There may be circumstances in which a buyer and seller are tempted to use the same conveyancer. For example, if the two parties have directly negotiated their Contract of Sale, they may consider using the same conveyancer or solicitor between them to help save money. However, it's worth looking at this situation a little more carefully. There can be danger in using the same professional, both for the parties involved as well as the conveyancer or solicitor.
In the same vein, many buyers and sellers could be tempted to use the same real estate agent. An agent showing a house during an open for inspection could connect with potential buyers during this time. Yet because each case is different, it's best to compare all your options before selecting an agent or conveyancing professional. You can compare agent qualifications by registering your details at sellmycastle.com.au. This puts you in direct touch with qualified real estate agents in your location, so that you can make the right decision.
Conflict of Interest
There are several reasons why it's better for the buyer and seller to hire separate conveyancers or solicitors. To begin with, the solicitor or conveyancer may have a conflict of interest. It can be difficult to look after the best interests of both the purchaser and vendor if any dispute should arise between these two parties, for example. Even without a dispute, conflicts of interest could potentially arise. One example of this could be if the buyer wants to take possession of the property before the settlement date. In this case, the solicitor or conveyancer would be unable to advise the seller that this arrangement is not in their best interest, because the buyer's best interest is also involved. This could be a fairly typical situation that would arise, causing conflicts of interest.
As a result, many conveyancers or solicitors will not agree to represent both parties in the same conveyancing transaction. Should they take on this challenge, they will often require both the buyer and seller to sign release forms in the event of conflict of interest. This is something to keep in mind if you're thinking about saving money using the same conveyancer or solicitor. Comparing factors like time and paperwork can also help you when you need to choose a real estate agent. You can receive agent proposals using the free online dashboard at sellmycastle.com.au, and ask any questions you might have. In many cases, agents will draw up the Contract of Sale so that is one thing to ask about.
Looking After Each Party's Interests
Another reason why it may not be advisable to use the same conveyancer or solicitor is that it makes it very difficult to meet all interests. A buyer and seller using the same conveyancing professional will often find that their interests aren't really being looked after. This is because the conveyancer or solicitor will be unable to give adequate advice to each party, to avoid having a negative impact on the other party. It's essential for both the buyer and seller to receive comprehensive advice regarding their rights and regulations in any conveyancing transaction, which is why it's often better to hire separate professionals.
If both parties choose the same conveyancer or solicitor, by contrast, then they may only receive help going through the most basic conveyancing procedures. They wouldn't receive the level of personal care and advice regarding any risks that they would have access to with their own conveyancer.
For all of these reasons, it's highly recommended that the seller and buyer choose different conveyancers or solicitors. This will help ensure that they have access to high quality advice, and that their specific interests and rights are being protected. Even what seems like a straightforward conveyancing transaction could lead to problems down the road, so it's advisable to have your own representation in these situations.
What's next?
Hiring your own conveyancer or solicitor is one way to advance your real estate transaction. You will probably also want to have a real estate agent on your side to help facilitate the sale. There are over 5,300 agents currently registered with sellmycastle.com.au. Find out how it works and start your search for the right real estate professionals to represent your interests.
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