Howdy! I'm Dan Smith and I live with my wonderful family in Perth. This is my legal blog which aims to look at every part of the legal system. I should point out that i'm not a lawyer myself. However, my good friend Stan has been representing people in court for many years. I find Stan's work fascinating and I love asking him questions. I have even done a bit of my own research into the legal system. I decided to pull everything together here so I could organise my thoughts while also providing useful info for others. Thanks for checking out my blog!
Proponents of DIY conveyancing assert that it is a cost-saving mechanism since the buyer does not have to pay a conveyancer. However, as you will learn in the extract below, DIY conveyancing can be an expensive affair that could leave you in legal troubles. Below are the benefits of hiring a professional conveyancer over DIY conveyancing.
Real Estate Advice
Your conveyancer will examine the property and advise you on whether you are getting value for your money. For example, he or she may ask you to wait on the purchase if the property is overpriced. It will be difficult to tell if the property is overpriced if you do not have any real estate experience.
It is easy to conduct a title search and ask for a building inspection. However, with little or no legal knowledge, you may make assumptions that will expose you to significant liabilities in the future. Certain aspects of due diligence require some legal expertise. They include:
Experienced conveyancers have long-term relationships with banks. As such, they can negotiate interest rates and repayment terms on behalf of their clients. As a DIY conveyancer, you may not have sufficient leverage to negotiate these terms.
Contract of Sale
The contract of sale contains legal jargon that may not be understood by a DIY conveyancer. For example, the appraisal contingency should allow you to terminate the agreement and receive your earnest money if the property does not appraise at a specified amount. If you would like to sell your current home before moving into the new house, your conveyancer will include a home contingency clause to give you adequate time to sell your home.
Hiring a conveyancer will ensure that you save on costs and avoid future liabilities, and it will give you peace of mind as you purchase property. Contact a professional who provides conveyancing services to learn more.Share
30 December 2019