Do I Need a Conveyancer or a Lawyer to Buy a House?

A conveyancing transaction involves transferring the legal title (ownership) of real estate from one party to another. For most people, buying or selling property is one of the highest-valued transactions they will ever make, and the legal work is usually referred to a licensed conveyancer or lawyer.

Fees for conveyancing services across Australia can vary, and to save some money, people might consider doing some of their own conveyancing rather than hiring a professional. While there is technically no legal requirement to hire a conveyancer or lawyer for a property transaction, there are several matters you should consider first.

Electronic conveyancing is now mandatory for most conveyancing transactions in Victoria. E-conveyancing is effectively a closed system where only accredited parties can participate, and is mostly relevant to the settlement stage, which must now take place on an online platform known as PEXA. Accordingly, even if you choose to do your own conveyancing, the final stages would need to be outsourced to a registered subscriber of the online settlement platform.

Considerations Before Choosing DIY Conveyancing

Conveyancing is often considered one of the more 'routine' legal services offered by a conveyancing or law firm. However, the complexity of a property transaction and the significance of deadlines is often underestimated. The process moves quickly, and once a binding contract is entered, the legal ramifications for breaching it can be significant.

Before contemplating doing any aspect of the conveyancing work yourself, ask: Can you confidently read and interpret legal contracts? Do you know how to effectively research the title of the property? Do you understand your obligations and disclosure requirements as a seller? Can you confidently liaise with third parties to ensure the law and processes are correctly followed, and that all money goes where it is supposed to? Do you have the time and skill to undertake the process?

The Benefits of Using a Lawyer or Conveyancer

Most property purchases are made for the long term, and conveyancing costs are typically but a fraction of the value of the property. When you compare the money tied up in your investment with what you might pay to retain a professional to protect your legal interests, getting a professional seems a logical choice for buyers and sellers alike.

An experienced property lawyer or conveyancer will ensure a compliant contract is prepared with relevant disclosure documents, and can help negotiate special conditions on your behalf. They will check title details, explain complex contract conditions, ensure the correct stamp duty is calculated, and assist with relevant searches so the property is transferred free of any nasty surprises.

Should I Choose a Conveyancer or a Lawyer?

Conveyancers in Victoria specialise in property transactions and are often proficient in handling a large portfolio of conveyancing matters. They must complete a recognised course of study in property law and conveyancing practice, and have the required level of supervised experience before becoming licensed.

Lawyers have completed a law degree involving several years of study and have been admitted to a court to practice law. In addition to property law, many are knowledgeable across other legal areas such as wills, estate planning, and business law — meaning they may be able to assist with matters incidental to your property transaction.

Whether you choose a lawyer or conveyancer, your property professional should be experienced in conveyancing and hold professional indemnity insurance to provide additional protection should something go wrong.

Conclusion

When it comes to the legal process of buying and selling property, there are numerous reasons why this complex and often undervalued task should be carried out by a qualified professional. As with many things, you get what you pay for — and when it comes to investing in real estate, paying for quality professional advice makes good sense.

This is general information only and you should obtain professional advice relevant to your circumstances. If you or someone you know needs help or advice, please contact us on (03) 9598 8699.