All the legal work done in buying or selling property is called conveyancing. It is usually done by a conveyancing company or commercial lawyers, both of whom are fully trained and experienced in such matters. Of the two, the solicitor can give you better legal advice than a conveyancing company. However, if you are a detail oriented person, you may be able to do the conveyancing yourself. The only thing is you can be liable for the loss if something goes wrong with the sale.
Conveyancing company and commercial lawyers take out professional indemnity insurance to cover them for the possibility of loss. You can also do this, but it is unlikely that you would be able to take out the same amount of insurance as a professional person. And by the time you pay for this and all the other costs involved, you don’t really save much.
There is quite a lot of work involved in doing conveyancing and when you are not experienced or trained it will take you longer to get through it, especially if you are also working at another job. Here are some of the steps a conveyancing company needs to take to get the job done.
- Examine the sale contract
- Arrange for pest and building inspections
- If the property is in a strata scheme, the strata inspection report will have to be examined
- Arrange the finance
- Exchange the contract of sale
- Pay the deposit