A property sale culminates on the settlement day. The process of property settlement involves the…
Whether you’re buying or selling property, you can choose from an array of conveyancers or solicitors to help you with the conveyancing aspect of this process. Whether a solicitor or conveyancer is right for you will depend on several factors, including your financial situation and the complexity of your transaction. In general terms, conveyancers are usually cheaper than solicitors. This is due to the fact that solicitors can provide more specialised knowledge due to their legal background, while conveyancers will only be able to provide advice directly related to conveyancing.
(A good real estate agent will have professional connections to conveyancers and conveyancing solicitors, you’re able to compare real estate agents upfront at LocalAgentFinder and get the expert advice to help you sell your property.)
Because of the difference in the services provided, the fees charged by conveyancers and solicitors will vary. You must also factor in the costs of a real estate agent, if using one for your transaction. Ultimately, the choice of whether to use a solicitor or conveyancer will boil down to budget and personal preference.
If the property in question is a first home and the buyer is working within a tight budget, they will usually work with a conveyancer rather than a solicitor. However, if the property is seen as an upgrade and is priced at a higher level, then there will be more risk associated with the sale and a solicitor’s services may be needed.
Why Solicitors Cost More
Some cases may also be more complicated and could benefit from the use of a solicitor. If you are selling a property which is part of a larger estate, for example, the solicitor would be able to offer you advice on both conveyancing and estate legal issues. They can also assist with tax implications in some cases, and refer you to accountants. For this wider breadth of knowledge, a solicitor’s fee will generally be higher.
A solicitor may also be used because they hold the original certificate of title. This makes it easier to simply work with the solicitor rather than go through the process of transferring the title to a conveyancer. Solicitors typically hold onto these important documents and have secure, steel safes with which to house them. Conveyancers usually don’t hold these important documents for their clients, and may not have secure storage on the premises. For this reason, clients may prefer to work with the solicitor holding the original title rather than run the risk of losing this certificate in a less secure conveyancing atmosphere.
These are only a few examples of why a buyer or seller may choose to pay more money to work with a solicitor. In the end, the decision of using a solicitor or conveyancer will depend on the nature of the transaction, the individuals involved, and your personal circumstances. Even if all of your acquaintances have used conveyancers in the past, a solicitor may suit your situation better or vice versa.
Balancing your Real Estate Budget
Generally, if you are on a tight budget, don’t require detailed and personalised service, and feel comfortable with a straightforward transaction, a conveyancer could be the right fit. Those who desire more individualised attention or who expect a complicated transaction may prefer to pay a bit more for a solicitor.
Care should also be taken when choosing a real estate agent to work with. The right real estate agent may not necessarily be the cheapest one. You will want to compare their experience, education, and knowledge of your local real estate market to find the right fit. Register your details at LocalAgentFinder to start comparing agents, side-by-side, for free. This can help you find an affordable agent who will also fit within your budget.
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