Buying or selling a property is one of life's biggest financial decisions. There’s a lot to understand, and for new investors, there’s certainly a lot to consider. But in Australia’s competitive real estate market, where every decision counts, is a Conveyancer necessary?
The short answer is yes! A Conveyancer is a licensed professional who manages the legal transfer of property ownership. Their valuable expertise is completely essential to protecting what is likely your biggest investment.
See exactly what happens behind the scenes in our Conveyancing guide.
What is the role of a Conveyancer?
A Conveyancer can handle all aspects of preparing legal documents for your property transaction, whether you're buying or selling. They ensure all documentation complies with Victorian legal regulations, including:
- Contracts of Sale
- Home loan documents
- Transfer documents
- Settlement statements
- Property certificate
There is also a fair amount of research a Conveyancer is required to do. For example, if you are the buyer, a Conveyancer will have to research the property and its certificate of title. They are also responsible for placing your deposit in a trust account and contacting you when the bank or financial institution confirms final payments are made.
If you’re buying a property, a Conveyancer can carry out checks such as confirming that the person selling is the legal owner of the property and ensuring payments are made for deposits and stamp duties. Conveyancers can also give you advice on the conditions of the sale, which could help protect your interests during the property transaction.
Qualifications
A Conveyancer is a professional who is specifically trained to manage the transfer of property from one person to another. As a minimum requirement, they must have a diploma and Conveyancing licence in order to operate in Victoria. This Conveyancing diploma only needs a year of study before a full year of supervised training.
When to engage a Conveyancer
When buying a house or selling a property, the best time to engage a Conveyancer is:
- Before signing any contracts
- When you've found a property to purchase
- When preparing to sell your property
- For property transfers between family members
- For off-the-plan purchases
- When dealing with strata properties
Smart buyers and sellers know the secret: get your Conveyancer on board before signing anything. Early engagement allows your Conveyancer to review documentation and identify potential issues before they become problems.
Is it better to use a Conveyancer or a solicitor?
One is not necessarily better than the other, but it’s important to understand the differences and nuances.
As briefly covered, a Conveyancer is a professional specifically trained to handle property transfer from one person to another. Their legal advice strictly covers property Conveyancing and title transfers. They conduct all the necessary legal work for you so your purchase or sale is completed hassle-free. To conduct property Conveyancing in Victoria, they require a minimum qualification of a year-long diploma and Conveyancing licence.
A solicitor is a more general legal practitioner with qualifications in several areas of law, including property Conveyancing. For this reason, some of them also call themselves Conveyancers, so it is important to confirm their qualifications first. Solicitors possess a practising certificate for law and are qualified to handle your property Conveyancing plus any other legal disputes that may arise during the sale.
As with all legal decisions, the best choice depends on many factors like personal preference, financial circumstances, and terms of sale.
The risks of DIY Conveyancing
"Do I need a conveyancer to buy a house?" It's a question we hear often. It certainly is tempting to save a few hundred dollars by handling your own property Conveyancing with a DIY kit. But while these kits can walk you through the basics, they're not quite the same as having an experienced Conveyancer in your corner.
As buying and selling property is one of life’s bigger financial decisions, it makes more sense to get professional advice to put you in the best position. It will also put you at a disadvantage if the other party in the transaction is using advisory services and you are not.
You may not have the attention to detail necessary to ensure everything is accounted for and delivered on time. You may also misinterpret terms in the Contract of Sale, which can have devastating consequences. The bottom line? Legal document reviews and transactions are best left to the experts.
Mick and Sarah: A case study
When Mick and Sarah found their dream home in Melbourne's suburbs, they thought they could save money by handling the Conveyancing themselves. The $1.2 million property seemed straightforward – a freestanding house with a large backyard – and the sellers appeared genuine.
Armed with their DIY kit, they reviewed the Contract of Sale and proceeded with the purchase. What they missed was essential: an easement that gave the local council right of way through their ‘perfect backyard’ for future infrastructure works. A professional Conveyancer's property searches would have uncovered this immediately.
Six months after moving in, the council announced plans to install drainage works through their property. Not only did this affect their plans for a pool and entertainment area, but it also significantly impacted their property's resale value.
The oversight cost the couple an estimated $150,000 in property value – far more than the money they'd saved by not hiring a Conveyancer.
Get expert advice from P&B Law’s property lawyers in Melbourne
At P&B Law, property law is one of our main areas of expertise. Our Property Lawyers can assist you with a wide range of areas, including property Conveyancing, property development, commercial leases, and property settlement. We believe every property transaction, big and small, requires the best legal representation.
Our team can manage the entire legal transfer of your property, making sure nothing stands between you and a smooth settlement. Contact our Conveyancing team today for expert advice on your next property sale or purchase.