Why conveyancing isn’t a DIY job
For most things in life, we can use kits or manuals to save a few dollars by doing the job ourselves. And some people think this applies to conveyancing. And maybe it does. After all, it is perfectly legal to manage your own conveyancing. But how does a DIY job stack up against a qualified conveyancer? What are the risks? What on earth could you be getting yourself in to. Let’s look at the advantages and disadvantages of doing your own conveyancing. (We promise to do this as unbiasedly as possible!)
- You can save time.
- You can save money.
- Solicitors and conveyancers seldom inspect the property during the conveyance and only concentrate on the paperwork, so you can have ‘first hand’ access and knowledge about the property.
- You can be more involved in the transaction and reap the satisfaction knowing you have completed the transaction yourself.
- If something goes wrong, you have no protection and are likely to require the services of a conveyancer or a solicitor for advice which will cost you more in the long run.
- You will be liable for any mistakes or oversights you make, as you won’t have the professional indemnity insurance of a conveyancer or solicitor.
- You cannot complete the transaction unless you are a registered PEXA subscriber, so you therefore need to refer the actual settlement component to a PEXA subscriber anyway (being a conveyancer or lawyer).
- You cannot complete the stamp duty estimate unless you are registered with the State Revenue Office to complete the online duties form.
- If the title to your property is a paper one, the requirement to nominate it to an electronic title for settlement adds complexity to the process.
- If you don’t understand the legal jargon contained in Contracts of Sale and the Section 32 Vendor Statement, you’re at a heightened risk of mistake.
- Conveyancing can be a stressful process with its deadlines and requirement for numerous forms, declarations and disclosures.
- If you don’t meet various deadlines, you may be charged penalties such as interest, lose your deposit or risk being sued.
- You still need to pay for the cost of required property information searches and certificates.
- You need to be able to properly communicate well with the other party to the transaction and any agents and banks that are involved.
- You will need to find someone to verify your identity.
In conclusion, while doing your own conveyancing may seem like a good idea at the time, it is certainly not recommended and is likely to get you into much more trouble than it’s worth! On that note, feel free to give our conveyancing team a call with any questions. We’re happy to impart our knowledge, and you might even just decide to use or services.