Have you bought a house or thinking of selling? Tossing up between doing your own conveyance or engage a conveyancer? Are you thinking what’s the difference between having a lawyer do your conveyance rather than
Before you decide, you should know that the process of transferring property ownership from vendor to purchaser can be quite complex.
Therefore, we are sharing Boutique Lawyers 5 reasons why a lawyer will better protect one of your most expensive transactions during your lifetime.
1. Specialised knowledge
A conveyance is a legal transaction and, therefore, it would make sense that it should be performed by a lawyer that has specialised knowledge of the process. This is particularly important because a conveyance creates a legally binding relationship between a vendor and purchaser and gives rise to legally enforceable rights. Once you are bound to a contract it is very hard to get out of it without having to pay some kind of damages.
Further, unlike a conveyancer, a lawyer help you with more than just the property side of the transaction. For example, if you have been appointed executor of an estate and need to sell a property, a lawyer may be able to advise you on your duties as an executor as well as assist you with obtaining a grant of probate so that you can perform the conveyance. A conveyancer cannot do this because don’t have the specialized knowledge of the law and are not allowed to provide you with any legal advice.
Lawyers also have an obligation to keep up to do date with changes to the law and current matters which is not required of a conveyancer, and so, your conveyance may not be performed correctly.
As well as specialised knowledge, a lawyer will have undertaken practical legal training in property and contract law, tax, equity and deceased estates. This is very handy as one or more of these areas of law may be applicable to your conveyance.
Conversely, a conveyancer will have only undertaken training in conveyancing, and as mentioned, cannot assist you with anything else.
3. Good value for money
Unlike a conveyancer, when you employ a lawyer to perform your conveyance, a full legal service will be provided to you. This means a consultation, sound legal advice, attention to detail and more importantly, peace of mind. While this may cost you slightly more than what you would pay a conveyancer, remember, you are being protected from any exposure to liability.
Another thing worth noting is that lawyers are very good at spotting issues before they happen. This is important because you may find yourself seeking legal advice about an issue that was not picked up by your conveyancer.
As the saying goes, ‘Don’t be penny wise, pound foolish’.
4. You’re protected
If you are thinking about handling your own Conveyancing matter, perhaps you should reconsider. Again, it may be cheaper, but know that if you make an error, you will be held personally liable and will have to compensate the other party for any loss or damage they have suffered. You may even be forced to go ahead with the purchase when you cannot or don’t want to.
To avoid this, you need to engage a lawyer. A lawyer has professional indemnity insurance that will protect you from any personal claims made against you
There are demands, deadlines and long hours involved in conveyancing. A vendor wants to be 100% certain that their property has been sold, while a purchaser wants to be 100% certain that they have acquired ‘good’ title. A lawyer can ensure that this has been done since they are held to a higher standard of ethics and professionalism than any other professional, rest assured, you will get results.
So make sure you make the right decision and get a lawyer to perform your conveyance.
See Boutique Lawyers on stand D15 at the Build & Renovating Expo for your chance to win either an iPad Mini or a $1,000 gift card for Boutique Lawyers services. 4 – 6 July, 2014 at the Melbourne Exhibition Centre.
For more information, visit www.buildexpo.com.au