Conveyancing is Easy, it’s Just Forms Right?0
On average between 800 and 1000 residential properties are currently being bought and sold each week in Brisbane.
Amongst the various buyers and sellers on either side of these transactions there is a common perception that once the property is found, the price is agreed, and the contract is signed, all the hard work is done and the conveyancing process which is to follow will be a relatively simple exercise. To some degree these perceptions are possibly also fuelled by the proliferation of law firms who offer to do conveyancing work at cheap bargain basement fixed fee prices.
The reality is that even though the conveyancing exercise is indeed a highly efficient process, there is a multitude of things that can go wrong between contract sign-off and the final settlement where property ownership and money actually change hands. Problems can arise with the property, the personalities/disorganisation of buy/seller, the exiting or entering bank/financier, and even the deal itself if the terms of the bargain were unclear at the outset. In each of these scenarios, it will usually be the conveyancing firm that assumes responsibility to solve the troubles and save the deal. Even with a trouble-free conveyance, the process itself for buyers involves a very extensive array of tasks that breakdown into eight separate stages. For the seller, the workload is not as large but even here the tasks fall into nine major stages. Consequently, even in a regular run conveyance, any carelessness or inefficiency within the conveyancing firm itself can easily threaten to derail or even crash the whole contract.
Given that money for most of us is always tight, the natural urge of course is to save where ever you can and indeed by shopping around, savings of up to $100 might be achieved between one conveyancing service over another. However, should the conveyance by chance begin to encounter problems or even just suffer from mismanagement of the regular tasks, resolving the problems will usually involve not just a few dollars but often many hundreds if not thousands of dollars. With a good conveyancer on your side those costs can be completely avoided or at least significantly minimised if the problem(s) was unavoidable. In all conveyances, the property in question is worth many hundreds of thousands of dollars and so, considering the value of the asset at stake, it makes sense to choose your conveyancing service wisely.
If readers are interested to know more about the eight stages of a conveyancing process for buyers or the nine stages of a conveyancing process for sellers, just visit our website where we have prepared full articles that cover both topics.
Michael Zande is the Principal of Zande Law Solicitors, with 25 years experience in practice. Michael and his team have had extensive experience in conveyancing matters. Please feel free to review our firm and staff profiles at www.zandelaw.com.au
The information in this article is merely a guide and is not a full explanation of the law. This firm cannot take responsibility for any action readers take based on this information. When making decisions that could affect your legal rights, please contact us for professional advice.