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Should I Use a Conveyancer When Buying or Selling a House in NSW?

If you are planning to buy or sell a house in NSW, you may be wondering whether you need to hire a conveyancer to handle the legal aspects of the transaction.

Conveyancing is the process of transferring the ownership of a property from one party to another, and it involves preparing and reviewing contracts, conducting searches and inspections, arranging finance and stamp duty, and registering the transfer of title.

In this blog post, we will explain the pros and cons of each option, and help you decide which one is best for your situation.

Option 1: Hiring a Licensed Conveyancer

A licensed conveyancer is a professional who specialises in conveyancing work for residential, commercial and rural properties. In NSW, conveyancers must be licensed with NSW Fair Trading, and they must have professional indemnity insurance to protect you if they make a mistake or are negligent in their work. If they are dishonest with the money you entrust to them, you may also have access to the Compensation Fund administered by Fair Trading.

Hiring a licensed conveyancer has several benefits, such as:

  • They have extensive knowledge and experience in conveyancing matters
  • They can handle all the paperwork and communication on your behalf
  • They can advise you on your rights and obligations under the contract
  • They can help you avoid potential pitfalls and disputes
  • They can save you time and stress

The main drawback of hiring a licensed conveyancer is the cost, which can vary depending on the complexity of the transaction, the location of the property, and the level of service provided. You should always ask for a quote before engaging a conveyancer, and compare different options to find the best value for money.

Option 2: Hiring a Solicitor

A solicitor is a legal practitioner who can do conveyancing work as well as other areas of law. Solicitors, like licensed conveyancers, must also have professional indemnity insurance for your protection.

Hiring a solicitor has similar benefits as hiring a licensed conveyancer, but there are some differences, such as:

  • A solicitor can also assist you with other legal issues that may arise from the transaction, such as family law, estate planning, or litigation
  • A solicitor may have more resources and support staff than a conveyancer
  • A solicitor may charge higher fees than a conveyancer, especially if they are based in a city or have a large firm

Option 3: Doing Your Own Conveyancing

If you want to save money and have more control over the process, you may opt to do your own conveyancing. However, this is not recommended for most people, as it involves a lot of risks and responsibilities.

If you do your own conveyancing, you will need to:

  • Research what is required and the relevant legislation
  • Obtain and fill out all the necessary forms and documents
  • Conduct all the searches and inspections yourself or hire professionals to do them
  • Negotiate with the other party or their representative
  • Arrange finance and stamp duty payments
  • Lodge the transfer of title with Land Registry Services

If you make a mistake or miss something important, you may face serious consequences, such as:

  • Losing your deposit or being sued for breach of contract
  • Buying a property with defects or encumbrances that affect its value or use
  • Paying extra fees or penalties for late or incorrect lodgement
  • Being liable for any claims or disputes that arise from the transaction

Do-it-yourself kits are available online or in bookstores, but they only provide guidance material and do not guarantee success. You will still be personally liable if something goes wrong.

What Option is Right For Me?

Buying or selling a house in NSW is a major decision that requires careful planning and professional advice. Depending on your circumstances and preferences, you can choose to hire a licensed conveyancer, a solicitor, or do your own conveyancing. Each option has its advantages and disadvantages, so you should weigh them carefully before making your choice.

To find a licensed conveyancer or a solicitor who does conveyancing work in NSW, you can use online directories such as Yellow Pages or contact professional associations such as Australian Institute of Conveyancers NSW Division Limited (AICNSW) or Law Society of NSW. Alternatively, you can ask for recommendations from your friends, family, or real estate agent.

Joshua Blom Lawyers have both licensed conveyancers and solicitors who can provide an obligation FREE quote.

With the expertise and experience of a licensed conveyancer or solicitor, you can make an informed decision on the best course of action for you.

Don’t hesitate to reach out to Joshua Blom Lawyers today and get the answers you need. Call us on (02) 4800 9011 or to learn more about how much conveyancing will cost you, fill out the below form for a FREE no obligation quote.

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