Using a conveyancer is not mandatory but engaging a professional to handle this often-complex transaction will alleviate stress, save you time and make sure everything is done properly. Without a doubt, it can save you from some very expensive complications.
And sure, this means your fees for buying a house are slightly greater, but once you read what we have to say below, you’ll quickly see what a wise investment it is.
Expert conveyancers cut through the ‘legal-ese’
Transacting a property involves a lot of legal jargon and a deep understanding of local laws. The last thing you want is to be held financially responsible for mistakes, either those made by you or by other parties involved in the purchase or sale.
An expert conveyancer will be vigilant around any clauses written into the contract that hinge on finance, building and pest and the sale of other properties that could impact on the buyer’s capacity to pay.
A buyer’s conveyancer will conduct a number of property searches. They’ll make sure who the registered owner is, confirm the exact boundaries, conduct a land tax search to see if there are any outstanding figures owed by the seller, and find out if there is anything important to know around easements, drainage and stormwater.
Other searches include Council Rates, Pool Safety, Transport Noise Corridor, Flood, Special Water Meter Readings, and Transport and Main Roads Property Searches.
Experienced conveyancers make sure the transaction stays on track
When things go wrong on a property transaction, the whole thing can fall through. It’s not just incredibly disappointing but it can involve big financial losses too. For the buyer, it could mean a loss of their deposit and the seller may already be committed to another property.
Sometimes, unexpected ‘stuff happens’, such as one party not being able to meet the settlement date. Documents necessary for the transaction may be missing and it’s your conveyancer’s job to track them down. Or the buyer’s sale of their own property may have collapsed, leaving them unable to finance the new purchase. Your conveyancer will spring into action for you and make sure that your interests are looked after.
Diligent conveyancers identify ‘material fact’ red flags
Professional conveyancers know how to avoid problems and if any do arise, they know what action to take to fix them before they become costly for their clients.
In real estate, the term ‘material facts’ refers to something that would be important to a potential purchaser when deciding whether or not to buy a property, or to offer a lower price. Some material facts must be disclosed by law so it’s hugely important to have someone in your corner to uncover these nasties.
Here are some material fact red flags that a conveyancer can help with, some of which could cost a buyer a great deal of money.
- Development proposals that could impact the value of the property.
- The property’s flood risk.
- Any covenants or zoning rules that could impact how the buyer may want to alter or use the property.
- Whether any illegal construction or other works have been done there.
- Boundary or fence disputes with neighbours.
- Restrictions to vehicular access such as via easements.
Reliable conveyancers meet all deadlines
In Queensland, if a property settlement deadline is not met, the contract can be terminated immediately. Worse, for the buyer, the seller is legally entitled to keep the buyer’s entire deposit. This can mean losses in the tens of thousands of dollars!
A simple documentation error cost a Queensland woman her dream home and her $29,000 deposit was risked after the bank processed the corrected document just thirteen minutes past the settlement deadline! The woman was also forced to fork out tens of thousands in legal fees and loan deferrals.
When using a reliable conveyancer, deadlines are met and you are protected by the conveyancer’s insurance if their own error results in such a disaster.
Invest in protecting your interests
When buying, selling or transferring property, one of the wisest things you can do is to invest in engaging a conveyancer. So, how much does a conveyancer cost? Well, conveyancing fees in Queensland vary but you can expect to pay up to $1,000 for buying a property and $900 for selling.
Engaging the cheapest conveyancer is not necessarily advisable either. The old saying, “you get what you pay for” often rings true when hiring professionals. The last thing you want is a conveyancer who cuts corners, potentially putting your transaction and finances at risk.
There are so many ways to potentially lose money during a real estate transaction that it only makes perfect sense to protect your interests and put a professional on the case.