If you’re into buying and/or selling properties, you’ve obviously heard of the term conveyance or conveyancing. It is the process of transferring ownership of property from one person or entity to the other. Conveyancing is usually done by a qualified professional called a conveyancer.
Should you decide to take the DIY route, make sure that you understand the ins and outs of the entire process.
What does a conveyancer do?
There is a long list of tasks a conveyancer does to ensure that the transfer of property ownership will run as smoothly as possible. A conveyancer examines contracts and inspection reports, manages the property and land title searches, checks the property’s compliance with state and local laws, and answers all questions of the buyer or seller on behalf of his/her client.
Many hire conveyancers for their properties, but some people opt to do the process themselves. If you’re considering DIY conveyancing, make sure that you’re knowledgeable about the entire process. To help you better understand the roles of property conveyancers and conveyancing in Australia, let’s look at the benefits and disadvantages of conveyancing:
You don’t need to pay a conveyancing fee
Of course, hiring a property conveyancer comes with a price which can be at least $1,000 or more. But if you’re into DIY conveyancing, you can save money since you don’t have to pay a fixed fee.
You have full control over everything
You are directly involved in every step of the process, from reading through contracts to submitting all necessary documents.
A property conveyancer is knowledgeable about the industry
Conveyancing in Australia involves a lot of terms that you may not know about. By not hiring a conveyancer, you may find it hard to understand what these industry terms are and committing mistakes during the process is possible.
You have no protection
If you do the process yourself, you run the risk of missing an important step that can delay the settlement.
You may not be aware of the latest laws
A property conveyancer stays updated on conveyancing laws that change quickly. If there are changes in property and tax laws that you’re not aware of, the settlement process may be delayed.
These are just some of the pros and cons of DIY conveyancing. Should you decide to take the DIY route, make sure that you understand the ins and outs of the entire process. Do your research on what conveyancing in Australia entails. You may also want to seek feedback from family members or friends who have done DIY conveyancing.
Do you have other ideas about conveyancing in Australia? Share your insights in the comments section.