A conveyancing transaction involves transferring the legal title (ownership) of real estate from one party to another. For most people, buying or selling property is one of the highest-valued transactions they will ever make, and the legal work is usually referred to a licensed conveyancer or lawyer.

Fees for conveyancing services across Australia can vary, and to save some money, people might consider doing some of their own conveyancing rather than hiring a professional. While there is technically no legal requirement to instruct a licensed conveyancer or lawyer for a property transaction, there are several matters you should consider before taking on your own conveyancing matter.

Electronic Conveyancing and PEXA

From the outset, electronic conveyancing is now mandatory for most conveyancing transactions in New South Wales. E-conveyancing is effectively a closed system where only accredited parties can participate. It is mostly relevant to the settlement stage of a property transaction which must now take place on an online platform known as PEXA. Accordingly, even if you choose to do your own conveyancing, the final stages of completing the matter would need to be outsourced to a registered settlement agent authorised to use the online settlement platform. This is often a licensed conveyancer or lawyer.

Considerations Before Choosing DIY Conveyancing

Conveyancing is often considered one of the more ‘routine’ legal services offered by a conveyancing or law firm. However, the complexity of a property transaction and the significance of deadlines is often underestimated. The conveyancing process moves quickly and once a binding contract is entered, the legal ramifications for breaching the contract can be disastrous.

Whether you are buying or selling, before contemplating doing any aspect of the conveyancing work yourself, you might ask the following questions:

• Can you confidently read and interpret legal contracts and understand legal terminology?

   

• Do you know how to effectively research the title of the property you intend to buy?

   

• Do you understand your obligations as a seller, including the disclosure requirements under the relevant legislation?

   

• Can you confidently liaise with third parties to ensure that legal processes are correctly followed, and that all money is properly allocated?

   

• Do you have the time and skills to undertake the process yourself?

   

Benefits of Using a Lawyer or Conveyancer

Most property purchases are made for the long term and conveyancing costs are typically but a fraction of the value of the property. When you compare the money tied up in your investment with what you might pay to retain a professional to protect your legal interests and guard against potential pitfalls, getting a professional seems a logical choice. This goes for buyers and sellers alike.

A property lawyer or licensed conveyancer will:

• Ensure a compliant contract is prepared, along with relevant disclosure documents.
• Tailor special conditions to suit their client’s needs.
• Check title details and explain complex and often misunderstood contract conditions.
• Ensure the correct stamp duty is calculated for the purchase.
• Assist with relevant searches and inquiries to ensure the property is transferred without any unexpected issues.

Conveyancer vs Lawyer: Which One Should You Choose?

Both licensed conveyancers and lawyers are qualified to handle property transactions, but their expertise differs:

Licensed Conveyancers

Licensed Conveyancers in New South Wales must complete an accredited course and are licensed professionals regulated by NSW Fair Trading. They specialise in just property transactions and are often proficient in handling a large portfolio of conveyancing matters.

• Must complete an accredited course.
• Are licensed professionals regulated by NSW Fair Trading.
• Specialise in just property transactions.
• Often proficient in handling a large portfolio of conveyancing matters.

Lawyers

Lawyers are legal professionals who have completed a law degree involving several years of study and have been admitted to a court to practice law. In addition to property law, many are knowledgeable across other legal areas such as wills, estate planning, business and commercial law which means they may be able to assist with matters that are incidental to their client’s property transaction. Additionally, lawyers can provide representation in court if necessary.  Sometimes Lawyers are too busy in other matters to give the attention conveyancing requires on a daily basis.

• Hold a law degree and can advise on broader legal matters related to property.
• Can assist with estate planning, business law, and disputes that may arise.
• Are qualified to represent clients in court if necessary.
• May have competing priorities in other legal areas, which can affect availability.

Whether you choose a lawyer or licensed conveyancer for your property transaction, both professionals must have completed specific training and hold professional indemnity insurance providing additional protection for their clients should something go wrong.

Get Expert Legal Advice for Buying or Selling Property

The legal process of buying a property or selling a property can be complex and often overlooked, making it essential to enlist a qualified professional. By choosing an experienced lawyer or licensed conveyancer, you benefit from their in-depth knowledge and expertise, which is crucial for avoiding common pitfalls and ensuring your transaction is smooth and secure.

As with many important decisions, investing in quality legal advice is a wise choice, especially when it comes to real estate.

This information is intended as general guidance only. For advice specific to your situation, it’s important to seek professional help. If you or someone you know requires assistance, please contact us at 02 9623 2777 or email co****@***********om.au.