There are many administrative and legal tasks associated with buying or selling a property. Without adequate knowledge or time commitment, completing these tasks can be very stressful. However, there are generally two common options when undertaking Conveyancing procedures: either do it yourself or hire a licensed professional.
While both options have their own set of advantages and disadvantages, at the end of the day the decision is up to the property owner. Here we will explore both sides of the debate to help determine the right mode of conveyancing for you.
Who Is a Conveyancer?
The primary purpose of a conveyancer is to act as a mediator or middle man between the property buyer and seller. They will help ease the transfer of land process by organizing the right documents, liaising with the opposite buyer’s legal aid, and overall ensuring that the transfer process is smooth sailing.
There are several duties of a conveyancer:
- Organize and check the contracts and mortgage documents.
- Carry out title searches to rule out any unidentified mortgages.
- Prepare and certify any mortgage-related legal documents.
- Calculate taxes and council rates
- Conduct land surveys of the property
Professional licensed conveyancers go through rigorous training before becoming accredited for undertaking these duties. Conveyancers can also be solicitors, however, that is not a stringent requirement in many states.
Similarly, having a conveyancer is not a legal requirement, therefore, many buyers and sellers also opt to carry out these duties on their own. However, the complexity of these duties often varies according to the property type, therefore, increasing overall costs and time. Also, being well versed in property law is a benefit when it comes to home loan settlements and transfers documentation.
Benefits of DIY Conveyancing
There are many benefits associated with DIY conveyancing:
- Compared to the costs of a professional conveyancer, DIY conveyancing is significantly cheaper.
- There are cheap DIY conveyancing kits available to help users get acquainted with the processes.
- DIY conveyancing is a great option for people who have the time and interest in learning about property law
- In some cases, conveyancing administrative tasks can be completed much faster when done by the buyer or seller
- DIY conveyancing is most beneficial for standard and straightforward transactions
Benefits of Using a Conveyancing Solicitor
The most obvious benefit associated with hiring a Conveyancing Solicitor is taking advantage of their years of professional experience. Since they are well-versed with the process and different issues that may arise during it, they are best equipped to streamline many tasks. Moreover, they can build redundancies in the process to prevent problems from arises. Here are some benefits of hiring a conveyancing solicitor:
- Conveyancing solicitors have professional insurance that can cover any mishaps during the process.
- They have complex knowledge of efficiently managing high-value property deals.
- Legal documentation can cost more if done wrong, therefore having Conveyancing Lawyers can help cut costs and time.
- There is a certainty that the process will generally be smooth sailing.
Although there are many advantages of DIY conveyancing, you will find that hiring a conveyancing solicitor outweighs all of them. In all, a professional conveyancer can ensure a stress-free and relatively uncomplicated process of settlement.