Buying Property on a Limited Budget -- Do You Need to Pay for a Conveyancer?

So, you're property hunting with a limited budget, and you're wondering where you can save some money. Is conveyancing something you can do for yourself? Read on to find out what conveyance is and whether you're up to the job.

What Is Conveyance of Property?

Very simply, conveyancing is the act of transferring ownership of a title of property or land from one owner to another. When you buy or sell your home, land or any kind of property, you have to sign legal documents such as a sales contract and maybe a mortgage and other documents.

What's Involved in Conveyancing?

The list of jobs that a conveyancer does is quite extensive. They include examining contracts as well as arranging property inspections of buildings and arranging for pest inspections. They will look at all relevant inspection reports and help with arranging any necessary finance. If you need a mortgage, they will prepare and examine the mortgage agreement for you. They will look at building compliances and ensure that no authority has any vested interest in the property you are buying. A conveyancer will deal with all the financial sides of buying your property from ensuring that there are no arrears to paying deposits and stamp duties. This is not an exhaustive list, and as you will see, this is not a small amount of work.

Who Usually Does Conveyancing?

You can choose a licensed conveyancer. They will be qualified to undertake all the legal work involved with buying and selling a property or land. A professional conveyancer will have indemnity insurance. This protects you from being culpable for any mistake or negligence that they may be responsible for. You will also have access to compensation in the event of any dishonesty on their part that results in a loss of your money.

You can also use a solicitor to do your conveyance work. They will have the same ability and insurance coverage. The advantage of using a solicitor over a conveyancer is that they will be able to give legal advice on top of the conveyancing. There will be solicitors who specialise in offering this type of service.

Can You Do Your Own Conveyance Work?

You can do it yourself, but do you really want to? It involves you being able to undertake all of the above and more, and without any insurance and protection. So, will you save money? The cost of conveyancing will depend on whether you use a conveyancer or a solicitor. The average for the former is between $500-$800 and for a solicitor $600-$1000. There are DIY conveyancing kits available that will walk you through the process if you really want to do it yourself. However, there will be a cost involved that you'll need to add to the expense of the searches you need to make. When you take these costs into account, DIY conveyance may not save as much money as you may think.