There’s no arguing that buying or selling a property in Australia is an expensive undertaking. You’re already shelling out thousands of dollars in real estate commission, stamp duty, bank fees, and mortgage insurance. The last thing you want to do is to pay for professional conveyancing services to handle the legalities, right?
Perhaps you’re considering handling the conveyancing process yourself – a little DIY conveyancing – if you will. Doing your own conveyancing definitely seems like an attractive option – saving you money on conveyancing fees and allowing you to have control over the process. However, before you consider going down the DIY route, there are some risks you need to be aware of because we’re talking about a legal framework here and if you haven’t studied law, you can easily be caught unaware.
Keep on reading to find out the five of the biggest risks of DIY conveyancing and why you should think twice before attempting to handle it yourself.
#1 Making Costly Mistakes
Conveyancing is a complex process that involves a lot of legal paperwork, research, negotiations and a deep knowledge of property law. One mistake in the paperwork (like the important contract of sale) or a missed detail can result in costly fines or even a breach of contract. For example, you may not be aware of the different state laws and regulations that apply to your sale. Or you might overlook important legal searches or inspections, leading to unforeseen issues down the line. A licensed conveyancer has the training and experience to spot any potential issues and manage them before they become a problem.
#2 Losing Money in Time
Do it yourself conveyancing may seem like a good way to save money on conveyancing costs, but it can end up costing you more time than you expected. Unless you’re familiar with the legal requirements and procedures involved, you may find yourself spending more time than you bargained for. Even if you earn let’s say $30 an hour on average, and then you spend 15 hours on the transaction. That’s $450 of your time which could have been spent on actual work that would pay you, or time doing things you enjoy doing. Not to mention the longer it takes you to complete the transaction, the more money you may end up losing due to the delay.
#3 Limited Legal Protection
When you hire a conveyancer, you have the assurance that they have professional indemnity insurance to protect you in case something goes wrong. This means that if they make a mistake in the legal process or something unexpected happens, you won’t be left holding the bag. However, when you do it yourself – especially when handling legal documents which are incredibly complex – you don’t have this level of protection. If something goes wrong, you’re on your own, which is stressful and likely to cost you in legal fees.
#4 Missed Opportunities
Choosing to handle conveyancing yourself may seem like a financially savvy choice at first, but it could lead to missed opportunities. One of the benefits of hiring a conveyancer is that they have experience and knowledge of the property market, and can offer guidance – from general information to more complex information – on how to structure your transaction to maximise profits and save on related costs.
For example, a conveyancer may be able to offer advice on how to reduce your stamp duty on your new home by taking advantage of available exemptions and concessions. They may also be able to help you negotiate favourable terms with the other party, which can save you money and lead to a more successful transaction.
Plus, a conveyancer can help you identify opportunities for savings throughout the conveyancing process. For example, they may be able to suggest alternative options for conducting property searches or inspections that are more cost-effective.
#5 Unnecessary Stress and Anxiety
Property settlement can be a stressful experience and that’s because there are many moving parts involved, and it can be difficult to keep track of everything. When you add the legal complexities of conveyancing work into the mix, it can be overwhelming. Attempting to do it yourself is likely to add unnecessary stress and anxiety to an already stressful situation. A conveyancing solicitor can take care of the legalities, leaving you clear-headed, worry-free and able to focus on other parts of the property sale.
DIY Isn’t Worth the Risk
DIY conveyancing is a risky move that could end up costing you more money and causing unnecessary stress. The potential for costly mistakes, time-consuming legal work, missed opportunities and added anxiety shouldn’t be taken lightly. Opting for a professional conveyancer is the safest and most cost-effective way to handle your property transaction.
Whether you’re in VIC, NSW, QLD, or anywhere else in Australia, it’s always best to go with a professional conveyancer. With their expertise and experience, you can rest assured that your legal affairs will be handled with minimal fuss and maximum protection. Don’t take chances with one of the biggest financial decisions of your life – choose a conveyancer to guide you through the process.
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