The legal method of transferring a title deed from the property seller to the purchaser is known as the conveyancing process. This is usually completed with the assistance of a professional conveyancer or solicitor to ensure that the transaction is completed accurately and without delay. However, it does cost money to hire a conveyancer to perform this service for you. To save money, some may consider DIY conveyancing.
Conveyancing fees must be paid on top of the fees you pay for a real estate agent. In both cases, you can try to go it alone and sell your own home. Yet just as there is more to selling a house than simply putting it on the market and waiting for offers to roll in, there is more to conveyancing than filling out a few forms.
(It’s a good idea to compare all of your options before choosing the DIY conveyancing route. Compare real estate agents upfront at LocalAgentFinder. A good agent will have professional connections to conveyancers and conveyancing solicitors.)
You can also look into the differences between DIY conveyancing and hiring a professional before you make a final decision regarding what’s best for you.
DIY conveyancing
It is possible to conduct DIY conveyancing. Some states, including Victoria and Queensland, offer DIY Conveyancing kits that give you the know-how to do the conveyancing yourself.
DIY conveyancing kits
A DIY conveyancing kit costs between $80 and $150, corresponding to the specific conveyancing laws for the particular state or territory you purchase the kit in. Because these laws vary between states or territories, be sure you have purchased the correct DIY conveyancing kit.
This kit provides a step-by-step breakdown of what you must do to complete the conveyancing process. Some kits also provide you with a telephone support service.
If you are comfortable navigating the world of legal documents and terminology, such as property and tax laws, have a lot of time on your hands, and are on a tight budget. DIY Conveyancing may be a viable option for you.
However, if you find legal documents and terms confusing, are short on time, or have a case that’s not straightforward, it may be a waste of your time and money. Suppose you’re not confident dealing with government departments, banks, and legal documents. In that case, you will probably want to use the services of a solicitor or conveyancer instead and pay a bit more for the conveyancing costs.
Why professional conveyancing is still a good idea
The main advantage of using a DIY Conveyancing kit is saving money in the legal process. However, there are certain pitfalls that you are far more likely to avoid by using a solicitor’s or conveyancer’s services. A professional will have full professional indemnity insurance and fidelity cover, for example.
The conveyancing process
Although conveyancing may seem like a straightforward process at first glance, it can involve far more than simply filling out paperwork. It includes a great deal of leg work, including researching the property, ensuring that both parties follow the law, working with relevant government departments, and ensuring that all money goes where it is supposed to go.
A conveyancer ensures that all title details are correct and registered in the correct legal manner and helps pay the correct stamp duty and transfer fees associated with the transaction. A professional conveyancer is also familiar with the state and local laws and can adhere to the property’s compliance and development proposals.
Remembering these small details can be time-consuming and frustrating if you’ve never been involved with the conveyancing process. It is a daunting task for a beginner, which requires plenty of time and patience to complete accurately. Because purchasing property is one of the largest purchases that any individual makes in his or her lifetime, it’s worth thinking about putting details like these in the hands of a professional.
This is why most sellers also use a real estate agent to help sell their homes. As you start the selling process, you’ll want to hire a real estate agent who has your best interests in mind. Compare your options using the impartial comparison tools available at LocalAgentFinder, to find the best fit for your needs.
Working with your real estate agent, you will market and sell your home until you have signed a Contract of Sale. It’s tempting to skimp on this final step and take care of conveyancing on your own to save a few dollars. However, this is a small amount of money to save compared to the property’s value.
Whether you are buying or selling, you will have a number of tasks to take care of, from sorting out your finances, filling out relevant forms, knowing which government agencies to go to, doing a title search, to hiring removalists. It’s worth considering whether or not you wish to add the stress of doing your own conveyancing to the pile of tasks that must be completed.
In many cases, people who decide to conduct conveyancing on their own find that they run into unexpected problems. They must then contact a conveyancer or solicitor after already paying for a DIY kit. This can cost more money in the long run.
It’s best to hire a licensed conveyancer or solicitor right from the beginning if you are not familiar with how this process works. This is particularly true if you are going to be buying or selling property in a different state or territory from your current residence because the laws will be different.
These are just a few factors to consider when determining whether or not to do your own conveyancing. Although it’s possible to take care of it on your own, in many cases, you’ll find it’s much easier to hire a professional. The money is well worth the savings in time and stress, allowing you to move into your new home without worry.
Is DIY conveyancing worth it?
DIY conveyancing is worth it for the following reasons:
- You have a lot of time on your hands.
- You have interest and/or knowledge in property law.
- You are confident you can follow the process.
- You are technologically inclined to use digital or online-based processes that may help speed up the process.
- You want to save more money.
Generally speaking, it is still recommended to work with a professional conveyancer despite the pros of DIY conveyancing. Overall, doing it yourself will save you money, but you need to be as efficient as possible to make conveyancing work properly for you. LocalAgentFinder has its own conveyancing arm, LAF Conveyancing, which handles residential property conveyancing.
What’s next?
It’s also important to have a licensed real estate agent on your side to help you navigate the twists and turns of Australian real estate. You can compare real estate agent fees and services at LocalAgentFinder for free to ensure that you find the best real estate agent for your needs.
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