Congratulations on promising a deal for your new home. The next obvious thing you must be considering is to have a legal professional. A legal professional understands the process of transferring property from a seller to a buyer. With their knowledge and experience, you can always ensure that you are confirming all the lawful formalities in a property sale or purchase.
This legal professional could be a lawyer or a conveyancer. But are these completely different persons? While these professionals are integral to property transactions, hiring any one often means understanding which one you need the most. This depends on the complexity and other factors coming in between getting a complete handover of keys.
This blog will guide you through the differences between searching for a conveyancer near me in Melbourne and hiring solicitors.
What is Conveyancing?
Conveyancing is the lawful activity that makes buying or selling a residential or commercial property possible. The process of transfership contains many small steps, including:
Maintaining Proper Records:
This involves preparing and rechecking paperwork, including contract of sale, transfer deed, section 32 statement, transfer of land, mortgage documents, and others.
Conducting Title Searches:
After completing the paperwork, the next step is to review the past records of a property to learn about the property owners, understand if the property contains legal disputes, has pending mortgages, or if someone else also has the right to own a part of the property.
Property Law Compliance:
This ensures that a property buyer is meeting the property laws and regulations.
Making Property Adjustments:
Calculating the property-related expenses and determining whether water rates, council rates, rent and security, and land tax are fairly distributed to both buyers and sellers is crucial.
Reaching the Final Settlement Process:
The final tasks conveyancers perform is to make both parties sign the contract. Searching for a conveyancer near me who can negotiate with banks and financial institutions to arrange the funds transfer to a seller on behalf of the buyer is crucial.
Completing the Post-settlement Process:
A conveyancing process after the final settlement is crucial too. Conveyancers work towards submitting transfer of land documents to the land registry and pay off the stamp duty to concerned authorities.
Who is a Conveyancer?
A conveyancer is a legal professional who are experts in handling the legal and administrative aspects of buying or selling property. In Australia, conveyancers must complete specific educational requirements like Diploma in Conveyancing, have practical training to understand property laws, and obtain a licence from the relevant state or territory authority.
To become a licensed conveyancer, one must complete a recognised course in conveyancing, which typically covers property law, contract law, and the practical exposure to conveyancing. After completing their education, aspiring conveyancers must also obtain a licence from the governing body in Victoria.
Cost:
Conveyancers charge much lower fees than solicitors. As conveyancers offer their services in transferring a new residential property, making off-the-plan purchases convenient, and ensure to complete legal formalities on buying subdividing land, their service fees match with the simple processes in these situations.
Easy Link Conveyancing in Sydney is often more affordable since it is pretty much relevant for straightforward property transactions.
Who is a Solicitor?
A solicitor is a qualified legal professional who can provide different types of legal services, including conveyancing. They carry responsibilities of handling many different aspects in the legal profession, such as property transfers, resolving family and criminal hearings, completing commercial transactions, and establishing wills and estates.
Unlike conveyancers, solicitors are in a better position to manage complex legal matters and maintain a cordial relationship with their clients.
To become a solicitor, one must complete a law degree (Bachelor of Laws or Juris Doctor) and undertake further practical legal training. After completing their education, solicitors must practise as a professional lawyer in a relevant state’s Supreme Court and obtain a practising certificate from regulation authorities.
Scope of Work:
Here are the legal services that all solicitors perform, apart from conveyancing.
- Property law and conveyancing
- Family law
- Criminal law
- Corporate and commercial law
- Wills and estates
In the context of conveyancing in Sydney, solicitors can perform the same tasks as conveyancers. Although the bonus point is they can also handle complex issues like disputes over property rights, family or criminal court proceedings,and negotiations.
Cost:
Solicitors ask for higher fees than conveyancers for their more demanding qualifications and ability to handle a wider range of legal matters. The cost can swing back and forth as the complexity of the transaction changes. Also, it depends largely on the expertise of the solicitor you hire.
Key Differences Between Conveyancers and Solicitors
Here are some of the major differences that make conveyancers and solicitors poles apart in their services.
1. Qualifications and Training:
Conveyancers:
Often have specialised training in property law and conveyancing. Also, they must have a licence to practise in Sydney.
Solicitors:
Often possess a law degree and practical legal training. In comparison to conveyancers working in Sydney, they have more knowledge, experience and understanding of resolving many court cases.
2. Scope of Services:
Conveyancers:
A conveyancer focuses exclusively on property sale, purchase, and transfer transactions. If you are looking for a conveyancer who understands property laws and contract laws, then conveyancers should be a priority.
Solicitors:
They can handle a wide range of legal issues, including conveyancing and more complex legal matters.
3. Cost:
Conveyancers:
Conveyancing in Sydney is generally more affordable than hiring a solicitor.
Solicitors:
Solicitors have more qualifications, handle complex legal issues, and so they charge more.
4. Complexity of the Transaction:
Conveyancers:
Suitable for straightforward property transactions without legal disputes.
Solicitors:
Better equipped to handle complex transactions involving legal disputes, negotiations, or additional legal matters.
When to Choose a Conveyancer?
A conveyancer is a suitable choice for most standard property transactions, such as buying or selling a residential property. If your transaction is straightforward and unlikely to involve legal disputes or complex issues, conveyancing in Sydney can efficiently and cost-effectively handle the process.
Examples of when to choose a conveyancer:
- Purchasing a home or investment property without any possible legal complications.
- Selling a property where the terms are clear and unchallenging.
- Transferring property ownership on account of divorce, family disputes, or marriage.
When to Choose a Solicitor?
A solicitor is the better option when your property transaction involves business merger issues, copyright issues, tax conflicts, child custody, divorce settlements, or insolvency issues. Also, if conveyancing appears to be inaccurate, has unrealistic legal obligations, and fraudulent aspects, then solicitors can represent you in negotiations or disputes.
Examples of when to choose a solicitor:
- Engaging in property development projects that involve multiple parties and complex contracts.
- Needing legal advice on matters related to the property transaction, such as family law, wills, or commercial agreement.
- Needing representation in court.
Final Words
Choosing between a conveyancer and a solicitor depends on the complications of your property transaction and your specific needs. If your situation is straightforward, then a conveyancer can provide efficient and cost-effective services. However, if your transaction involves complex legal issues or if you require broader legal advice, a solicitor is the better choice.
It’s essential to know your situation to further consult with a professional to determine the best action. Whether you search for a conveyancer near me or a solicitor, it is important to understand if they are handling the processes correctly and legally. Also, ensure if they can provide peace of mind and a smooth transition of ownership.
If conveyancers are your best bet, then Easy Link Conveyancing must be your go-to company for having efficient conveyancing processes.