Buying and selling a property can be an expensive exercise and it is not something you want to get wrong. Both buyers and sellers want the process to be smooth, correct and without any hiccups.
Conveyancing is the legal work involved in preparing the sales contract, mortgage details and other related documents to complete a property sale.
Who can do conveyancing work
- A licensed conveyancer
- A solicitor
- Yourself
So the simple answer to ‘can I do my own conveyancing’ is yes you can.
Risks of DIY conveyancing
The choice of DIY conveyancing seems like a good way to save some money at a time when it seems that you have money going in several directions. However, there are MANY risks involved, here are a few to consider.
Fines or contract breach – Ultimate you are paying a conveyance for their training, skills and experience to manage the process from beginning to end. This includes handling any curveballs that may be thrown into the mix. These curveballs can potentially cost you thousands more than if you used a licensed conveyancer for your transaction.
The process takes longer than expected – You may spend 10, 20 or even more hours working on your property settlement. How much do you earn per hour doing your job? Potentially it is a false economy to try to do this process yourself.
Panic sets in – Remember that a conveyancer is there to perform a number of tasks on your behalf.
- Reviewing the contract for potential errors or red flags which you may miss
- Conducting legal searches
- Liaising with the other parties within the transaction
Plus included in your fee is advice and guidance if an unexpected issue pops up. They have the experience and knowledge to deal with any challenging situations. Not to mention they also have insurance to protect you if something really goes wrong.
Conclusion
Legislation, trends and insurance are all changing regularly and if you are not experienced in these areas DIY conveyancing is a risky business. For the sake of saving a few hundred dollars is it going to be worth the risks involved which could end up costing you thousands or even tens of thousands.
Contact the team at Select Conveyancing Lane Cove to have peace of mind with your next property settlement.