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Buying a house? Here’s Why You Should Hire A Conveyancer or Property Lawyer
When you’ve been saving and dreaming for years about finding the right home, and that moment finally arrives when your offer is accepted and your loan is approved, it’s important to have a trusted professional on your side.
Buying your first home always comes with a bunch of questions and a mountain of paperwork. Thankfully, there are professionals that specialise in helping you with that – licensed conveyancers and property lawyers.
Essentially, conveyancing is the legal process that takes place when transferring property from one owner to another. There is a lot to process. Most conveyancing transactions take place in a matter of weeks and there is a lot to do and much at stake during this short timeframe.
Why get a conveyancer or lawyer when legally you can do it yourself?
Yes, it’s true, it is not a legal requirement to hire a conveyancer or lawyer when buying your dream home. But, while you may be tempted to cut costs by Googling ‘do-it-yourself conveyancing’, are the so-called savings really that great compared to the value of your new abode and the things that can go wrong?
So why consult a conveyancer / property lawyer?
It’s pretty simple. Buying a house is one of the biggest financial investments you’ll ever make. You want to make sure you get it right. Becoming a licensed conveyancer or property lawyer takes years of study, skill and practical experience. Taking a DIY approach is no comparison to the skills required of a competent and confident professional.
What may seem like to a small oversight, or simply missing one step in the process, can put a purchaser out of pocket for thousands of dollars.
Here are our top five reasons why consulting a conveyancer or property lawyer is a wise choice.
Conveyancers / lawyers are legally trained
There’s more than enough paperwork to process in a conveyancing transaction. Conveyancers and lawyers deal with contracts and legal documents all the time – we are trained to scrutinise contract terms and negotiate special conditions to ensure your interests are protected. No matter how much you might double, and triple check your legal documents, missing one small but important detail could have disastrous consequences, causing all sorts of headaches…
Conveyancers / lawyers see problems with the property that you may not
Due diligence is critical when buying a property. Future developments in the pipeline, easements and restrictions regarding the use of the land, environmental issues hindering the property or non-complying structures are all major concerns that may not be discovered without proper investigation. It’s not uncommon for unwanted surprises to pop up after a property has been bought. Conveyancers and lawyers have the resources and knowledge to recommend appropriate searches to make sure you know exactly what you are buying.
Conveyancers / lawyers can save you money
Hiring a conveyancer or property lawyer can actually save you money. In addition to minimising the risk of buying a property that is worth less than anticipated because of potential defects or restrictions, there are many other cost issues involved in the conveyancing process. For example, most contracts impose penalty interest if a purchaser does not settle on time. This can add significant costs if a purchaser cannot arrange settlement by the due date.
Conveyancers / lawyers know their way around the industry
Your settlement date can delayed because of missing paperwork or issues with the bank. These can become extremely frustrating, confusing and even disheartening. A conveyancer is more likely to be able to speed this process up and is adept in handling the multitude of administrative roadblocks that can occur along the way.
Conveyancers / lawyers are up to date with stamp duty concessions and government grants
Often there are certain government schemes, concession rates and incentives that can save buyers thousands of dollars, particularly first home buyers. There’s little chance of missing these if you have a conveyancer or lawyer on your side.
Effective Legal Solutions provides a flat rate fee for Conveyancing. This means there are no hidden surprises and no worrying about how much you are being charged for each time you talk to your conveyancer or lawyer. This is comforting compared to the unknown time you will likely spend going down the DIY route.
The team at Effective Legal Solutions are here to join you in the excitement of buying your first home, by protecting your legal interests and taking the worry out of the conveyancing experience so you can get on with planning your move.