DIY Conveyancing

From: Whittaker Hamilton


Has anybody tried DIY Conveyancing using the Kits?
Is it easy? If it was straight forward i was willing to try it on my PPOR.
 
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Reply: 1
From: Mark Pardi


I have had many clients try the DIY conveyance over the years.

Almost all of them have told me that it was "grief !!!!!" and they would never do it again.

I myself and all my team recommend people use a a licensed conveyancer or a solicitor to handle the conveyance.

At the end of the day these guys do this for a living 40 hrs a week.....and would in almost all cases no more about how to do it than the average person off the street.

Mark Pardi

General Manager

Property Buyers Network
 
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Reply: 1.1
From: Aaron Dwyer


I agree.

It just takes one small hiccup and you're up to your neck in it.

Work on the principle that if you are going to do multiple conveyances over time it's worth building a relationship with a firm that can give you benefit back in the form of cheaper rates or later payments of monies to them etc.

--
Aaron Dwyer
~ To know and not to do, is really not to know at all.
 
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Reply: 1.1.1
From: Gail H


Absolutely. I am a lawyer and I wouldn't do my own conveyance.

Gail
 
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Reply: 1.1.1.1
From: Nigel W


On 5/23/02 4:45:00 PM, Gail H wrote:
>Absolutely. I am a lawyer and
>I wouldn't do my own
>conveyance.
>
>Gail

Ditto for me too.

surely your time is better spent chasing good deals than pfaffing around doing searches
 
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Reply: 1.1.1.1.1
From: Thorpey !


Me too then!

I tried it and finished it off with a .....you guessed it......solicitor!
I slept very well from then on!
Thorpey!

"Better to have it and not want it, than to want it and not have it"
 
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Reply: 1.1.1.1.1.1
From: Alan Hill


I did it years ago on a block of land I owned down the South Coast.This was when I was a bit younger and trying to save every dollar I could!

Was it ok? Yes and no.

The process was relatively simple and to my later detriment I even picked up some errors that the other parties solicitor had made.

Ahhhhhh....that's when the fun began. Did I say 'fun'? Groan......

Many solicitors hate dealing with purchasers acting for themselves even if the purchaser does follow the process correctly......if not faster in some cases.

BUT......if you as a purchaser acting for yourself have the audacity, the absolute rudeness to bring to the attention of the other parties solicitor an error they have made.....well....watch out!

It became a pretty miserable experience after that.....the other parties solicitor delayed everything.......when I politely rang to find out what the problem was, the idiot went off his dial before I had a chance to say anything and then hung up on me. NB. I might mention that in not one instance though had he mentioned I had not followed the process 100% correctly.

On and on it went and yes we both finally completed the process one minute to midnight.

Oh......and before Gail feels the need to leap to the defense of the legal fraternity again ;) :) I acknowledge that not all solicitors act in this stupid/petty way and also when the conveyancing process isn't straight forward, having a good solicitor in your corner can certainly provide some peace of mind.

Was it worth it? I saved a few bucks and happily learnt a bit about the conveyancing process but I don't think I would do it again.

99 times out of a 100 will probably be fine. It just depends whether you are happy with those odds when you are dealing with potentially such large sums of money and you have the time to dedicate to the process.

My advice......spend a few hours getting some recommendations on good but reasonably priced conveyancers and leave it to them.


:)
 
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Reply: 2
From: Rolf Latham


Hi

Dont :eek:)

If everything goes to plan, then all is well. There may be a time when a solicitor will earn their keep manifold.

Save some money on a better loan instead - much less hassle.

Ta


Rolf
 
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Reply: 3
From: David Brady


My Wife whilst looking after 3 young kids, completed our last conveyance (her choice). Saved us at least $500 for about 10 to 15 hrs work over 6 weeks.

Also as most people would know, it's the secretaries that do the conveyancing not the solicitors.

I would recommend you need to be very patient, systematic and polite. A method of faxing is very recommended, email for some reason is not used.

David.
 
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Reply: 3.1
From: Tibor Bode


We are currently doing 5 properties and the conveyancing is $400 per property! OK it is cheap because it i s five, but the point 9as far as I am concerned and also listening to RK's advice) IPs are a TEAMWORK. The TEAM consists of
Solicitor, Accountant, Finance Broker, Tradesmen, and specialist in ANY other area I require. I want to concentrate on the deal and let these people to earn their money by helping me to ensure that the deal is the right one and I can finance it, and everything legally is OK, so on and so on. My biggest issue is to have the BEST TEAM possible.

Tibor
 
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Reply: 3.1.1
From: A A


I tried doing my own and found that if it was a straight forward transaction no problems.. Three properties ago I hit a hurdle and employed a conveyancing company in melbourne and I wish I had done so from the beginning. I rang the Victorian Conveyancing Association and they recommended me to Low Cost Conveyancing Services in Footscray. They charged me $495 all up!! and were very good. The time and money I spent doing it myself earlier probably cost me more in the end. I agree with the other comments and leave it to a professional. Concentrate on the deal, it really doesn't cost much when the job's done right by someone else.

Good Luck
 
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Reply: 4
From: Whittaker Hamilton


Thanks .
Have taken advice and contacted a solicitor who is onto it all for me now.
 
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Reply: 4.1
From: Gregory H


Should've done it yourself. Now you wont learn anything. Most of the posters have learnt something by their experience - but have forgotten to mention that this is an important part of your learning curve in the p/i jungle. eg. dealing with slack staff at banks, gov. agencies, solicitors etc. Force yourself to go through the pain. It's like going to the gym. Better after afterwards!! More empowered etc. Lack of knowledge breeds suckers in this field.
Just another opinion.
Bye

Greg
 
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Reply: 4.1.1
From: Tibor Bode


Greg,

While I see your point, don't you thing that it is a bit too risky to stuff up something (and you will not know it until it is too late) as you wanted to get educated / experienced or wanted to save a couple of hundred bucks. To me neither makes sense. I personally don't care about it and don't want to know the details. I just can not really see the benefit. I am rather interested how find, finance (using a broker again not my self running from bank to bank), checkout (using a building and pest inspector again, not myself trying to be an expert in it),
how to reno (now here I use my knowledge, but again I let several jobs to be done by qualified tradesmen) and then how to rent (again I let the R/E agent to have the pleasure finding and managing the tenant, I don't want to be a repairer, collector etc). Basically I am saying I am trying to be an investor who works on the business, not in the business.

Tibor
 
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Reply: 4.1.1.1
From: Geoff Whitfield


Tibor,

I agree.

My solicitor made a mistake. But he's worn the $300 consequences.

I'm familiar with travel. Agents use 5% of their knowledge 95% of the time. But it's the 5% of the time, when an unusual itinerary is requested, that they need to draw on the rest of their knowledge.

I suspect the same happens with conveyancing. I don't want to be caught in the 5%.

I spent $500 in conveyancing expenses (plus the $300 loss).

I saved $600 in mortgage insurance by reducing my loan from 90% to 89.9%.

I didn't save much in cash by negotiating- but I received a few unexpected extras from the vendor which were worth quite a bit.

I took 3 quotes for painting. They ranged from $5000 to $2000. I saved heaps more that way. The job was great- but if there was a problem, there was a lot less at risk than a problem with conveyancing.

OK, I missed out on a learning experience. But I was quite happy with that. Like Kiyosaki, I'm quite happy to pay professionals what they're worth to do what they do well, and not have to do a second rate job by myself.
 
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Reply: 4.1.2
From: Ross Sondergeld


Hi Gregory,


Subject: DIY Conveyancing

Gregory said, "Should've done it yourself. Now you wont learn anything. Most
of the posters have learnt something by their experience - but have
forgotten to mention that this is an important part of your learning curve
in the p/i jungle. eg. dealing with slack staff at banks, gov. agencies,
solicitors etc. Force yourself to go through the pain. It's like going to
the gym. Better after afterwards!! More
empowered etc. Lack of knowledge breeds suckers in this field.
Just another opinion."


Well, I'm against DIY conveyancing. For one (1) simple reason...

A solicitor has a "professional indeminty insurance policy" !!!

But if you do it yourself... then you have to cough up the $$$$$ if there is
a mistake. And it could really hurt...





Ross Sondergeld ~ Buyer Agent

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
" Imagine buying real estate the easy way...
...with a Buyer Agent on your side!!! "

Buyerside Real Estate Mobile 0412 289 464
Office 9b, 34 Glenferrie Drive Office (07) 5562 1555
East Quay Corporate Park Fax (07) 5562 1248
Robina QLD 4226, Gold Coast [email protected]
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


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Reply: 4.1.2.1
From: Robert Forward


I agree here with Ross.

The $400/600 that you pay out for conveyancing is cheap insurance for what is at stake. So basically I see it that they are doing the work for free and I'm paying an insurance premium.

Cheers,
Robert

Get your Property Inspection Reports @
http://www.CreativeFinance.com.au
 
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Reply: 4.1.2.1.1
From: Gregory H


Hi Team. I seem to be out-numbered here;-)
While we are on the subject though (I'm still in this learning mode!) how about some real life examples of what it has cost certain people when things have gone wrong. Not settling by the final date isn't that much of pain as the penalty interest rate is probably 12-13%. By the day it's pretty cheap so it's not a "real" problem. But does anybody know of some real $ problems (apart from late settlement)with stuffed conveyancing or is it just all anecdotal evidence passed from coffee table to coffee table? Ross - do you have some good stuff for us? Some past pearlers might be in the archives but what about some real beauties that will make us cringe with empathy? Thanks for any input.

Greg
 
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Reply: 4.1.2.1.1.1
From: Geoff Whitfield


eg, conveyancer who forgot that rent paid in advance belonged to me (pro-rata) and not the vendor.

Only $300, and the conveyancer bore the cost - bit a PITA anyway.
 
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Reply: 4.1.2.1.1.1.1
From: Owen .


I settled on a property a couple of years back 2 days after the quarterly water bill was due and the solicitor didn't pick up the fact that the vendor hadn't paid it. The managing agent who was paying the water bills on my behalf after settlement neglected to query why there was always a quarterly amount in arrears on the bills and only ever paid the due amount. They never told me about it either.

A year later I sacked the agent (for other mismanagement problems - another story) and found out about the water bill problems and all the overdue notices they had been ignoring. About the same time received a call from the water board saying they were cutting off the water. ARRRGGGHHH!!!!

So I paid up the bill and then got hold of the solicitor from a year earlier to point out their stuff up and get my $80 + interest back that I had to pay the water board. 2 months worth of phone calls, faxes, letters, explanations and repeat explanations I finally got an agreement that the solicitor would refund. 2 more months and after camping out in the lobby (that really works) I got my cheque.

Not a lot of money in this story but a lot of hassle. Mismanagement by a solicitor and an agent caused me a lot of grief. I now have a great conveyancer who provides great service and has lots of processes in place to prevent these things from happening. I also manage my own properties so the bills are always paid on time. Easy.

Owen

"Gambling promises the poor what property performs for the rich – something for nothing"
 
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