Conveyancing FAQs

If you plan to purchase or sell your property, your friends or relatives could have asked you to seek a conveyancer's help. New entrants in the real estate market may not comprehend the work and importance of conveyancers. Continue reading to learn the work of conveyancers. 

Who Are Conveyancers? 

Conveyancers are experts in real estate and commercial law. They help out with the legal aspects of transferring real estate from one party to the other. In Australia, conveyancers should have academic certificates in conveyancing or property law. While this should be the primary qualifying criteria when hiring a conveyancer, you should also examine their reputation, experience, specialisation and accreditations. 

What Are The Responsibilities Of A Conveyancer? 

The conveyancer is a partner who walks with you throughout the property buying or selling journey. As a buyer, the professional will inform you of the features to look out for in properties, appraise your preferred property, conduct pre-purchase inspections, perform due diligence and negotiate the asking price and terms of sale. The professional will also give insights into suitable loans and bargain the mortgage interest rates and conditions with the various lenders. As a seller, the conveyancer will advise you on a reasonable asking price, help you prepare the documentation needed when selling the property, prepare the contract of sale and negotiate the selling price on your behalf. 

What Are The Risks Of Not Hiring A Conveyancer? 

Some people take a casual approach to buying and selling property. Therefore, they might decide to exchange real estate without a conveyancer's representation. There are several risks associated with such actions. Assuming that the other party has legal representation, their conveyancer would take advantage of your ignorance in the transfer of real estate. For instance, if you are a buyer, the seller's conveyancer could convince you to pay a high down payment. Alternatively, they could rush the deal to ensure you do not conduct a property inspection. 

As a seller, the buyer's conveyancer would use hard negotiation tactics to convince you that your property is worth much less than your asking price. If both parties do not have legal representation, they could take each other to court in the future. For example, a buyer who bought property on a reclaimed landfill could take the seller to court since they did not disclose these details.  

Are Conveyancers Expensive? 

Conveyancers are not expensive. Furthermore, they are worth every penny you spend. Reputable conveyancers have a reasonable pricing mechanism. For example, they could charge a tiny percentage of the property's value. Alternatively, they could impose an hourly or fixed cost. Nonetheless, always compare the rates of several conveyancers before making your choice. 

For more information on conveyancing, contact a professional near you.

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