A conveyancing transaction transfers the legal title (ownership) of real estate from one party to another. For most people, buying or selling property is one of the highest-value transactions they will ever make. Many people refer the legal work to a licensed conveyancer or lawyer.
Can You Do Your Own Conveyancing?
Conveyancing fees across Australia vary. To save money, some people consider handling their own conveyancing instead of hiring a professional. Although the law does not require you to hire a conveyancer or lawyer, you should consider several important factors before managing your own matter.
Electronic conveyancing is now mandatory for most transactions in New South Wales. E-conveyancing operates through a closed system that only accredited parties can access. The settlement stage must take place online through PEXA. Even if you manage the earlier stages yourself, you must engage a registered settlement agent to complete settlement on the platform. This agent is usually a conveyancer or lawyer.
Considerations Before Choosing DIY Conveyancing
Many people view conveyancing as a routine legal service. However, property transactions can be complex and time-sensitive. The process moves quickly. Once you enter a binding contract, breaching it can lead to serious legal consequences.
If you plan to complete any part of the conveyancing yourself, consider the following:
- Can you confidently read and interpret legal contracts and terminology?
- Do you know how to research and review a property title?
- Do you understand a seller’s disclosure obligations under the relevant legislation?
- Can you liaise effectively with third parties and ensure the correct process is followed?
- Do you have the time and skills to manage the entire process?
The Benefits of Using a Lawyer or Conveyancer
Most people purchase property as a long-term investment. Conveyancing costs usually represent only a small fraction of the property’s value. When you compare the value of your investment with the cost of professional advice, engaging a professional is often a sensible decision.
An experienced property lawyer or conveyancer prepares a compliant contract and includes the required disclosure documents. They tailor special conditions to suit their client’s needs. They check the title, explain complex contract terms, and ensure you understand your obligations. They also calculate the correct stamp duty and arrange relevant searches and enquiries. These steps help prevent unexpected issues after settlement.
Should You Choose a Conveyancer or a Lawyer?
In New South Wales, conveyancers must complete accredited training and hold a licence issued by NSW Fair Trading. They focus on property transactions and often manage a high volume of conveyancing matters. However, they cannot provide advice in other areas of law that may relate to your transaction.
Lawyers complete a law degree and gain admission to practise law. Many lawyers work across property law, wills and estates, business, and commercial law. This broader experience allows them to assist with related legal matters. Lawyers can also represent clients in court if required.
Whether you choose a lawyer or conveyancer, both must complete specific training and hold professional indemnity insurance. This insurance provides protection if something goes wrong.
Conclusion
Buying or selling property involves a complex legal process. A qualified professional can manage this process efficiently and help you avoid common pitfalls. Their knowledge and experience can make a significant difference to the outcome.
When investing in real estate, paying for quality legal advice is a practical and worthwhile decision.
If you or someone you know would like more information or needs assistance, please call 02 6621 2481 or email [email protected].