Conveyancing is a long and arduous process that every home buyer or seller must face. There’s really no skipping it as you need it if you want to buy or sell a property and make sure that the transaction goes smoothly. If you’re new to the idea of conveyancing, there are a few things you should know before making any decisions. Here are some of the most common residential conveyancing mistakes that you should definitely avoid in Australia.
Mistake #1: Not Hiring a Conveyancer at All
It is common for buyers and sellers alike to try to save money by starting their own paperwork instead of hiring a conveyancer. It’s easy to see why this is so tempting. Your real estate agent will give you the paperwork, and you can do your own research about what it all means and what you need to do.
However, a licensed conveyancer or a conveyancing solicitor are both experienced professionals whose big job is to make sure that you are making the right decisions and you understand everything. You shouldn’t be too worried about the money as you will likely get this amount back from the seller anyway. It is best to use a conveyancer at all times because they can be better than you at this.
Mistake #2: Using the Same Conveyancer as the Seller
There are many reasons why you might want to use the same conveyancer as the seller, but it is usually a bad idea. It might make you a bit suspicious as well because you don’t want to be pushed into doing something you don’t want to.
The main problem with this is that the conveyancer needs to be completely objective. They need to represent your best interests and not just the sellers. Failing to be objective can cause a lot of trouble down the line.
Mistake #3: Hiring Someone Without Doing Your Research
It is never a good idea to hire a conveyancer without first doing some research. This can be especially difficult if you don’t really know what to look for. However, you can start by calling your real estate agent and asking them for a couple of good recommendations.
You can also request a couple of quotes and see what each conveyancer will charge you. Then, you can read reviews online and see what customers have to say. It might take a bit of time, but it will be worth it in the end.
Mistake #4: Overlooking the Hidden Fees
The costs of conveyancing can be spread out. Different companies have different methods. Some might have a percentage of the sale price, while others have a set fee covering a certain number of items. Still, others may have a combination of the two.
You should read the fine print before getting anything done with a company because you might get stuck with too many fees. Make sure that there is nothing that is extra or unexpected. That way, you can get the proper total at the end of it.
Mistake #5: Failing to Start Early Enough
Conveyancing is a long process, and there are time frames to meet. If you don’t start early enough, you might run into trouble with the transaction. You should always start your research as soon as you start looking for a new house.
If you are looking for a new home, you should already be talking to a conveyancer. They will be able to answer all of your questions. You want to make sure that you get your documents in order and that you know what you are getting into. This will make sure that you are completely prepared for whatever comes your way.
Conclusion
Conveyancing is one of the more critical aspects of buying or selling a home. There are many things that you need to think about, and it’s easy to make a mistake. However, if you avoid these common residential conveyancing mistakes, you should be fine.
If you’re looking for residential conveyancing experts to help you with your property transactions, GLG Legal is here to help. We are Brisbane’s leading commercial law experts that focus on property law, franchising, conveyancing, and family law. Find the right solution to any problem when you work with GLG Legal. Contact us today to schedule a consultation.