Whether you're buying or selling property, you can choose from an array of conveyancers or…
There may be circumstances in which a buyer and seller are tempted to use the same conveyancer. For example: if the two parties have directly negotiated their contract of sale, they may consider using the same conveyancer or solicitor to help save money. However, it’s worth looking at this situation a little more carefully. There can be danger in using the same professional – both for the parties involved, and as well as the conveyancer or solicitor.
(A good real estate agent will have professional connections to conveyancers and conveyancing solicitors, you can compare real estate agents upfront at LocalAgentFinder and get the expert advice to help you sell your property.)
Conflict of Interest
There are several reasons why it’s better for the buyer and seller to hire separate conveyancers or solicitors. To begin with, it’s quite likely that the solicitor or conveyancer may end up with a conflict of interest. It can be difficult to look after the best interests of both the purchaser and vendor if any dispute should arise between these two parties. Even without a dispute, the likelihood that a conflict of interest could arise is high. For example, if the buyer wants to take possession of the property before the settlement date, the solicitor or conveyancer would be unable to advise the seller that this arrangement is not in their best interest, because the buyer’s best interest is also involved.
Many conveyancers and solicitors simply will not agree to represent both parties in the same conveyancing transaction. The ones that do take on this challenge, will often require both the buyer and seller to sign release forms in the event of conflict of interest. This is something to keep in mind if you’re thinking about saving money.
Looking After Each Party’s Interests
Another reason why it may not be advisable to use the same conveyancer or solicitor is that it makes it very difficult to meet all interests. Buyers and sellers using the same conveyancing professionals will often find that their interests aren’t really being looked after. This is because the conveyancer or solicitor will be unable to give adequate advice to each party for fear of having a negative impact on the other party. It’s essential for both the buyer and seller to receive comprehensive advice regarding their rights and regulations in any conveyancing transaction, which is why it’s often better to hire separate professionals.
If both parties choose the same conveyancer or solicitor, then they may only receive help going through the most basic conveyancing procedures. They are unlikely to receive the level of personal care and advice that they would with their own conveyancing professional.
For all of these reasons; we highly recommend that sellers and buyers choose different conveyancing professionals. This will help ensure that each party has access to high quality advice and that the parties’ specific interests and rights are being protected. Even straightforward conveyancing transactions can develop unexpected problems down the road, so it’s always advisable to have your own representation. You can compare local real estate agents at LocalAgentFinder, who will have professional connections to conveyancers or conveyancing solicitors to help you through the legal process of buying or selling your property.
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