Are you gearing up for a real estate transaction? You are probably wondering if you should seek help from a solicitor or conveyancer. Do note though that whether you are selling a property or buying one, you willrequire conveyancing work for the real estate transaction for it to reach a settlement. Generally speaking, conveyancing involves transferring land from the seller to the buyer, and a solicitor or conveyancer must perform all duties related to conveyancing.
What Exactly Does a Conveyancer Do?
Let’s say you’re purchasing a house; a conveyancer will represent you during the transaction and help you transfer the land from the seller. Your conveyancer will be the one to organise the paperwork required for settlement and work with the solicitor of your lender to ensure a hassle-free transaction. Your conveyancer will comb through and organise the contract of sale as well as your mortgage paperwork, and perform a title search to help make sure that the property you’re buying doesn’t have any other mortgages or issues that could jeopardise the sale.
He or she will likewise be responsible for preparing, verifying, and certifying all paperwork related to your home loan, organising a property survey, calculating council rate and tax adjustments, as well as putting your deposit money into a trust for safekeeping until settlement. A good conveyancer would also be upfront regarding fees and will keep you regularly updated on what’s happening at every stage of the transaction.
Do I Need to Use a Conveyancer?
For a conveyancer to carry out the duties outlined above, he or she needs to be properly trained and accredited. Although plenty of conveyancers are likewise solicitors, the majority of states don’t require that conveyancers be solicitors for them to conduct conveyancing. Buyers or sellers are also not legally required to use a conveyancer for settlement. But due to the complex nature of duties and the sheer amount of paperwork required for the transaction, the entire process could be risky and very time-consuming for sellers or buyers if they don’t have a working knowledge or property law. It is, however, crucial to note that if your transaction is in Townsville, Queensland or the Australian Capital Territory, ACT, a solicitor must carry out the conveyancing.
Should I Go With a Solicitor or Conveyancer?
As stated above, you will need a solicitor for your real estate transaction if the transaction is in the ACT or Queensland. Otherwise, it is up to you to decide whether you want to use a conveyancer or a solicitor. For instance, you might want to go with a solicitor if the deal is a high value or complex transaction, requires intensive and more regular attention and has the potential to become litigious. On the other hand, you might want to opt for a conveyancer if the deal is pretty straightforward but still needs the attention of a professional and you want to keep your costs down. Either way, getting help from a professional could help make sure that your real estate transaction is as hassle-free and straightforward as can be.
