Why should you hire a law firm to manage your conveyance?
Monday, July 15, 2019
Conveyancing is the legal process of transferring ownership of a land’s legal title from one person to another.
What is a conveyancer?
A conveyancer is a licenced professional with expertise in the conveyancing process. Conveyancers act on behalf of their clients and provide advice and information in relation to:
- selling or purchasing properties;
- subdividing land;
- updating a title; and
- registering, changing or removing an easement.
Law firms typically have speciality conveyancing departments, although not all conveyancing ‘firms’ are full-service law firms.
What should my conveyancer be able to do?
A conveyancer may perform the following duties in relation to a contract for sale of land:
- checking the deposit has been paid and cleared by the Agent;
- conducting property searches (incl. title search, registered plan search, land tax search, local government searches, body corporate information certificate and final titles search);
- preparing and reviewing legal documents;
- checking for encumbrances on the title;
- liasing with lawyers and conveyancers on the other side of the sale;
- ensuring you are prepared for critical dates;
- checking transfer documents are properly executed;
- preparing stamp duty exemption forms;
- checking stamp assessment and pay stamp duty assessment;
- checking for deposit, rates, land tax and other adjustments;
- calculating settlement figures;
- arranging, attending and advising you of settlement;
- arranging purchase cheques with you and your bank; and
- contacting the agent regarding settlement and release of the deposit.
What are the benefits of hiring a law firm to help?
It is not a legal requirement to engage a law firm when buying or selling property. However, the benefits of doing so are significant:
- The transfer of property requires specialised knowledge to ensure your rights and interests are protected. The process of buying or selling a property involves the creation of a legally binding relationship between you and the buyer/seller. Conveyancers are familiar with the laws regarding sale and purchases, and therefore they can advise you of faults or potential pitfalls in documents before you sign the dotted line.
- Conveyancing is like other areas of law, in that it is filled with complex legal jargon that can be difficult to grasp. Conveyancers are proficient in legalese and have intimate knowledge of the steps involved in different property transactions such as auctions and Contracts for Retirement Villages. Conveyancers will also assist you in understanding the meaning and purpose of each legal step.
- Conveyancing involves a lot of time, as they perform a variety of time-consuming duties including contacting the otherside, carrying out searches and reviewing/preparing documents. Engaging a conveyancer will save you time, especially if you are unfamiliar with the conveyancing process.
- Carrying out the conveyancing process on your own also increases risk to your rights and interests. This can result in financial loss. Conveyancers are familiar with reviewing and preparing these documents, and are more likely to identify potential issues. Therefore, conveyancers can save you money in the long run.
- Engaging a conveyancer will give you peace-of-mind during the stressful period of purchasing or selling a property. Conveyancer’s specialised knowledge and expertise in conveyancing, means that the process of transferring property is far easier and less stressful.
Conveyancing firms vs law firms
There has been a spike recently in the number of firms who tout themselves as ‘conveyancing firms’. While these are law firms, they tend not to offer many of the usual services you would expect of a law firm, such as dispute-resolution, commercial law and litigation. They tend to offer low-cost conveyancing by employing inexperienced or junior staff and cutting corners to keep their profit margins high. If things go wrong, a ‘conveyancing firm’ typically will not have the personnel, knowledge or skills to be able to understand the situation, advise you properly on your options or rectify the problem. They usually have to refer your matter to a law firm.
At Bennett Carroll, we are a full-service general practice law firm. Not only do we have a dedicated conveyancing department (staffed only by senior conveyancers) but also litigation and commercial law teams, among others. This can make an enormous difference to your outcome. If things go wrong during the course of your conveyance, we have numerous solicitors available to immediately provide you with the advice you need.
How do we charge?
We offer fixed prices on all conveyancing matters. For more information head to: http://www.bcglaw.com.au/LegalServices/Conveyancing-403/
To discuss your conveyancing matter feel free to contact us today. Bennett Carroll Solicitors have offices located in Brisbane, Gold Coast and the Sunshine Coast.
Freecall: 1300 334 566
Fax: (07) 3343 8664