Today in this discussion, we will discuss some frequently asked questions about conveyancing. People who don’t have much experience regarding conveyancing may find this article really helpful. So here we go;
- What is Conveyancing?
Conveyancing, by legal definition, is a process which transmits the authority or legal title or ownership of a property from one party to another. It includes a lot of legal processes, paper work and legal and monetary transactions. It is becoming so common these days that every now and then people are engaging themselves in conveyancing by buying and selling flats, apartments, office space, houses and any sort of properties.
- What else I may want to know about conveyancing?
Conveyancing is basically a legal term. And all the processes and activities regarding conveyancing are legal and adversarial. In other words, conveyancing includes you and any other or third party in the process and transaction. Some examples are; Vendor Vs Purchaser, Real estate agent Vs Vendor, Lender Vs borrower etc.
- Can I do my own Conveyancing?
Yes, of course you can. DIY conveyancing or self conveyancing is really worthy when you are selling a flat or apartment which doesn’t hold any mortgage or any sort of debt. But DIY conveyancing needs a full time engagement as you alone are handling the whole process, tons of workloads, and paper works. So, you may save a few hundreds of dollars but hiring a conveyancer and spending a few more money is so helpful in the end.
- Conveyancer or Solicitor?
Conveyancer is a legally titled lawyer or legal practitioner who specialises on buying and selling of properties or such kind of legal acts.
But a solicitor is a legal practitioner who has the expertise over all the sectors of law and conveyancing as well.
When it comes to conveyancing, you can choose either of them. If you choose a conveyancer and your property faces other kind of legal complications, your conveyancer will refer a solicitor automatically.
- How to hire a conveyancer?
When you have already decided to go for conveyancing and hiring a conveyancer for the whole process first determine what specific thing you want from your conveyancer. If it is price, conditions, time limit or other specific situations then choose the one who fulfils your demand. You must make sure that the one you are choosing has experience in this sector and obviously licensed.
- Is it necessary to compare conveyancers?
While selecting a conveyancer you must compare them if you don’t have any preference or know someone. Many of the conveyancing firms will give you free quotes, which you actually need to compare. These quotes refer to the approximate cost of your whole conveyancing process.
- How much conveyancing is going to cost me?
Conveyancing charges and cost depends more on the conveyancer you choose. There are some conveyancing agents those charge fixed amount of money no matter how much your property is. There are some other kind of firms who offer “no move, no sell” options. But be aware, if any of these firms have done a lot to get your property sold, then they will charge you something anyway.
Gazumping is when a seller denies selling the property to the purchaser in order to accept a higher offer. This happens often and the purchaser doesn’t get any compensation for the expenses he had already done.
Finally, some more words that may help you are; you must make sure that your conveyancer is not charging any hidden charges. You can avoid this by keeping a draft of the contract between you and the conveyancer. Though you have hired a conveyancer, it is very expected that you keep the track of their work and their movement very well.