Do you recommend DIY property conveyancing?
While you can do your conveyancing yourself without a solicitor, why would you?
When attempting DIY conveyancing, you expose yourself to many legal risks.
Then there’s the consideration of whether you have enough time to take on DIY conveyancing with today’s often busy lifestyle.
Yes, you can do DIY conveyancing if you want to and save a few hundred dollars. But money is not the only issue here. There are many benefits to using a property lawyer that override the necessary costs.
Read on to find out what else you need to consider when thinking about conducting DIY conveyancing.
The dangers of DIY conveyancing
Many people DIYing their property conveyancing use the guidance of a conveyancing kit. But this is no substitute for the expertise and experience of property lawyers.
A conveyancing kit might tell you what to do, but it can’t provide the in-depth knowledge to prevent costly mistakes that property lawyers can.
Buying and selling property is one of the most expensive things you can do. It makes more sense to get the most reputable advice possible from Melbourne property lawyers to put you in the best position.
Trying to save a few hundred dollars here or there on the transaction by conducting your conveyancing yourself just doesn’t make sense.
It will also put you at a disadvantage if the other party in the transaction is getting professional legal advice on conveyancing and you are not.
You may not have the attention to detail necessary to ensure that everything is remembered and delivered on time.
You may also confuse one of the terms in the contract of sale, which can have devastating consequences.
Should I choose a conveyancer or a firm of Melbourne property lawyers?
Conveyancers and property lawyers are both legally able to conduct property conveyancing.
Conveyancers are on the cheaper side, and while they know all about property conveyancing, they lack the broader legal knowledge of a lawyer.
Property lawyers can offer valuable advice when things get complicated with the sale of a property.
Solicitors have a more holistic view of the transaction and a good understanding of how it impacts your legal standing overall.
If you have a busy legal life when selling or acquiring property, then your money may be well spent by hiring property lawyers.
Either a professional property conveyancer or a lawyer will both do a better job in all likelihood than if you tried to DIY conveyancing yourself.
How much do Melbourne property lawyers charge?
There is no industry standard when it comes to costs for property conveyancing. Every professional will set their fees.
Some will be a lot cheaper than others, ranging from $600 to $1500.
The rate may consider property value, property type, and your choice of either a conveyancer or a Melbourne property lawyer.
There is a degree of transparency required by Consumer Affairs Victoria regarding fees.
Conveyancers must communicate their fees upfront or at the very least explain how they calculate their fees.
DIY property conveyancing is, of course, the cheapest option, saving you hundreds of dollars, but we have already covered the downsides of that route.
An essential aspect of Melbourne property lawyers’ fees is that they cover indemnity insurance. So if anything goes wrong with the transaction, there is money to pay for it.
Let P&B Law take the risk out of conveyancing for you
You might feel tempted to take the cheaper option and attempt DIY conveyancing for your property transaction, but it could be a costly mistake.
In all likelihood, you don’t have the legal knowledge necessary to do a very professional job.
You could miss important terms in the contract that could have significant consequences.
To ensure you have the support of Melbourne property lawyers who are skilled and knowledgeable, contact us at P&B Law today.