Why do you need a conveyancer when you’re buying or selling a property? Is it possible to do it yourself instead? While it may seem appealing to skip the conveyancer fees and save yourself some money now, you might be putting yourself at risk in the long-term.
Plus, there are so many moving parts involved with a property settlement, document deadlines and legal jargon to wade through. Who can honestly say they have time for all that?
Ultimately, it’s a call that only you can make. So, to help you answer the question “why do you need a conveyancer?”, we’ve outlined some considerations below.
What is a conveyancer?
A conveyancer is a licensed professional specialising in the legal aspects of buying and selling property. At Eckermanns, we guide clients through the labyrinth of paperwork and legal protocols that come with property transactions, making the journey to owning a dream home less strenuous.
Conveyancing is the legal process of transferring ownership of a land title to a new owner. Each stage in the process involves the preparation, verification, and lodgment of various legal documents, including the contract of sale. Any mishandling in these stages could result in a voided contract and potential property loss, emphasising the importance of a qualified conveyancer’s role.
A conveyancer also offers advice on property law and ownership transfer. This helps buyers and sellers through the selling process. We prepare all required settlement documentation, liaise with lenders, and provide relevant advice where necessary.
When representing a buyer, a conveyancer’s duties include carrying out searches on the property and the land title. We prepare and lodge legal documents, calculate and make rates and taxes adjustments, and monitor critical dates. We also attend to the property settlement and liaise with the bank or financial institution regarding final payments.
When acting for the seller, a conveyancer will likely have similar tasks. However, there’s an added focus on representing the seller in dealings. We handle requests to extend dates or answer questions about searches.
Additional conveyancing services may also include helping check local council regulations, and managing deposit payments, stamp duty, and other costs. We can also assist with subdividing land, updating a title, and registering, changing, or removing an easement.
To provide additional security, it is a legal requirement that a conveyancer holds professional indemnity insurance. This cover protects them from any accidental mistakes or oversights that could result in a client pursuing legal action.
Learn more: what does a conveyancer do?
When Do You Need a Conveyancer?
When you’re considering a property transaction, getting help from a conveyancer as early as possible is recommended. Hiring a conveyancer is beneficial at various stages of the conveyancing process. Therefore, early engagement can prevent oversights and costly mistakes.
There are a number of reasons why you might need to engage a conveyancer, such as:
- Buying or selling your home privately or through a real estate agent
- Developing your property through residential land subdivision
- Transferring property and assets between family members, business partners and defactos
- Changing title details
- Creating caveats or private mortgages
- Settling the purchase or sale of your business
When selling a property, finding a conveyancer is advisable before initiating the selling process. Sellers have specific legal obligations, including disclosing easements and other relevant matters concerning the property. Ignorance of these details can result in legal liability. A conveyancer performs comprehensive property searches, revealing potential issues that you might be unaware of. They can also assist in preparing essential documents, such as Form 1s and Contracts of Sale, which demand meticulous attention to detail.
Choosing the right settlement date is a crucial decision when selling a property. Delays in your mortgage discharge by your bank can delay settlement. A conveyancer can assist in selecting an appropriate settlement date considering your circumstances.
If you’re in the market to buy a property, it’s beneficial to approach a conveyancer before signing a Contract of Sale. We can review the contract and the Form 1 and identify any potential issues that may adversely affect the property transaction.
While it is technically possible to do your own (DIY) conveyancing in SA, it’s not recommended. As with most legal transactions, conveyancing can be complicated, time consuming and laden with legal jargon and fine print. More on this below.
How important is a conveyancer?
When it comes to selling or buying a property, most people don’t realise how much actually goes on in the settlement process. There’s legal documents, administrative tasks, communicating with multiple different parties, checks for easements, covenants or property caveats and so much more. And if you are buying a property, this will probably be the first stage where you’ve had someone acting in your best interests.
A conveyancer is the key to stress-free, seamless property settlement. Without them, there’s the risk of serious mistakes being made. Not to mention, there’s all the other logistics of moving and property ownership to contend with once the property is settled!
Experienced conveyancers in Adelaide
Whether you’re a first home buyer or you’re buying a subsequent investment property, Eckermanns is here to help. For over 45 years, we’ve been helping South Australian residents with their real estate transactions. Get in contact with us today.
Can I do my own conveyancing when buying?
Technically, yes. It is possible to purchase a conveyancing kit that can help you transfer a land title. However, it is highly recommended that you engage a conveyancer instead. If you don’t have any experience, conveyancing can be extremely complicated and there’s lots of legal jargon you need to wade through. Plus, you put yourself at risk of making a mistake that could end up costing you thousands in the long run, for example, you might miss an encumbrance or caveat that’s on the property.
Do you need a conveyancer when refinancing?
No. If you are simply moving to a new lender or negotiating a new loan with your current lender, you do not require the assistance of a conveyancer. The process can be dealt with by your financial institution.
Can you buy land without a conveyancer?
Why do you need a conveyancer for buying land? Buying land still involves the preparation of legal documents and contracts and the transfer of ownership, so it’s best to leave it to the professionals.