Recently, I was speaking with a client of mine who was trying to decide on whether to use a Solicitor or a Conveyancer. She wanted to strike the balance of making sure she got the advice she needed, while avoiding paying too much.
It’s a common problem that many people face when purchasing property, so I thought I would weigh into the debate and share my thoughts.
A Conveyancer is a Solicitor, but just deals with property, right? Wrong. The two are different, and it is important to have the right one on your side. Buying property is one of the biggest decisions most of us will make in our lifetime – it’s something you want to get right.
Each Australian state and territory has different laws, forms, regulations and taxes associated with purchasing property, so having either a Solicitor or a Conveyancer will help the process run smoother. While it may seem to be just paperwork, when you are not familiar with all the procedures it can cause a few headaches.
For a straightforward property purchase, a Conveyancer can do the job. Their main responsibilities include giving advice and information about the sale of property, preparing documentation and conducting any settlement processes.
Although there is a licensing process for Conveyancers, they do not have to be legal professionals. As a result, they are cheaper to hire. However, they can only provide information relating to property, so if you have additional legal questions, you might have to search elsewhere.
If you employ a Conveyancer, they must refer to a Solicitor for advice, as soon as the matter moves beyond conveyancing.
While Conveyancers are limited to advising on your property purchase, Solicitors can provide you with a wide range of legal advice in addition to your conveyancing needs and may be necessary if your property transaction is a little more complicated.
If there are other matters that affect the transaction like family law, asset protection, asset structuring, tax law or estate planning, you will not be able to receive advice from a Conveyancer.
Solicitors are more expensive, but the investment may be worthwhile if you anticipate any legal issues – having this established relationship with a solicitor means you won’t have to scramble for one when you really need it.
So, if you are considering using a Solicitor or Conveyancer, I hope this article helps make up your mind. If you would like a referral, give me a call, I am more than happy to provide you with my personal contacts.
Michael