You’ve finally found your dream home – YAY!
Not so fast, you still need to go through the conveyancing process.
Conveyancing is the complex process of transferring legal title from the seller to a buyer.
You want to ensure that you hire an experienced law firm, like One80 Conveyancing to take care of all the administrative and legal aspects of transferring title from the seller to you. In this article, we will share some of the most common mistakes that beginners make:
Mistakes to Avoid in Residential Conveyancing
Mistake #1: Opting to “Save Money” by Not Hiring a Professional Conveyancer
While it’s tempting to save money by handling the conveyancing process on your own, this isn’t always a good idea.
Rather than saving money, you may end up making expensive mistakes.
Here are a few examples of how mistakes can be costly for you:
- In conveyancing transactions, time is of the essence. If you do not take action by a critical date nominated in your contract, you may lose your contractual rights or even your deposit!
- If you don’t do the right searches, you may end up buying a lemon! A good example of this is Land Tax. If you do not do a land tax search you will never know if there is an outstanding land tax on the property you are buying. Land tax attaches to the property, not the owner. This means that you may end up with a huge land tax bill to pay. We recently did a land tax search for a client and discovered that there was about $20,000 owing in land tax.
- If you don’t calculate adjustments properly, you may end up paying for rates, water and sewerage services that you shouldn’t have to!
Mistake #2: Using the Same Conveyancer as the Seller to Save You the Effort of Finding Another One
Some buyers try to save time (and sometimes money) by using the same conveyancer as the seller. While this may seem convenient, it’s usually not a good idea. Here are some of the reasons why:
There is a real chance that a conflict of interest may arise.
If a conflict of interest does arise, the conveyancer will have to withdraw and you will have to find another conveyancer.
If you blindly follow the seller’s recommendation, chances are you will not do you own due diligence to determine if the conveyancer is right for you/has the appropriate level of experience.
Buying a home is a huge decision, and must seek the services of an appropriately qualified conveyancer.
Mistake #3: Hiring the First Conveyancer You See, Without Doing Your Research
Finding a conveyancer is fairly easy.
Do a Google search.
You’ll see heaps of results.
Don’t be tempted to hire the first conveyancer that pops up on your Google search.
Shop around. When you compare quotes ask yourself the following questions:
- Are the fees fixed?
- Are there any hidden costs?
- Do the fees include searches?
- Do the fees include GST?
- Are there any exclusions?
- Will I be charged if the contract falls through?
- What value am I getting for the price I pay?
Ask the quote provider if their conveyancers are based overseas. It is not uncommon for some conveyancer firms to have staff based overseas doing the conveyancing work. Overseas-based staff have no local knowledge and may not always be the best person to be handling your conveyancing transaction.
And last but not least, do not base your decision solely on price. Remember cheap is not always the best!
Price is what you pay and the value is what you get. When you compare conveyancing quotes, ask yourself:
- Am I getting value for the price I am paying?
- What value is my conveyancer bringing to the table?
- What does the conveyancing service do for me?
Mistake #4: Not Checking for Hidden Fees
Asking about fees is essential because conveyancing fees can vary a great deal. For example, some conveyancers charge by the hour, and others charge a flat fee.
It’s always a good idea to select a conveyancer that has fixed professional fees.
Mistake #5: Not Hiring a Conveyancer Early in the Process
If you’re buying a home, you’ll need to hire a conveyancer fairly early in the process. In fact, you should hire a conveyancer even before you sign your contract or pay a deposit.
If you hire your conveyancer before you sign your contract, you can get your conveyancer to review your contract and advise you on the terms of the contract/risk clauses that need to be changed.
At One80 Conveyancing, you get a complimentary contract review.
The Bottom Line: The Importance of Working with the Right Residential Conveyancer to Ensure a Smooth-Sailing Experience
Whether you’re buying a home or selling one, you’ll have to make sure that you have a conveyancer who understands your needs. Conveyancing services vary so carefully select a conveyancer that is right for you and your situation.
Are You Looking for a Conveyancer in Queensland?
At One80 Conveyancing, we are professional conveyancers in Queensland who strive to simplify the homebuying process for you.
Our mission is to get home buyers into their dream homes efficiently and trouble-free with the game-changing One80 Prime System™. Using our services, you can have peace of mind knowing you have a firm on your side to protect your interests at every point of the transaction.
