Does anyone do their own Conveyancing?

[Rixter]

Why spend ~$1K on something that is a simple process taking little time and effort?

I couldnt agree more. Why would someone want to spend $1k on something that is a simple process taking little time and effort? Its madness!

However 4 points of order:

1/ the process being simple,
2/ the process taking little time, and..
3/ the process requires little effort......

....is a matter of opinion and reliant upon what value you place on your time.

The 4th / final point of order, and in relation to investment purposes, the more astute investors fund their conveyancing costs from OPM, and as such in real terms costs them less than $1 per week (after tax).

I dont know about you but I think its $1 well spent!

Hope this helps.

 

[eternit]

Hi GR,

I bother because I like being in control and like to cut out as many middle people as I can as it avoids more confusion most of the time.

Its not really that hard and really doesn't take that long either.

I have had solicitor in the past who I have paid over $1K just for conveyancing + disbursments and now after going through the process of doing my own conveyancing I can name atleast 3-4 times where he has lied to save his own neck while costing me money.....

Just one e.g. is once I wanted a 3 days early settlement on a property on a Friday but he lied to me and my lender saying that the vendor's solicitor has sent through the wrong transfer document which is not accurate at all as the purchaser's solicitor completes half of the transfer document and sends it off but he did the wrong transfer document (******* idiot) as it was a mortgagee sale.

Anyways my point is that its always better to cut out as many middle people and try to be in control as much as you can where ever possible to get the best results.

Another point is when dealing with any person, even if they are working for you 99% of the time they will lie to you if they can get away with it, if its in their best interest which is fine.

BTW, I would only use a mortgage broker if I was not sure about the bank I want to go with for a particular loan and/or if I didn't know a particular type of loan product I wanted to use otherwise I would 100% go straight to the bank and deal directly with them and cut out the middle man....


Regards.

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

 

[eternit]

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

Whoever is acting on the purchaser's behalf completes half of the transfer document, gets it stamped via osr and its then sent of to the seller's solicitor. I would suggest getting a DIY kit, I got mine from Australian Property Law Kit. They charged like $150 or something which includes 6 months of free phone help (free number 1800).

I have never bought just land so I would rather not comment on exact process but you will still need to do land tax search to see if there is any land tax currently owning on it etc.

 

[lifelonglearner]

Hi

I have done 4 properties (you can do them if they're in your own name or spouse's name). Realise though that any mistakes only YOU can be held accountable for though. Your particular situation does look straightforward, but still be careful. It took a LOT of time, but I have enjoyed doing it as I prefer to know what it going on and what all the bits on the title are for. I found the clerks at the title office great at explaining the different bits and pieces that may be on your title.

Please be aware that the various government agencies that have to deal with the documents (and ESPECIALLY if you're dealing with a bank) all take their time doing their bit, and so to ensure you get Settlement completed in the usual 21 days, so really need to get and KEEP the ball rolling with the order of paperwork.

REgarding:

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

The properties I've done have all been with mortgages and where the properties have been security for one another, and the bank is able to deal with you directly (they are just a pain in the neck and don't LIKE to).

I am in WA though.

 

[Savanna100]

I have conveyed properties in both NSW and Victoria, both before and after I got my law degree (hehe, it didnt actually help much).
I notice you are in Canberra. Conveying is fairly easy here as you just have to track around to various places such as ACTEW etc to pick up paperwork.
First take yourself to the Law Book shop or legal stationer, sorry, I forget the actual name, they used to be in Marcus Clark st. They have ACT conveyancing kits which make it easier. They do cost a bt but very worth it.
Make sure you get a look at the building file (you may have to track out to Mitchell to see it though. Things are a bit easier here now with the owner having to provide a current pest. building and EER report.
Then, when all done, you go along to the Law Society at a set time and day and all settlements happen there. It should all be in the kit.

Good luck

 

[Sheryn]

Converyancing depends on your own personal underpinningknowldge and skills

OK

IMHO conveyancing - depends on your own underpinning knowledge, skills and ability.

I will never again waste my time & effort to do my own conveyancing and will use my lawyer in case I need expert advice which conveyancer [and myself] do not have the expertise to advise.

1. I have used a Solicitor to do conveyancing.

2. I have done my own conveyancing.

3. I have used a Conveyancing company.

4. I have used my Lawyer to do conveyancing.

IMHO - it all depends on YOUR OWN SKILLS ABILITIES & KNOWLEDGE

Off topic....


Recently we purchase a lite version of a software package so my hubby could teach himself how to design a small project - so that if we hand over to a draftsman he can trace our drafts.

This is not for everyone BUT our skills level empowered us to take this direction. We are comfortable to do our own designing BUT are not comfortable to do our own conveyancing.


Fluff....

My hubby's cousin [REA] contracted an architect to design his duplex (block of land was co-owned by 2 x REA's) anyway they had to delete 3rd level as too expensive and outside of brief.

When we visited cousin's duplex we found 4 levels ( 5 if you included deleted level).

We walked into the garage which had a messanine [?spelling] level to the laundry then up some stairs to main entry level & kids, bedrooms & TV area then up 2 flights of stairs to main living area (kitchen, dining, living area) then up a couple of stairs to main bedroom & bathroom.

Of course when you want move onto patio off main living area you step down from TV area.

IMHO - architect designed duplex created a lot of areas for people to trip up or down stairs.

AND the kids bedrooms were flooded in heavy rain due to a design fault.

Each to their own level of knowledge and experiences.


Regards
Sheryn

 

[mja]

Why spend ~$1K on something that is a simple process taking little time and effort?

Because I'd rather do 1 thing 100 times (ie, find deals that make money) than do 100 different things once (ie do the legals).

I don't want to be good at conveyancing. I couldn't think of anything more boring in a property transaction.



(Apologies to any solicitors out there who love conveyancing).

 

[eternit]

Because I'd rather do 1 thing 100 times (ie, find deals that make money) than do 100 different things once (ie do the legals).

I don't want to be good at conveyancing. I couldn't think of anything more boring in a property transaction.



(Apologies to any solicitors out there who love conveyancing).

I doubt spending 6 hours to do conveyancing for a property will result anyone from finding extra deals....

 

[wylie]

I think you will be spending more than six hours on it.

 

[eternit]

I think you will be spending more than six hours on it.

for my 2nd and 3rd conveyancing it look less than 6 hours.

 

[mja]

for my 2nd and 3rd conveyancing it look less than 6 hours.

Sounds like you've made up your mind.

Ok, so for your next property do your own conveyancing and then revisit this thread with your findings?

 

[wylie]

It all comes down to what we each are prepared to do save money and/or be in control. I will never again do my own conveyancing, but I am very happy to self-manage, which many would not touch with a barge pole.

Good luck with whatever you chose.

 

[Peter_Tersteeg]

It all comes down to what we each are prepared to do save money and/or be in control. I will never again do my own conveyancing, but I am very happy to self-manage, which many would not touch with a barge pole.

Agreed. I've tried self managing and it was a disaster. It doesn't work for me so I've decided not to do it again. I know lots of people who self manage very successfully.

Often I do my own maintenance as it gives me an excuse to visit the property. I can often do it quicker and cheaper than a trades person or handyman. On the other hand there's people who have trouble changing a light bulb so it's not for them.

 

[eternit]

It all comes down to what we each are prepared to do save money and/or be in control. I will never again do my own conveyancing, but I am very happy to self-manage, which many would not touch with a barge pole.

Good luck with whatever you chose.

I would not self manage but will do my own conveyancing any day

 

[wylie]

Viva la difference (or however that is spelled in French). Gosh, if we were all the same, we'd be a boring mob .

Maybe I can self-manage for you and you can do my conveyancing.... on second thoughts, maybe not .

 

[cbconveyancer]

An interesting thread. I'm a Conveyancer and there is alot more to it than anyone has mentioned, I must say. I have no qualms in persons doing there own conveyancing as long as they know what they are doing and don't lean on me to help them the whole way through the process if I'm not acting for them. I was told many years ago it takes by average 7.5 hours of your time to carry out a Seller settlement and 9 hours for a Buyer non-strata or commercial settlement. Depends I guess on how much your time is worth to you. You can do you own conveyancing without insurance but be aware that if you do it wrong you have no one but yourself to blame (and I mean that in the nicest way possible).

 

[lifelonglearner]

I would agree in that it has taken me a LONG time EACH time as every property is different. It's not fun, but I like to know what's going on and try not to get the wool pulled over my own eyes. I'd rather have myself to blame than someone else that I can't do anything about anyway.

 

[wylie]

I'd rather have myself to blame than someone else that I can't do anything about anyway.

You can sue someone who has professional indemnity insurance .

 

[Canberran]

I am currently having one block land settling next week and doing the Conveyancing myself. So far what I did is to get the crown lease stamped by Revenue Office. Another thing I am going to do is to attend the settlement and hand over the cheque.

It saves 1k and I will let all know how it goes after the land settles next week.

 

[NeverGrowUp]

Hmmm. It seems some people have missed my initial Q.

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?

This is a new block of land, which i paid the deposit April08, and since then roads and services were put in. I had 60 days to pay the Stamp Duty, which i did, and i now have the contract stamped by the Revenue Office.
The estate is now near on completion, and i have been advised by ACT Land Development Agency (LDA) that it wont be long now.....

hey NeverGrownUp,
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.

Eternit: Since this is a new block of land, no searches are required, and Land Tax is also not applic.

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.

As mentioned, i have paid the Stamp Duty. Land Tax is not applic.
As for settlement figure, Purchase price-Deposit=Settlement Figure.
No banks will be involved. I’ll be walking in with a briefcase of unmarked, unsequenced $20 bills. (tic. Or a Bank Cheque)
--
So, What am i missing?

Canberran: I’m going to PM you.....