Does anyone do their own Conveyancing?

Hi,

I am thinking of doing conveyancing when buying a properties myself from now on, as long as the situation is pretty straight forward.

From what I have read the only things solicitor does is (as long its straight forward purchase):

1. Liase with vendor's solicitor
2. Searches on title
3. organise the settlement with bank
4. pay the stamp duty
5. do very simple mathematical calculations to determine the cost of settlement etc...

Can someone think of anything else?
 
Hi there
if you require special conditions for your contract - they need to be drafted by a solicitor
just be aware if you DIY and there is a problem - there is no professional indemnity insurance (which a solicitor has) which can be relied upon
thanks
 
Hi there
if you require special conditions for your contract - they need to be drafted by a solicitor
just be aware if you DIY and there is a problem - there is no professional indemnity insurance (which a solicitor has) which can be relied upon
thanks

Hi there,

Profesional Indemnity Insurance is to protect the solicitor not the buyer. If the solicitor makes a mistake then he is protected.....

I will have to look into how to get the special conditions added when doing conveyancing myself....
 
Conveyancing

I have done my own conveyancing in New Zealand. Fairly straightfoward, a few forms to fill in and the Land Title office are very helpful in steering you in the right direction. The forms are proof of identity and a Transfer Instrument provided by the purchaser. You cannot do this if you require a mortgage and are using this property as security. The banks require that you use a solicitor.

Cheers
Charlotte30
 
Hi there
the point I was trying to make with professional indemnity insurance - one of the most common claims against solicitors is to do with conveyancing - if they make a mistake - don't understand the relevance of what comes up in a search (an example being the problems Ozperp had in Brisbane with the drains to her property) - and you as the buyer suffer as a result - you potentially can claim against them and there is funds at the end of the day.
If you make that same mistake - there is no comeback - and are you really going to understand all the searches if something comes back odd?
I note that I do my own conveyancing but I do have a legal background - but still have made mistakes - which I have to live with (fortunately nothing major) - but if I had instructed someone else to do the conveyancing, I could have made a claim for that error.
thanks
 
I have done my own conveyancing in the (long distant) past and would NEVER do it again. For a couple of hundred dollars I get it done by a solicitor who has insurance and who understands exactly what she is doing.

I found it extremely stressful and did I already say..... I would NEVER do it again :p
 
Much discussion on the forum centres around just how much of our role as property investors/landlords we should outsource. The following are common tasks that those who are hands-on like to do themselves:

* property management
* minor repairs and renovation labour
* selling privately
* finding a mortgage product
* checking smoke alarms
etc

I outsource all of these, because I personally prefer to be hands-off, but I can understand why it may be attractive to some people to do these themselves.

But there are some things that I don't think are even close calls, and should be left strictly to professionals, and conveyancing would be near the top of the list.
 
I did it once never again...

About 10 years ago I did the conveyancing on a block of land we were purchasing in NSW.

I purchased a kit and followed the instructions, yes I saved money but not time and in fact I reckon I spent a great deal more of time and effort.

The vendors solicitor's staff actually helped me as well!

If you don't live in the capital city of the state you are buying in so you can personally lodge your own paperwork then it can be a huge effort.

I did my own local searches - went to the local council and they showed me on their computer screen what I needed so I didn't have to pay for those searches but I decided I was doing something that needed an expert.

Expertise takes time and mistakes to learn...


Regards
Sheryn
 
You are paying Hundreds of thousands of dollars for a property. Really why bother with the stress and drama . Solicitors fees usually cost less than a couple of thousand dollars.
Better to concentrate on the bigger picture:D
And over the years when there have been problems later. They have really only been solved by some of the conditions the Solicitor added that I had no idea about.
You do not want to land in court if you have done all the conveyancing yourself:eek:
 
I've bought a block of land in a new development in Canberra. How hard would it be to do my own conveyancing?
Stamp Duty has already been paid, searches not req'd, no banks need to be involved.

What am i missing, that i cant do myself?
 
hey NeverGrownUp,

I have done conveyancing for 3 of my properties and its not hard at all. First time it took me few hours to underestand the basics but now its easy as.

If you want I can give you a copy of my kit, it shows exactly what to do as i am in canberra also. Pm me if you want it.

As for what you need to do, you need to do searches to find out what rates are owning on the property, you need to do final search on the day of the settlement, do the transfer document and send of to osr for stamping.

If strata, do the section 118 cert. and also do the settlement figures.

Hope that helps.

IN your case, you need to do the transfer document, and check if any land tax owning on the land and also do the settlement figures.
 
hi eternit
can I ask a very simple question.
why bother
and thats not to put anyone down but why bother.
its the same as going to a bank instead of a broker.
I am a broker and use brokers.
why because the time for me is better in doing the deal then the loan.
you can sit down and understand all the ins and outs of the selling process but that take your mind off the goal.
for me get good at doing a deal,cost it and work out if the deal works.
and for get about saving on this or that if to save on this or that costs you more then you are paying.
I have not got a clue what you pay for legals and if its to high find some one new.
if you want to just do the legals thats different
but for me find the best pay for it and do the best you can do.
and that for me is finding deals and seating them
and if your legals is making more then you well start to look in a very different direction.
but ha don't take this a put down its more of a focus on the game not the players or the spectators
 
hey NeverGrownUp,

IN your case, you need to do the transfer document, and check if any land tax owning on the land and also do the settlement figures.

Thanks Eternit.
Wouldn't the transfer doc be done by the sellers solictors/conveyancers?
Land Tax? Is that Stamp Duty? If so, i had the contracts stamped and paid the duty last year. (within 60 days of paying the deposit)
As for settlement figure, Purchase Price-Deposit=final payment???

I just can't see what else needs to be done?

Cheers
NGUp
 
1. Liase with vendor's solicitor
2. Searches on title
3. organise the settlement with bank
4. pay the stamp duty
5. do very simple mathematical calculations to determine the cost of settlement etc...

Some of these things aren't as easy as they sound and can be more time consuming than you'd expect. I've had a few clients who've done it themselves and it's frustraiting as I've often had to coach them on how to liaise with the bank, prepare documents required by various parties etc.

A basic transfer isn't particularly difficult, once you've done it a few times, but the first few times could cost you more than it's worth.
 
I must agree with the sentiment above Eternit.

My conveyancer charges commensurate to the amount of work she has to do for me. So if its a quick easy purchse, its a quick easy process for her and I pay less.

If it works out to be more complicated then its better off in her hands than mine... Im hopeless at detail and would definately miss something (and knowing me I'd miss the most vitally important thing)

So whilst I understand the need and want to know EVERYTHING about property investing, my SANF is high because I know Im in capable hands.

Luvvit
 
Land Tax? Is that Stamp Duty? ... As for settlement figure, Purchase Price-Deposit=final payment???

I just can't see what else needs to be done?
This is going to be good. I'm watching this thread, for sure. ;)

(Just stirring, NGU, I'm sure you can learn how to do it. This just struck me as amusing. :D)
 
I think just the questions you asked earlier in your post 13 are showing that you would be better served spending the money on a conveyancer, who knows the answers and knows how to deal with all the paperwork involved.

My mum has done her own conveyancing a number of times (and I have done it myself too in the long distant past) (and it is much easier when selling than buying) but I just would not take the risk of missing something vital. I have seen her (a very competent woman) get tied up in knots with questions, problems and deadlines and I just will never do my own conveyancing ever again.

Life's too short to stuff a mushroom (or to do your own conveyancing).
 
Why spend ~$1K on something that is a simple process taking little time and effort?
It's not as simply with as little effort as you suggest...

Thanks Eternit.
Wouldn't the transfer doc be done by the sellers solictors/conveyancers?
Land Tax? Is that Stamp Duty? If so, i had the contracts stamped and paid the duty last year. (within 60 days of paying the deposit)
As for settlement figure, Purchase Price-Deposit=final payment???

You could be attempting to be ironic, but I think you may have missed a few things...

1. Transfer docs are done by the purchasers conveyancer.
2. Land tax is very different from stamp duty. Stamp duty as essentially a tax on the purchase. Land tax is an annual tax for owning the asset.
3. Settlement figure also includes the stamp duty, other government charges, bank charges, mortgage insurance, adjustments for rates, adjustments for rental, other things which might depend on the deal.

I don't want to be rude, but your statement suggests you're not actually aware of the basic process of conveyancing, heaven forbid if the deal became complex. You're in the right place to get educated, but I'd suggest self conveyancing wouldn't be a good idea.
 
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