The legal process of transferring a title deed from the property seller to the purchaser is known as conveyancing. This is usually completed with the assistance of a professional conveyancer or solicitor, in order to ensure that the transaction is completed accurately and without delay. However, it does cost money to hire a conveyancer to perform this service for you. To save money, some may consider doing their own conveyancing.
Conveyancing fees must be paid on top of the fees you pay for a real estate agent. In both cases, you can try to go it alone and sell your own home. Yet just as there is more to selling a house than simply putting it on the market and waiting for offers to roll in, there is more to conveyancing than filling out a few forms.
(It’s a good idea to compare all of your options before choosing the DIY route. Compare real estate agents upfront at LocalAgentFinder. A good agent will have professional connections to conveyancers and conveyancing solicitors.)
You can also look into the differences between doing your own conveyancing and hiring a professional, before you make a final decision regarding what’s best for you.
It is possible to do your own conveyancing. Some states, including Victoria and Queensland, offer DIY Conveyancing kits which give you the know-how on how to do conveyancing yourself. These cost between $80 and $150, and correspond to the specific conveyancing laws for the particular state or territory you purchase the kit in. Because these laws do vary in between states or territories, be sure that you have purchased the correct kit. This kit provides a step by step breakdown of what you must do to complete the conveyancing process. Some kits also provide you with a telephone support service.
If you are comfortable navigating the world of legal documents and terminology, have a lot of time on your hands, and are on a tight budget, then DIY Conveyancing may be a viable option for you. However, if you find legal terms confusing, are short on time, or have a case that’s not straightforward, it may be a waste of your time and money. If you’re not confident dealing with government departments, banks, and legal documents, you will probably want to use the services of a solicitor or conveyancer instead.
The main advantage to using a DIY Conveyancing kit is that you can save money. However, there are certain pitfalls that you are far more likely to avoid by using a solicitor’s or conveyancer’s services. A professional will have full indemnity and fidelity cover, for example.
Although conveyancing may seem like a straightforward process at first glance, it can involve far more than simply filling out paperwork. It includes a great deal of leg work; including researching the property, ensuring that both parties follow the law, and making sure that all money goes where it is supposed to go. A conveyancer ensures that all title details are correct and that they are registered in the correct legal manner, and helps take care of paying the correct stamp duty and transfer fees associated with the transaction.
If you’ve never been involved with the conveyancing process before, remembering all of these small details can be a time-consuming and frustrating affair. It is a daunting task for a beginner which requires plenty of time and patience to complete accurately. Because purchasing property is one of the largest purchases that any individual makes in his or her lifetime, it’s worth thinking about putting details like these in the hands of a professional. This is why most sellers also use a real estate agent to help sell their home. As you start the selling process, you’ll want to hire a real estate agent who has your best interests in mind. Compare your options using the impartial comparison tools available at LocalAgentFinder, to find the best fit for your needs.
Working with your real estate agent, you will market and sell your home until you have signed a Contract of Sale. It’s tempting to skimp on this final step and take care of conveyancing on your own to save a few dollars. However, this is a small amount of money to save compared to the value of the property. Whether you are buying and selling, you will have a number of tasks to take care of, from sorting out your finances to hiring removalists. It’s worth considering whether or not you wish to add the stress of doing your own conveyancing to the pile of tasks that must be completed.
In many cases, people who decide to conduct conveyancing on their own find that they run into unexpected problems along the way. They must then contact a conveyancer or solicitor, after already paying for a DIY kit. This can cost more money in the long run. It’s best to hire a licensed conveyancer or solicitor right from the beginning if you are not familiar with how this process works. This is particularly true if you are going to be buying or selling property in a different state or territory from your current residence, because the laws will be different.
These are just a few of the factors to consider when you’re determining whether or not to do your own conveyancing. Although it’s possible to take care of it on your own, in many cases you’ll find it’s much easier to simply hire a professional. The money is well worth the savings in time and stress, allowing you to move into your new home without worry.
It’s also important to have a licensed real estate agent on your side to help you navigate the twists and turns of Australian real estate. You can compare real estate agent fees and services at LocalAgentFinder for free, to ensure that you find the best real estate agent for your needs.
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