When it comes to investing your money into something, you want to be mindful of what you’re in for and where your well and sometimes, hard-earned money is being placed.
This is especially true if you are diving into the property investment pool. When going into the branch of property, one thing that you will often find yourself needing or being involved with is that of a conveyancer.
Therefore, if you are putting your money into the real estate market, it is wise to understand what roles and functions conveyancing has in this type of process.
Because, while it has some risks that are important to calculate, when it is done right, investing in property can bring you a pretty healthy return.
So here’s a guide to what to consider with your conveyancer.
What is it?
When one thinks of the word “conveyancing” how many are left puzzled or scratching their heads?
Many of us can understand it as a means of a law process, but what is it, and how does it relate to the venture of obtaining equity in real estate?
Property conveyancing relates to the transfer of documents and titles regarding the buying and sale of the property, particularly land settlement.
Do You Need Conveyancing When Investing In Property?
The truth of the matter is, yes. Whether you are putting money in the property for rental income, purchasing it as a primary place of residence (PPR) for you, the occupier or for sale of the property, a conveyancer will be involved.
What’s more, if you are buying or selling real estate in Victoria, New South Wales or Tasmania, conveyancing is required by law.
Isn’t A Conveyancer Just A Real Estate Solicitor?
To answer this question, no they are not.
While conveyancing is a legal professional in real-estate law and they help you meet legal obligations of property law, they don’t have the means to deal with more complex legal issues.
This is where a conveyancing solicitor may have to be involved. They are a fully qualified lawyer who specialises in conveyancing, while conveyancers are trained only in that field.
To put it simply, the conveyancer can handle discussions with a vendor or the agent. The conveyancing solicitor may be of better help to you if you have issues such as the property being tied up in court matters, that of a deceased estate or tax affairs.
Can I Do The Conveyancing Myself?
There are DIY conveyancing kits available, however, it is wise to make absolutely sure you understand what you are documenting and that all calculations and questions are completed accurately and to the best of your knowledge.
This is because you are held accountable for any mistakes you make, which can affect their hold of the settlement of you are not filled with knowledge which you may have received from a conveyancer.
So while it may be the cheapest option, it can sometimes be worth it to speak with the professional.
How Much Does Conveyancing Cost?
Conveyancing fees can indeed differ and this can be dependent on your state.
In Victoria, the range can be between $600 to $1400, based on the property value, its type and which legal professional you choose.
Nevertheless, as I said earlier, depending on the estate you are investing in, it can be money well spent.
Therefore, when it comes to investing your money in real estate, consider these tips:
- Conveyancing is required when selling in Vic, NSW or TAS.
- DIY may be cheaper but weigh your pros and cons.
- Using a conveyancing solicitor may be worth your money in complex matters.
Best of luck and happy returns!