Five things you really should know about residential conveyancing

There are many ways a property transaction can go wrong

Property transactions can be complex affairs, and there’s a whole lot of ways they can go wrong – especially if you don’t know what you’re doing. And most of them will leave you in a financial hole. Conveyancing solicitors are trained to nip these problems in the bud before they become bigger and more unmanageable problems and before the property transaction falls through completely.

You’re covered by insurance

One of the great things about conveyancing is that it’s virtually risk-free. A licenced conveyancing solicitor brings the big benefit of insurance to the table, meaning you don’t have to weather the consequences if something goes wrong. All solicitors carry professional indemnity and fidelity insurance to cover their clients in the event of something going wrong or a mistake being made. Using the services of a licenced conveyancer gives you the utmost peace of mind about your property transaction. Financial problems, legal problems, wasted time, stress and lost assets won’t be things you’ll need to worry about when you leave your property transaction in the hands of a solicitor.

There’s a lot of paperwork to cover

Paperwork – it seems to be the bane of any business transaction. No one likes filling out forms and preparing documentation, but unfortunately when it comes to residential conveyancing, there’s a lot of paperwork and documentation involved. And it can be very demanding and time-consuming to complete it all correctly and accurately, something which is absolutely essential to carry out a conveyance correctly. Not to mention all the document reading, research and fact-checking that you have to do.

It can be tempting to skip doing the paperwork properly. But you simply can’t when it comes to conveyancing. There are many legal, governmental and financial details you’ll need to be across, as well as strict time limits to be met. Failure to understand and complete the entire procedure correctly will lead to unpleasant surprises during the conveyance. So, if you don’t like dealing with paperwork, or aren’t comfortable with your ability to do so, your best option is to use the services of licenced conveyancing solicitors such as GM Law. You won’t be tearing your hair out trying to deal with paperwork, and your property transaction will flow much more smoothly.

You should hire a conveyancer as early as possible

It’s a big mistake to tack hiring a conveyancer onto the end of your property purchase or sale. A conveyancer does so much more than just cross the t’s, dot the i’s and rubber stamp your property transaction. You’ll avoid a whole raft of problems and ensure the whole process runs smoothly by using the services of a conveyancer as early as possible once you know you’ll be buying or selling. A conveyancer will uncover the true legal state of the property and help you consider if the purchase is even viable before you get too deep into negotiations. Hidden issues won’t stay hidden very long once a good conveyancing solicitor is on the job, as uncovering problems early on is a big part of what they do. Hiring a conveyancer as early as possible will save you wasting time, money and emotion on an unwise transaction, and leave you far better off in the long run.

The costs may not be as much as you think

Conveyancing, lawyers, legal fees – they all sound expensive. But when you use GM Law, the cost for a conveyance may be a lot less than you think.

We charge (for properties under $1 million):

  • $790 for property purchases, plus GST, searches and outlays
  • $490 for property sales, plus GST, searches and outlays

When you consider the price of the property, plus all the legal and financial issues that using a conveyancer will prevent, it’s money well spent. Get in touch with GM Law to find out more about the conditions surrounding property transactions.

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