3 tips to take the stress out of conveyancing when you buy or sell a property
I had the opportunity recently to chat with our local real estate agent about the importance of approaching your conveyancing matter in the right way. There are many articles and blogs, along with research which tells us that buying and selling property can be one of the most stressful life events, so it makes sense that we should do whatever we can to manage that.
These are my 3 tips for a stress free conveyancing process:
1. Engage a conveyancing solicitor to help you.
Now you might say – of course a lawyer is going to recommend you engage a lawyer – but there is more to it than that. There are four key reasons that are really important as to why you would want to engage a conveyancing lawyer to assist you with the transaction.
(a) There is a lot of law relating to conveyancing and it can be a bit of a minefield trying to walk through that, working out what is important and making sure that your rights are protected and your obligations are met. There is peace of mind in knowing that someone looking after just your interests.
(b) To make sure that you have got all of the information you need for your purchase, in particular, having all the searches available to you to make sure that the property you have signed up to buy is what you thought it was.
(c) Transfer duty which was formally called stamp duty – making sure that you pay the right amount on time and do not incur any penalties;
(d) Making sure that all of the forms have been completed properly so that the property that you are ultimately going to purchase gets transferred into your name, or if you are selling it is transferred out of your name properly.
2. Make early enquiries about estimated conveyancing fees
Conveyancing really is a very competitive market. You often hear on the radio and see in the newspaper and on the internet really quite cheap conveyancing quotes and there are probably some key things that you just need to be aware of when getting a quote for conveyancing. There are three key aspects of any quote that you want to be pay attention to:
(a) There are the professional fees – these are the fees that lawyers charge for all the running around they are doing on your behalf.
(b) On top of that they charge GST, which is something we all have to pay.
(c) Third part are the searches and outlays. So many times we are seeing that quotes do not include searches and people are caught by surprise when the fees for the searches come in and they are far more than what they had thought so it is really important to get a detailed quote to make sure that you have got all of the information and you know exactly what you are up for and what you have to pay for your conveyancing fees.
3. Getting advice before you sign
So most often when you buy and sell property the first thing you will do is find a real estate agent to assist you in that process. Unless you have used a lawyer before, thinking about your conveyancing lawyer is often one of the last things on your mind.
It is a good idea to think about who might assist you with your conveyancing as early as possible. If you have used a lawyer before you might want to get in touch with them to say that you are going through this process so that they can be aware and ready to assist you. If you haven’t used a lawyer before it is a good idea to have a look around at who would be able to assist you.
Having a lawyer look over a contract before you sign on the dotted line is really important because there are some key rights and obligations right on signing that are important. If you do not get to see a lawyer beforehand that is ok, all is not lost, there are still some limited circumstances where you can get out of a contract if you decide that you have made the wrong decision.
Follow these tips and hopefully you will enjoy the process of buying or selling your property. Happy house hunting!