Three Common Questions About Real Estate Conveyancing
Conveyancing is a legal term used to refer to various legal services offered to those buying and/or selling property. Unfortunately, first-time property investors are often largely unfamiliar with aspects of conveyancing when it comes to real estate transactions. The article below provides answers to three questions that people often have about conveyancing services in relation to property transactions.
How Difficult Is DIY Real Estate Conveyancing?
Real estate conveyancing is not the typical DIY activity. Many times, the legal complexities and technicalities involved in real estate conveyancing are a tough nut to crack for the average first-time property investor. As such, prospective investors are advised to seek professional help from a conveyancing specialist.
The smallest of conveyancing mistakes can have grave consequences. For example, the seller may decide to terminate the transaction as a result of erroneous conveyancing. Conveyancing mistakes may also cause settlement delays that attract interest for which the buyer is surcharged.
Even for prospective property owners who understand various aspects of real estate transactions, DIY conveyancing is still a big risk. The cost of correcting DIY conveyancing mistakes is often higher than that of hiring a conveyancing specialist.
Who Is Authorized To Provide Conveyancing Services?
There are a number of professionals that a prospective property investor can turn to for conveyancing services. These include licensed conveyancers, conveyancing solicitors, and property lawyers.
Licensed conveyancers are often the most affordable conveyancing professionals. These professionals are non-solicitors and they don't have to be trained legal practitioners. Licensed conveyancers get their training from specialist tertiary institutions, hence their suitability for the provision of conveyancing services.
Conveyancing solicitors are legal experts who specialize in the provision of real estate conveyancing services. Their service charges are often higher than that of licensed conveyancers and often slightly lower than that of property lawyers.
Property lawyers are able to offer conveyancing services because of the training they receive in law school. Unlike licensed conveyancers, solicitors and property lawyers provide a wider spectrum of legal services (as opposed to conveyancing only) related to the transfer of property ownership.
What Are The Payment Options For Conveyancing Specialists?
Fixed-fee conveyancing is often the best payment option. This is because the property owner gets to know the exact amount that (s)he will pay for conveyancing services with no possibilities of spiralling costs.
Conveyancing specialists may also bill their clients at each stage of the property transfer process. This is a viable option for property investors who cannot raise the lump sum one-off payment required for fixed-fee conveyancing.
Prospective property owners may also be billed on an hourly basis for conveyancing services provided.