Buying or selling your property entails a myriad of legal and administrative tasks that require proper knowledge and sufficient attention to successfully complete – and conveyancing is among these procedures.

There are two ways to go about this task – you can either do it on your own or enlist the help of a licensed professional. Each option comes with its own set of pros and cons. The time available and your ability to resolve any issues should guide your decision.

What is the process of conveyancing?

Conveyancing is the law branch that prepares or processes documents to facilitate the sale or purchase. While you have the option to choose whether you are a buyer, seller or both, the general procedures are the same.

Buyers

  • Property and land title searches
  • Arranging purchase order financing and reviewing a mortgage agreement
  • Deposit payment
  • Review and preparation of legal documents, including the contract for sale and vendor closure.
  • Calculating rate adjustments and tax, stamp duty, and other financial obligations
  • Final checks before settlement
  • Settlement by exchanging the contract

For sellers

  • Completion and signing of legal documents
  • Examining the Sale Contract
  • Checking the property’s compliance with state and local laws
  • Arrange stamp duty and deposit payments
  • Final checks before settlement
  • Settlement by exchanging the contract

What is the cost for conveyancing?

Cost is often the biggest factor in deciding how you want to proceed with conveyancing.

If you prefer DIY, DIY kits can also be ordered online. These kits typically cost from $70 to $202 and often include the following:

  • Step-by-step guidance
  • Contract of Sale
  • You can obtain complete copies of all forms for your reference.
  • All government agencies involved in the transaction are listed with their contact numbers and addresses.
  • An explanation for each property search.
  • Glossary

It is important to carefully consider purchasing a DIY conveyancing tool. It is important to make sure that the kit is suitable for you as a buyer or seller. You should verify that the kit is applicable to your territory or state. Also, make sure the information has not been changed recently as tax and property laws can change frequently. The cost of the kit does not include fees for property searches, disbursements or other charges that you may be required to pay.

If you need professional advice, you can hire a lawyer. You can read this article to learn more about these differences.

Important Note: Conveyancing licenses are not recognized in Queensland or the Australian Capital Territory. A conveyancing lawyer is your best option if you’re looking to sell or buy a property in these regions.

Here’s a breakdown of the fees you will need to pay for a conveyancing specialist.

  • Conveyancer’s fee: $500 to $1,200
  • Search Titles: Maximum $50
  • Searches of Council Members and Certificates: $100 to $1,000
  • Transfer and registration of title: $50-200
  • Settlement fees: Up to $80
  • General clerical tasks: Up to $50

Is DIY conveyancing right?

There are many factors to consider when deciding whether to conduct conveyancing yourself or hire someone else to do it. These are just some of the important things to think about:

1. Money

Do-it-yourself conveyancing is best for people who are confident in their conveyancing skills, and can handle the transaction quickly. Handling the process on your own allows you to save on solicitor or conveyancer’s fee. However, based on the pricing, you will only be able to save hundreds or a few thousands of dollars.

2. Time

You will save money, but you will spend a lot more time doing it yourself. It can take a lot of time and effort to review contracts and complete title searches. This can reduce your time for other tasks or your family. 

3. Industry knowledge

Conveyancing can be a complicated process and requires skill and experience. Conveyancers or solicitors can assist you in your transaction. They have the expertise and experience to handle any situation, even the most unusual. They will be able advise you on how to handle additional requests, as well as keeping up with legislative changes.

4. Protection

Conveyancing can be a complex transaction for someone who lack sufficient training and experience – and this can lead to costly errors. You cannot recover your losses if you make mistakes. Professionals have indemnity insurance that covers you in case of an accident.

5. Transparency

Another benefit of DIY conveyancing is that you are fully in control of the whole process. You have complete control over each step of the transaction. This includes looking through all titles, certificates, and other information.

Let’s just say that the decision about whether to handle conveyancing yourself, or hire a licensed professional to do it depends on how much you have to spare and whether your industry knowledge is sufficient to make informed decisions. While DIY conveyancing can save you money, it’s worth considering whether the savings will be worthwhile.