Navigating the process of purchasing a home involves various complexities and significant liabilities, underscoring the importance of seeking professional advice. However, choosing the right advisor can present its own set of challenges.
When it comes to property settlement, buyers often have the option to engage either a solicitor or a conveyancer, both specializing in property law.
Distinguishing between the roles of a solicitor and a conveyancer can be confusing. Initially, they may seem to fulfill similar functions, particularly in facilitating conveyancing – the statutory process facilitating the transfer of ownership.
Conveyancing involves meticulous tasks such as the preparation, verification, and lodging of documents like the Certificate of Title with state authorities to ensure the legal validity of a property sale. Furthermore, it entails scrutinizing the property for any unauthorized structures and ensuring accurate delineation of physical boundaries.
Conveyancers may offer guidance on the contract of sale, prepare relevant legal documents, coordinate with lenders, handle deposit funds in trust accounts, calculate stamp duty, and oversee the transfer of council and water services. Additionally, they oversee the contract exchange and settlement process, as well as communicate final payment details to lenders.
Conveyancers possess specialized knowledge of property law and settlement procedures. In contrast, solicitors have broader professional scopes, encompassing legal advice on matters such as shared ownership and tax implications related to rental properties.
Typically, conveyancers offer cost-effective services, charging flat fees that are often 25%-50% lower than solicitors’ fees. They are perceived as more accessible compared to solicitors, who may have competing client or court commitments. In cases of complex conveyancing issues, conveyancers may seek the assistance of solicitors.
Here are the principal distinctions between conveyancers and solicitors:
Conveyancer:
- Specializes in property law
- Undergoes two years of study followed by two years of supervision before qualification
- Offers flat-fee services, generally more economical than solicitors Solicitor:
- Required for legal matters extending beyond conveyancing, such as ownership structures
- Often delegates tasks to law clerks or subcontract to licensed conveyancers
- Engaged by conveyancers for legal complexities
- May bill hourly or provide fixed-fee services
This article is intended for informational purposes only and does not consider the specific needs, objectives, or circumstances of individual readers. Before taking any action based on this information, readers should conduct their own research and seek professional advice tailored to their situation.