Conveyancing is the process of transferring ownership of a property from an old owner to a new owner, and it’s a specialist branch of legal practice.
If you’re new to the idea of conveyancing, there are a few things you need to know before you sell or buy a property. Here are the biggest residential conveyancing mistakes that you don’t want to make.
Not using a conveyancer at all
This is a common mistake – but it’s an often fatal one. Many people mistakenly believe that they can attempt to undertake a conveyance themselves – often with the motivation of saving money.
However, unless you have a solid legal background, chances are it’s going to end up costing you more money than if you just hired a conveyancer to do the job properly. This is because conveyancing is extremely challenging if you don’t know what you’re doing.
It’s not one of those things that you can fudge your way through – you need to know property law inside out and have an in-depth understanding of the field. Conveyancers need to be familiar with different contract conditions, practice guidelines and case law, as well as at least 20 different pieces of legislation in Queensland alone.
And the consequences can be dire if you don’t know what you’re doing. There can be serious financial and legal implications if you get conveyancing wrong, and in the worst-case scenario, the property sale could fall through because you’ve overlooked an important requirement. And if you’re going it alone, you have no insurance to cover you and protect your assets.
There are many ways a conveyance could go wrong, and you could easily find yourself out of pocket and in serious financial and legal difficulties. Attempting a conveyance on your own is not recommended – it’s a job for the experts.
While there are no guarantees, using a conveyancer will maximise the chances of a successful outcome for your property purchase or sale, and minimise the chances of something going wrong.
Not hiring a licensed conveyancer
If you fail to assure that your conveyancer is actually licensed to carry out the job, you’ll be making a big mistake.
It’s a no-brainer that you want to hire someone qualified and experienced who knows real estate law inside out. When a conveyancer becomes licensed
and registered, it proves that they have met all the necessary requirements of qualification, knowledge and experience, as well as meeting good character requirements.
This gives you great assurance that the job will be done well. When you hire a licenced conveyancer, you can relax, knowing that they will be able to ensure that your property purchase or sale is completed correctly.
As well, one of the huge advantages of licensed conveyancers is the fact that they carry professional fidelity and indemnity insurance.
They are many ways for a conveyance to go wrong, and this insurance covers clients in the event of any error.
Not hiring a conveyancer early enough
Hiring a conveyancer is not something you should tack onto the end of your property purchase or sale just to cross the t’s and dot the i’s. A conveyancer does so much more than just rubber stamp your property transaction.
It’s a mistake to forget about conveyancing until you’re too far into your sale or purchase to avoid problems. You can ensure the whole process runs smoothly by using the services of a conveyancer early on.
A conveyancer will discover the true legal state of the property and help you rule out unsuitable properties that won’t meet your needs or that have hidden issues. They can help you determine if it’s even viable to consider a property before you get too deep into negotiations.
Uncovering problems early on is the job of a licensed conveyancer, which will save you wasting money, time and emotion on an unwise purchase. It is recommended that you hire a conveyancer as soon into the process of buying or selling a property as possible.
Not reading all the paperwork properly
We’re all guilty of it – when it seems too time-consuming and demanding to read through a complex document, we just don’t. How many times have you signed something without reading the fine print?
If you’re like most of us, it’s a frequent occurrence. But don’t make this mistake when going through the conveyancing process. You need to make sure you understand the entire procedure and are aware of all the relevant legal, governmental and financial details, as well as time limits.
Your sale will flow much more smoothly (and you won’t have any unpleasant surprises) if you take the time to read before you sign.
Not asking questions
Don’t assume that your conveyancer will think you’re dumb if you don’t understand aspects of the process. Conveyancers realise that not everyone knows much about the process, and they’ll expect you to have plenty of questions.
Don’t hold back – it’s far better to find out what you need to know than to just assume you’ve got it right or be too intimidated to ask questions. Your conveyancer is there to help and to smooth the path of property law for you, so take advantage of their expertise.
To have all your conveyancing questions answered by the most highly qualified and experienced conveyancers in Queensland and New South Wales, contact GM Law here