It is becoming common for many Australians nowadays to go the DIY route in the process of buying a home, from the property search and loan application to conveyancing.
For many homebuyers, doing everything by themselves all boils down to the need to save as much money as they can in the process. It takes commitment and passion to deal with all the paper and legal works, which usually come with headaches along the way. If you are thinking of adopting this strategy, you should ask yourself if you are ready to deal with the complexity of the home-buying process.
While the DIY route is, no doubt, the more budget-friendly approach to homebuying, it still pays to consider the upsides of hiring a professional, particularly in the conveyancing process.
Conveyancing is a painstaking process that requires keen attention to detail and hard work. One mistake is enough to derail your progress. Conveyancers ensure that the process goes as smoothly as possible. Think of a conveyancer as someone who you can consult with about all the legal aspects of buying a home. They can help you understand the ins and outs of every step in the home-buying process.
To help you decide whether hiring a professional can get you your money's worth, check out these three things that a conveyancer can shoulder for you:
Conducting background checks is one of the most crucial tasks conveyancers do. With their experience and industry knowledge, they will be able to conduct a thorough investigation about possible easements, covenants, and caveats on your property.
An easement is a legal right of an organisation or individuals to access part of your land. A water company, for example, might not allow you to build on a portion of your land that covers the pipes.
Some houses might have covenant limits, which could restrain how you build or alter your property, from the colour of paint to the style of the fences. Conveyancers can also check for caveats, which indicate whether a party already has an interest in the property.
These sets of information are essential, given that these can affect how you proceed with the purchase of the home and the works you can do after the sale.
Preparation of documents
Conveyancers have the organisation skills to help you sort all the legal paperwork required, including the contract of sale and the memorandum of transfer.
During the settlement process, the conveyancer will be the one to represent you, lodging all legal documents on your behalf. They have the expertise to review the contract of sale and check the for any inconsistencies in the terms and conditions stated.
After the settlement process, conveyancers will proceed to the Land Titles Office to officially transfer the ownership of the property to your name.
Handling of deposit and managing fees
In some cases, conveyancers can be tasked to handle your deposit by holding it in a trust account. Doing so will ensure the security of your deposit before its proper transferal once your home purchase is finalised.
Conveyancers also have the duty to make sure that your lender is ready to settle on the settlement day. If there are any delays in the discharge of your mortgage, conveyancers can find ways to alleviate the situation and speed things up.
They can also help prevent any bill shocks by informing you of all the rates and taxes that need to be paid.
You can also depend on your conveyancers to support you in applying for all the available financial schemes, including grants, incentives, and concession rates.
Other things to consider
Conveyancing is a complicated process, and you need all the help you can get to avoid any blunders. However, the decision will ultimately come down to your preferences.
If you are the type of buyer who is more likely to learn things through first-hand experience, then going the DIY route may be the right choice for you. It is crucial, however, that you equip yourself with all the necessary information to be able to pull the process off by yourself.
If you do not have the patience and the organisation skills needed to do everything by yourself, then consider getting a conveyancer. Allotting budget to hire one will provide you with added security and certainty. It will also make sure that the process runs as scheduled.
With a conveyancer, you will get to avoid the stress of homebuying and be able to focus on the things you will do after receiving that key to your new home.