DIY Conveyancing
- Thread starter JWR
- Start date
Thanks guys,
Didn't consider the risk of stuffing it up and having to spend thousands to fix it or getting sued etc...
I guess I will just have to make friends with a few lawyers in training at my Uni!
Make sure they have insurance in case they make a mistake. "In training" doesn't sound much better than DIY.
I agree. You need to treat your investment as a business because it is a business. Be prepared to pay a fair price for a job done well, otherwise you will learn this very important lesson the hard way.
I am a solicitor and sold a house recently in NSW, but still used another solicitor to do the conveyancing. Sometimes it helps to have someone not so close do things for you as they may pick up something you over look. I also couldn't be bothered in doing it myself.
Also keep in mind that a large part of the fees are for disbursements for searches etc that you would still need to pay for even if you do it yourself. And if you really do want to do it yourself you may want to consider a cut price conveyancing mob or cheap lawyer - i hear there are some in cabramatta area doing it for about $500
Also keep in mind that a large part of the fees are for disbursements for searches etc that you would still need to pay for even if you do it yourself. And if you really do want to do it yourself you may want to consider a cut price conveyancing mob or cheap lawyer - i hear there are some in cabramatta area doing it for about $500
I have purchased 4 places 3 PPOR as time went on and my 1st IP. I did the legwork on my PPOR's. However I decided to get a conveyancer to do the IP it cost just over $900 with the searches etc.
To be honest I could not be bothered doing it myself, the cost in the overall pitcure is bugger all.
A couple of issues I had, 1, the conveyancer sent out the paperwork to sign and asked if I wanted extra searches carried out and a page listed them and time lines. I had less than 2 weeks to settle and most of the searches would take 2 - 3 weeks. I figure you should get that list at the start so you can select which ones you want.
The other issue, the settlement document stating where all the cheques had to be made out to and how much to each party, was incorrect. My list had 7 and when I added it up it was out by about a thousand $$$. This caused a bit of a stir as they had to find out where the errors occured and this came down to within 24hours before settlement.
So does not matter who prepares it you still NEED to check it all out before you sign.
Personally I will not be doing another have better things to do with my time conveyancer / solisitor depending on the property for me.
Brian
To be honest I could not be bothered doing it myself, the cost in the overall pitcure is bugger all.
A couple of issues I had, 1, the conveyancer sent out the paperwork to sign and asked if I wanted extra searches carried out and a page listed them and time lines. I had less than 2 weeks to settle and most of the searches would take 2 - 3 weeks
. I figure you should get that list at the start so you can select which ones you want. The other issue, the settlement document stating where all the cheques had to be made out to and how much to each party, was incorrect. My list had 7 and when I added it up it was out by about a thousand $$$. This caused a bit of a stir as they had to find out where the errors occured and this came down to within 24hours before settlement.
So does not matter who prepares it you still NEED to check it all out before you sign.
Personally I will not be doing another have better things to do with my time conveyancer / solisitor depending on the property for me.
Brian
Not conveyancing related but similar pricing example. Dealing with a client who over 5 years ago decided to save the $1000 to seek expert advice about a contract. He has just received a $250,000 plus judgement that, at best would not have happened had he sought advice and, at worst the experts insurance would have had to pick up the bill. Small savings now can save not only money but also large amounts of time and hassle.
By solicitor, I mean property lawyer not someone who is not an expert. I am sure that there are great licensed conveyancers, however they don't even exist in Qld. Lawyers use paralegals, under their supervision to do conveyancing otherwise you would not want to pay their bills. You don't want to be paying a solicitor $400/hr to be conducting searches and all the administrative parts of a transfer.
The solicitor has the work practices and systems to deal with it properly and is right there, free of charge should some advice be needed. A conveyancer may have a solicitor they can call for advice, but at $40 for each 6mins soon eats into their profits.
Everything could depend upon how often your going to do such a thing. You can buy a kit that has all the information needed and or you can do searches on the net.
The problem with solicitors is that you still have to check what they say and do relative to what you want. Mind you that is not particualr just to lawyers, it happens in all walks of life. The benefit to using solictors is that they have insurance, that can protect you, so long as you can prove it was their fault if their is a problem.
Here is a link to a site for conveyancing type kits, I have nothing to do with them, it was just a snappy search on google.
http://www.diyconveyancingkit.net.au/faq-newsouthwales.html
Easiest thing to do is ring solicitor and find out what they charge on top of the search fees etc. That gives you an idea on what you will save.
As a first timer buy some sort of conveyancing kit and follow the directions. If after that one you don't think it is worth it then don't do it again.
The problem with solicitors is that you still have to check what they say and do relative to what you want. Mind you that is not particualr just to lawyers, it happens in all walks of life. The benefit to using solictors is that they have insurance, that can protect you, so long as you can prove it was their fault if their is a problem.
Here is a link to a site for conveyancing type kits, I have nothing to do with them, it was just a snappy search on google.
http://www.diyconveyancingkit.net.au/faq-newsouthwales.html
Easiest thing to do is ring solicitor and find out what they charge on top of the search fees etc. That gives you an idea on what you will save.
As a first timer buy some sort of conveyancing kit and follow the directions. If after that one you don't think it is worth it then don't do it again.
... and hope you don't stuff it up that very first time
I've done my own conveyancing, many years ago. I found it extremely stressful, rather confusing and (in Queensland) you cannot just say "sorry, I'm not ready. Can we postpone settlement?"
I also have experienced DIY conveyancing and having to deal with the "real" solicitor for the other party. They tend to treat DIY conveyancers with utter contempt and mostly are as unhelpful as they can possibly be.
The departments where you have to collect searches are used to dealing with people who know what they are doing and wanting and I didn't find the staff helpful. Basically, to DIY you need to KNOW what you want, why you want it and how to order and collect it. The staff generally (in my experience) are not going to guide you through it.
I know settlements can be postponed, but it is not something I would want to do if my vendor had another buyer waiting who wants the place I am wanting and with a back-up contract in place.
I'm very happy to pay a solicitor
