someone makes a mistake.
Conveyancing is time consuming. Reviewing legislation, ordering searches, reading contracts, and making sure documents are filled out correctly can eat up huge portion of your time.
Many people start their own conveyancing but decide to hire a professional to finish the job. They might feel overwhelmed with the task or prefer to spend their time with family or pursuing other goals.
A conveyancer or solicitor usually starts with reviewing the contract of sale.
When settlement is complete, you can collect the keys to your new home.
The first step in the process is to prepare the contract. Your solicitor will make sure the contract contains the necessary clauses to protect your legal interests.
After the contract has been prepared, the agent can advertise the property for sale and schedule open house inspections.
When a buyer is found, your solicitor will:
On settlement day, the buyer pays the money for the purchase and the keys to the property are handed over to them. Your conveyancer will ensure the funds are deposited into your chosen bank account.
For more information on conveyancing, mortgages and loans, see our article ‘Conveyancing Questions: The A To Z of Conveyancing’.
Updated: 7 July 2023