When you transfer a property from one individual or entity to another, this administrative process is known as conveyancing and needs to be undertaken whenever you buy or sell property. For most of us, property will be the most valuable asset we will ever own, so whether you are buying your first home or are trading up to a larger family residence, buying and selling property can be an overwhelming experience.
As a buyer or a seller, you will go through many emotional roller coasters during the course of your property transaction. The biggest stressor in most transactions is the money you spend as soon as you decide that you want to sell your home or purchase a new one.
As a seller you are spending money on rectification works to ensure the property is ready to sell, marketing fees and agents commission, just to name a few.
As a buyer you have the additional expense of building and pest inspections, local authority searches, bank application fees and stamp duty.
Whether you are a buyer or a seller, by the time you have calculated these expenses most people believe that conveyancing is too expensive and reasonably straightforward. I mean, how hard could it be?
This train of thought tempts some people to do their conveyancing themselves.
Whilst self-acting in your conveyance may save money, it can be extremely risky. If you go through the process incorrectly, the terms of the contract are not met and/or settlement fails, you could forfeit your deposit and you could be sued for damages by the other party. You will end up spending far more in legal and court fees than you would have done by simply instructing a conveyancer.
So let’s discuss the role of a Conveyancer. A good conveyancer will clearly explain the meaning and importance of each step during your transaction. Drawing upon your instructions, we will assist you to meet your legal obligations and protect your rights and interests.
Acting for you as a seller, the number one priority of your conveyancer is to ensure that you have a valid title that can be passed to the purchaser on payment of the agreed price. It is important that this process is carried out correctly as only then can the buyer, who has paid for the property, be confident of having a right of ownership that cannot be challenged in the future.
Acting for you as a buyer, your conveyancer will ensure that you are receiving a clear and unencumbered title at settlement and ensure that your pre-settlement rights are protected.
On your behalf, the conveyancer will:
Given the last thing you want when buying or selling property is to encounter costly delays or errors during the settlement period, can you afford not to engage a conveyancer, who specialises in property transfers, to undertake your conveyance for you?
It is a small price to pay to ensure that your property transaction proceeds smoothly. If the conveyance is for an investment property, the legal fees can be used as a tax deduction to offset any capital gain you make on the property when you sell the property.
If you choose to use a conveyancer, make allowances for all the costs in your budget – a good conveyancer will give you these costs upfront upon receiving your initial contact and most mortgage brokers can give you a rough estimate.
For more information on Buying or Selling property or advice on how we can assist you with your property transaction, please contact Lockett Mccullough Lawyers
Article provided by Lockett McCullough Lawyers
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