Many of us who are new to the property market may not have good insight into all the legal professions that are involved in the process. One of the services you need to engage when purchasing a property is a Solicitor or Conveyancer – so what is the difference and how do you choose?
Purchasing a property involves a lot of one thing – paperwork!
There are property appraisals, valuations, title documents and loan documents to name a few of the documents that form part of the buying process.
You really need the help of an expert when purchasing a property and it is normal practice to engage either a conveyancer or a solicitor to handle all the paperwork. These professionals have the protection of professional indemnity insurance to mitigate any risk. Understanding the difference between a conveyancer and solicitor will help you make the choice that works for you.
What is a Conveyancer?
A conveyancer is someone specifically trained and qualified to handle the transfer of real estate from one person to another. They can give professional legal advice on title transfers and undertake the work that ensures your purchase runs smoothly.
To become a conveyancer you usually have to complete an accredited course in conveyancing and undertake two years of practical experience and must have a conveyancing licence if you want to run a conveyancing business.
A conveyancer licence allows the holder to carry out certain legal work in relation to property transactions. If you’re intending to use a property conveyancer, you should first check that they hold a valid licence you can easily do this online through this link. https://www.service.nsw.gov.au/transaction/check-property-conveyancer-licence
Generally conveyancer fees may be less than solicitors. This is due to the fact that solicitors can provide more specialised knowledge due to their legal background, while conveyancers will only be able to provide advice directly related to conveyancing, you have the choice depending on your situation
Why choose a Solicitor?
Many people feel more comfortable using a Solicitor for their particular circumstances and the main reason is that Solicitors have specific knowledge about property law but also broader knowledge of the law in general.
This means that a solicitor can advise you not only on all aspects of a conveyance, but also on issues that may relate to the conveyance, such as the tax implications of a property transaction, or how the sale of a house might impact your divorce proceedings etc.
This difference in knowledge and experience is what commonly creates a price difference between conveyancers and solicitors. One of the reasons why solicitors may charge more is because they have a broader knowledge of the law. This allows them to offer advice on issues which fall outside of the realm of a regular conveyancing transaction.
Solicitors can also help with things like tax and often have networks with Buyers Agents and other professionals involved in the process of purchasing property.
When it is time to purchase your first home or add to your investment portfolio you will know there are choices available to meet your individual needs.