DIY Settlement
- Thread starter gooram
- Start date
I really don't think that's a good idea. You may get a kit or resource to help you do it but you can't acquire expertise in the field by buying it. I run a site that helps hundreds of people sell without commission but would always baulk at recommending them to do their own conveyancing.
Other factors to consider are that you won't have any insurance as a Licensed conveyancer or Solicitor does and the cost saving isn't of a very high order.
I think on balance it wouldn't be a great way to spend that spare time. But please come back and continue this thread if you do it, as I'd like to see how you go with it.
Other factors to consider are that you won't have any insurance as a Licensed conveyancer or Solicitor does and the cost saving isn't of a very high order.
I think on balance it wouldn't be a great way to spend that spare time. But please come back and continue this thread if you do it, as I'd like to see how you go with it.
You can do almost anything yourself when dealing with buying and selling property, but handling the transfer is the one thing I'd suggest nobody do themselves.
At the very least, a simple mistake can easily lead to a late settlement, which can often cost substantially more than the cost of a conveyancer. The mistake might be an incorrectly signed document, or not knowing who to contact to book the settlement, or a miss-calculation of the funds to complete.
Conveyancing isn't a huge job, but it is a very detailed one with lots of quirks.
At the very least, a simple mistake can easily lead to a late settlement, which can often cost substantially more than the cost of a conveyancer. The mistake might be an incorrectly signed document, or not knowing who to contact to book the settlement, or a miss-calculation of the funds to complete.
Conveyancing isn't a huge job, but it is a very detailed one with lots of quirks.
Hi all,
We did our own thing, once buying, once selling, as much for the experience as anything. Mind you, the buying was 25 years ago and the selling was 19 years ago.
These days we just use the solicitors.
We had "interesting experiences" in both the buying and selling side.
On the buying side, at settlement, the sellers solicitor (this was buying a block of land off a company), gave us a piece of paper stating that the title was in the titles office. I refused to hand over the cheque because we had spent several hours and had fantastic help from senior titles office staff, working out that the vendors copy of the title was not in the titles office, that very day.
You can imagine the fun when I told the vendors solicitor, "no money until you find the title".
Amazingly, after about an hour of all the different office girls ringing all sorts of ex-partners to the firm, the title was located in a different solicitors office.
A few years later when we sold our Mulgrave house, we bought one of those conveyancer packs ($40) and did it ourselves.
I stuffed up some wording of the final contract (or some document exchanged at settlement) and at settlement the purchasers solicitor picked up the error. She was horrified, because the document had to be redrawn and signed by the vendors before settlement could occur (and her client had the removal van full and on the go!).
When I told her that we were the vendors and could sign (there was no mortgage on the property) if the document was quickly redrawn; there was one of those John Cleese moments.
She stared straight at me blinking ( I remember it well!) You could hear the cogs turning.
She came back with, after about 15 seconds, "if we got one of the office girls to retype it, you could just sign it?"
Everything ended up OK and we got our money.
The long and the short of it all, is just use the professionals ( but keep on them) because the few hundred dollars it costs is nothing in the longterm scheme of things.
bye
We did our own thing, once buying, once selling, as much for the experience as anything. Mind you, the buying was 25 years ago and the selling was 19 years ago.
These days we just use the solicitors.
We had "interesting experiences" in both the buying and selling side.
On the buying side, at settlement, the sellers solicitor (this was buying a block of land off a company), gave us a piece of paper stating that the title was in the titles office. I refused to hand over the cheque because we had spent several hours and had fantastic help from senior titles office staff, working out that the vendors copy of the title was not in the titles office, that very day.
You can imagine the fun when I told the vendors solicitor, "no money until you find the title".
Amazingly, after about an hour of all the different office girls ringing all sorts of ex-partners to the firm, the title was located in a different solicitors office.
A few years later when we sold our Mulgrave house, we bought one of those conveyancer packs ($40) and did it ourselves.
I stuffed up some wording of the final contract (or some document exchanged at settlement) and at settlement the purchasers solicitor picked up the error. She was horrified, because the document had to be redrawn and signed by the vendors before settlement could occur (and her client had the removal van full and on the go!).
When I told her that we were the vendors and could sign (there was no mortgage on the property) if the document was quickly redrawn; there was one of those John Cleese moments.
She stared straight at me blinking ( I remember it well!) You could hear the cogs turning.
She came back with, after about 15 seconds, "if we got one of the office girls to retype it, you could just sign it?"
Everything ended up OK and we got our money.
The long and the short of it all, is just use the professionals ( but keep on them) because the few hundred dollars it costs is nothing in the longterm scheme of things.
bye
I have done the legal part a few times on vacant blocks of land in the country where the vendors have not been a debtor to one or several creditors,and have a unencumbered clean caveat free title that i have seen in black and white on paper and then double check that it is all upfront,most of those titles where held in Banks vaults so most times they are safe, but these days i would not bother just use a Solicitor,they are worth every cent and at the end of the day the
ATO pays the bill anyway..willair..Are you kidding? You can sue them!!! They have 100 reasons it was your fault or someone's fault because "they have done everything they can."
I have done 7 settlements myself. Landgate has a standard form and you can type in WORD (WA) yourself.
For a simple purchase, to buy a property, prepare a Transfer is as easy as 1+1 =2, just copy the cotents from the title documents onto it, coordinate the banks. done. 30 minutes max to prepare the transfer.
For a simple sale, you do not have to do anything. Wait for the transfer to sign and prepare a statement - how much / how to distribute the moeny -- this is the most exciting part for me -- counting the money.
For some comprehensive ones, such as commercials, it may leaves to the lawyers because it may involve too much such as lease etc.
Settlement agent is the worst in the process. They do not call you and they send you by mail - not registered mail. Most of the jobs you have to do yourself to get it done. They do not do better job than yourself.
