Buying your first home can be a whirlwind of emotions. Excitement, disappointment, apprehension, and then BAM! You finally found the one. The home you want to buy and you find yourself approaching brand new territory. The purchase of a home.
There are so many things to think about – mortgage, building insurance, whether you need a conveyancer or solicitor (if any)? The answer is yes, and here’s why:
They handle the complicated bits
Unless you’re a legal professional, all of the paperwork that comes with purchasing a house can be a mind field. A conveyancer is someone who can help you through the legal process of purchasing property. They know exactly what needs to be done and when, meaning that you don’t have to bog yourself down preparing and lodging legal documents. They’ll even manage the finance element, liaising with your mortgage lender to secure the settlement cheque.
As with any legal process, things can sometimes get a bit rocky. With a conveyancer in your corner, you’ll have someone to guide you back onto the straight and narrow.
They can help save you money
Even though it may feel like you’re spending extra money at first, as you make your way through the process you’ll realise the value outweighs the cost. They may even save you money in the long-run.
If you were to navigate the complex process of conveyancing alone you may make some costly mistakes. As we all make mistakes when we’re learning something. A conveyancer will help you avoid these. Plus, they’re likely to pick up on any red flags which may be ending up costing you large amounts of money further down the track.
For instance, they may notice issues with a structure that hasn’t been approved by council, or an item in a strata report indicating that extensive (and costly) structural repairs will need to be done in the future.
They ease the process
Enlisting the services of a conveyancer will save you time and unnecessary stress, Trying to read through all of the reports, dealing with real estate agents, mortgage brokers, government agencies, vendors, and building inspectors.
Plus, navigating through all of the associated paperwork. Hiring a professional means they’ll be doing all the legwork for you.
Conveyancer vs Solicitor
Both will be highly-versed in your states’ property rules and regulations. If you’re purchasing your first home, or you have limited budget, a conveyancer is your best option. Conveyancers are only allowed to practice conveyancing which means they aren’t allowed to get involved if any legal issues arise.
If, however, your purchase is of a high-value property, or more complicated, you may be better to engage a solicitor. Certainly, if you need to consider any family or tax laws alongside the purchase.
Trying to do it yourself can be a costly decision
You’re well within your rights to handle the conveyancing yourself. You don’t have to engage a professional. However, this is the biggest transaction that most people will undertake. And there are huge penalties involved if all the legal requirements aren’t met.
This could include forfeiting your 10 percent deposit which is a big risk to take just to save a bit of money up front. We understand that each circumstance is different but always recommend seeking guidance from a professional.
Article provided by conveyancing.com.