Why You Need a Conveyancer - Pearl Financial

Why You Need a Conveyancer

By Shane | Legal

Oct 25

Before you go into the points as to why you need a conveyancer, you should clearly identify first what conveyancing is. Legally speaking, conveyancing is a process of transferring the ownership of a legal land title from one person or entity to another. It typically consists of three transaction phases including before agreement, and before and after accomplishment.

The system of conveyancing is purposely designed to provide assurance that the buyer acquires the land title including all the rights that run the land, informed of any restrictions in advance of acquisition. The most common reasons why you need a conveyancer is when you are buying or selling a property, subdividing, renewing a title, or registering, amending or discarding an easement.

You’re basically aware that conveyancing is pricey and comparatively upfront. With the massive availability of resources online, people being are tempted to do conveyancing themselves. It sure does save money, but there are several risks to look out for.

  • Conveyancers are licensed and trained professionals who are responsible for giving advice and information about the sale of a property, organizing documentation, and leading settlement process. Despite the professionals’ wide-ranging training, conveyancing on your own is possible. However, what you can accomplish are only limited to simple transactions, and if a mortgage is involved, conveyancing on your own will not be certainly possible.
  • Majority of the mortgage lenders require a professional in order to protect your interests.
  • It is highly important that you acknowledge that conveyancing on your own comes with a huge added risk. That if you go through the process mistakenly, the seller’s solicitor can take advantage of your inexperience. You could be sued and end up spending way more in court fees than you would have done on a conveyancer.
  • A conveyancing solicitor will be required by law to hold lawful indemnity insurance. This guards you against a financial loss that you may encounter in certain conditions such as a substandard lease, governmental problems with other lawyers and mortgage companies, lack of planning agreement or building regulations consent, runaway landlord and a number of leasehold issues.
  • Another significant consideration is the fact that the NSW Fair Trading governs all conveyancers. This means that should there be any problems, you always have the assurance that a legal alternative of action is obtainable and your issues can be regarded as by a higher authority.

With all the hassle and stress involved in the first place, it is reasonably the best way to leave the complex measures of licensed conveyancing to the professionals who have time, resources and expertise to handle the tasks effectively. Remember, conveyancing is a professional’s job, and to be secured, you should cooperate with a professional. In the end, you can simply answer yourself on why you need a conveyancer- it’s because you are buying yourself peace of mind.

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About the Author

Shane specialises in helping Gen Y professionals and business owners make an impact by accumulating more assets, generating more income, and having more time to enjoy life. He has a Master of Applied Finance, an MBA, and a Master of Financial Planning. He is also a terrible golfer.

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