Conveyancing on your own: 3 things to be aware of
Published 13 Nov 2017
If you're looking to buy or sell a house or other property in NSW, you'll have to inspect it, determine the taxes and levies owed and ensure everything is up to code - this process is known as conveyancing. It can be done by a Parramatta conveyancing lawyer, a licensed conveyancer or you can do it yourself.
To avoid any legal disputes, individuals who are interested in conveyancing their own property transaction should be aware of these three things before they decide to go through with it without the help of a conveyancer or solicitor.
1. Everything must be in writing
If you and the seller (or prospective buyer) of a property come to any sort of agreement over the phone, it must be put into writing to be considered legally binding. In any written correspondence, you should include as much information (dates, names, monetary amounts etc.) as possible to avoid any future confusion.
Having all materials in writing is especially important for individuals who decide to do their own conveyancing, as the likelihood of a legal error occurring is higher when the person isn't experienced. If this happens to you, you want to make sure that you have all the evidence written down and on-hand.
2. It won't be free
Some people in NSW choose to do their own conveyancing in order to avoid the costs of hiring a lawyer or conveyancer, but they make the mistake of assuming that doing it themselves will not be costly. There are still numerous inspections, deposits, taxes and registration fees that you or the other party will need to pay.
Presumably these individuals will also be purchasing a DIY conveyancing kit that provides them with instructions for how to navigate the legal waters of a property transaction. This kind of kit typically costs around $150 alone.
3. An error could lead to your financial liability
Conveyancing is a very complicated process, especially for individuals who do it themselves. Some of the rules, particularly those regarding deposits, are trickier for people who don't use a conveyancer or solicitor.
If something goes wrong and an error is made, you could be financially liable. It's a big risk to take, so it makes sense to consider enlisting the help of a conveyancing lawyer in Parramatta. Our team of qualified legal specialists at Malouf Solicitors have extensive conveyancing experience - working with us will give you peace of mind.
For more information, reach out to a representative today.
Please call us on 02 8833 2000 to speak with a lawyer
I remain extremely grateful for Maloufs legal representation related to my financial management of the estate of my brother and for your continuing help and advice in this matter. As an aside, I always recommend Maloufs to my friends and family members who are seeking the best legal representation - only last week, I strongly advised a close family friend that their best interests would be served by arranging an appointment at your Parramatta offices.
John of Parramatta NSW