The process of conveyancing or transferring the legal title of a property from the seller to the buyer requires a great deal of work and time. In fact, despite the existence of DIY conveyancing kits, we would advise our clients at Twinspectors Building and Pest Inspections to avoid doing their own conveyancing work and instead seek assistance from a qualified conveyancer or solicitor.
With the tedious work that needs to be done and the legal jargon you have to familiarise yourself with, unless you have a solid background and experience in conveyancing, DIY conveyancing can become too daunting and even lead to mistakes or delays in sealing a transaction.
The Risks of DIY Conveyancing
Although DIY conveyancing can save you money as you won’t have to pay for conveyancer’s fees, there is also a risk that certain things can be missed out. What’s worse is that the things that are overlooked during the process may even end up costing you more than getting a conveyancer, especially if these matters need to be settled legally.
When an individual handles conveyancing on their own, there is a risk of:
Incomplete property searches
The process of conveyancing requires that any ongoing or planned demolition work, reconstruction or a construction project situated close to the property for sale should be taken note of and properly documented. Flood risks, the environmental condition and contaminations in the surrounding area and the checking of the title register are also part of conveyancing.
If you are doing the work on your own, you might not be able to thoroughly complete your property searches, leaving you unaware of certain issues until the deal is sealed.
The other party terminating the transaction
You cannot ask advice or assistance from the solicitor of the other party, as they will be protecting the interest of the individual they are representing. In which case, there is a possibility that the solicitor of the other party may take advantage of the situation and you can be on the losing end. In addition, due to mistakes or delays in the process, the other party can decide to terminate the transaction or back out from the sale.
Liability for errors in conveyancing and contract
While errors are inevitable even for experienced conveyancers, doing the task on your own will make you directly liable for any errors made. On the other hand, if a qualified professional is working on your behalf, the conveyancer will be the one accountable for any mistake in the legal documents.
In general, DIY conveyancing is always an option, but this is a task that should not be undertaken lightly. So unless you are willing to spend time and effort, and you understand the risks, you might be better off with letting an expert handle the work for you.
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Twinspectors Building and Pest Inspections 466 Ipswich Rd Annerley , QLD4103