If you’ve ever bought property, you know that it can take forever for the process to be complete. The transaction is a long and complicated process, due to taxes and fees, legalities and contracts, and regulations. The process can be even more cumbersome when you’ve not got the experience or are a first-time home buyer.
That’s where conveyancers come into the mix.
Your conveyancer can help you:
- Prepare, review and lodge any needed legal documents
- Identify potential problems with the property
- Negotiate the best possible deal for the property
- Provide valuable advice, guidance and counsel
Lastly, but most importantly, your conveyancer will save you valuable time and precious money in an already lengthy and costly endeavour.
A conveyancer’s services will differ depending on whether you buy or sell a property. Generally, in Australia, conveyancing costs between $700 and $2,500, depending on the state and city you live in. There may, however, be additional fees that a conveyancer will pay on your behalf, called disbursement costs.
How conveyancers save you time as a buyer
While it is technically possible to do your own conveyancing, it is generally not advised. Not only is it risky, but it also requires a lot of research, and you will be personally liable if there are any problems with the sale. Conveyancers can research the property for you and conduct property searches on your behalf to identify any potential issues. Appoint a conveyancer before making an offer, and even before inspecting the property, to save yourself time and trouble and gain valuable counsel and advice.
Saving money as a buyer
If you plan to buy a property and don’t have legal expertise or a legal advisor, you may save the $1000 or so that you didn’t spend hiring a conveyancer, but you may lose so much more than that. A conveyancer may discover outstanding debt or other issues with the property and either negotiate a better price or advise you to avoid the problematic property altogether. A licensed conveyancer is also covered by professional indemnity insurance, a higher level of insurance than you alone are capable of purchasing. This can save significant amounts of money you may lose in any potential lawsuits or other legal disputes that may occur because you decided to go it alone and be 100% liable for any legal mishaps. So, while conveyancers won’t be able to get you out of paying land tax or stamp duty, there are still significant cost savings you can benefit from.
How a conveyancer will save time for those selling their home
There is a lot of paperwork that goes into selling a property. Conveyancers can save you precious time by handling the legal paperwork and administrative tasks such as drafting contracts and managing deadlines. This ensures that the sale is carried out efficiently, smoothly, and with sure legality.
Saving money as a seller
As with buyers, conveyancers give sellers valuable counsel and guidance that helps them make informed, wise decisions and avoid expensive errors and missteps. Conveyancers can identify any outstanding liens or unpaid taxes on the property and ensure that the seller avoids costly legal complications. A conveyancer can also expertly navigate complex legal requirements and ensure the seller is not overcharged or unfairly penalised. So, not only does working with a conveyancer ensure that sellers save money and time, but it also helps them to maximise the profits of the property sale.
So, overall, how much do you save?
If you’re looking for an exact number on how much you will save from hiring a conveyancer, unfortunately – there’s no single digit! Your savings depend on your circumstance, how much you buy or sell the property for, and how far along in the process you hired a conveyancer. We can tell you assuredly that a conveyancer will make the buying and selling process significantly easier and help you avoid disastrous mishaps and unrecoverable mistakes.
Whether you’re buying, selling, or transferring – it’s important to hire a conveyancer as soon as possible. With the help of a conveyancer, buyers and sellers alike can stay ahead of the curve and avoid expensive legal disputes before they even arise. Conveyancers often charge a fixed price fee that covers all their services. The fixed nature of this fee allows buyers and sellers to plan and budget accordingly, saving both time and money.
Choosing the right conveyancer for you and your property
To ensure your property transaction is smooth, legal, and stress-free, choosing the right conveyancer is of the utmost importance. When approaching conveyancers, make sure they offer a clear, fixed, and transparent fee structure and respond thoughtfully and accurately to any queries you have for them. It’s also important to research and ensure your conveyancer is fully licensed.
If you’re unsure which conveyancer to choose, ask your real estate agent to recommend one. Alternatively, your family and friends may know a good conveyancer, particularly if they have bought or sold a property before.
Remember, the right conveyancer can save you invaluable time, stress, and significant sums of money, so they are well worth the investment. For more information on Entry Conveyancing’s services in Melbourne, Sydney, and Brisbane – get in touch with our friendly team or enquire about a consultation online today.
