Planning on selling or buying a property but you’re still undecided on who should act on your behalf – either a property lawyer or a conveyancer? We got you. Keep on reading.
To have a successful property purchase or sales in Victoria, you’ll need a reliable service to help you get over the line. Buying or selling a property may be the largest financial transaction any of us will ever make. The right decision will depend on many factors, including personal preference and financial situation.
Essentially, conveyancing is the legal transactional process in both buying and selling property. It is the transfer of a real property from one person to another and is a legal requirement that contracts for the sale of land be in writing.
We have put together some useful information to help you decide a little bit easier what you want to achieve during a conveyancing transaction.
Differences Between a Property Lawyer and Conveyancer
The main difference is that property lawyers may provide a full range of services to the public, being both conveyancing services, and general legal services. Conveyancers, on the other hand may provide conveyancing services, but are unable to advise on other areas of law.
Here are some of the important factors that outline the difference between a property lawyer and a conveyancer:
Knowledge of the Law
Property lawyers have extensive knowledge about property laws and can foresee problems earlier than a regular conveyancer. You’ll find that lawyers dealing with property can advise you on things that go beyond regular conveyancing like tax implications, referring you to accountants or financial advisors along the way as well.
The role of a conveyancer, meanwhile, isn’t as extensive. Conveyancers will prepare, look over and submit all necessary documentation, deal with property inspection issues, and lead title/certificate searches, among other responsibilities. However, they only can provide you with basic conveyancing advice and can’t handle complexities, partly because they spend considerably less time studying fundamental property law as compared to property lawyers.
Knowing that a property lawyer holds an original certificate of title, preventing you from having to transfer the title to a conveyancer first. Property lawyers are used to handling sensitive documents and have things like safes where they can keep the original certificate of title in a secure place.
Conveyancers, by contrast, aren’t required to keep those sensitive documents on the premises. You don’t want to risk losing that information.
Budget is one of the main factors that can determine whether you will need to choose a conveyancer or a property lawyer. Conveyancers usually charge less than lawyers. This means that clients may not receive the same level of individual attention that they would from a property lawyer. Although a property lawyer may charge slightly more, they take on fewer files and have a wider breadth of the law.
Savings are made by you by way of issues being handled early and correctly. We have calculated that last year conveyancing customer’s saved 25% of their conveyancing fees by using prompt legal services. This savings is more than the average difference between the price of a conveyancer and a lawyer.
Why quality of Service Matters in Conveyancing?
There’s the saying of “you can have cheap, or you can have great. You can’t have both.” This applies to conveyancing transactions more than anywhere else.
Buying or selling a property is probably one of the largest financial arrangements you’ll ever undertake and avoiding hassle is, of course, the main goal. So, you need to be sure that you’ll get the best possible service available.
Making the Right Choices
Choosing the right type of conveyancing service ultimately comes down to what you need. The transfer and settlement of property title may end up being hassle-free or very complicated. Factors such as the area and type of property can influence the conditions of a settlement.
It’s better to weigh your personal options carefully than simply use a certain type of professional. If you feel more comfortable working with a conveyancer and are on a tight budget, this could be the right option for you. However, those who want a more one-on-one experience and may be facing a complicated transaction may want to choose a property lawyer.
It’s up to you to investigate and decide on the perfect conveyancing service for your situation.
Here at Prompt Legal Services, we both have highly experienced lawyers and licensed conveyancers, invested in ensuring every single client of ours settle their property on time.
We pride ourselves in not being pretentious and being able to talk to anyone. Call us for a free phone consultation.
Essendon Branch: (03) 9379 0877
Sunbury Branch: (03) 8722 0877
Craigieburn Branch: (03) 9308 4400
Gladstone Park Branch: (03) 9334 2370
Disclaimer: The information contained in this article is of a general nature only. It doesn’t take account of any person’s objectives, financial situation or needs. Before acting on this information, you should consider whether it is appropriate for your circumstances and seek independent legal, financial, and taxation advice