There’s a fair bit to it … we suggest getting a conveyancer to do your property paperwork
The fourth most common expense associated with selling property is the cost to hire a conveyancer. Although there are DIY kits you can buy online, such as a will kit, neither are recommended, and for good reason. Of all the expenses related to selling property — preparing your home for sale, hiring a real estate agent, marketing and advertising your property — conveyancing is often the least expensive, yet equally crucial. So why scrimp now?
Besides, if you don’t hire a conveyancer and you have no idea how to do it yourself, your home will never get sold. Legally, you cannot put your home on the market, until you’ve prepared a contract of sale, which includes a vendor disclosure statement, also called a Section 32. The vendor disclosure statement includes statutory warnings to the buyer about the property, as well as information relating to the title, sewerage, easements, any restrictions of use, and so forth.
A conveyancer is crucial for a successful sale
For a novice, knowing which documents you’ll need and how to source them can be time consuming and complicated, which is why we recommend using a conveyancer for this step, too. Besides, the most common reason a property sale is held up or falls through is because the Contract of Sale or the Vendor Disclosure Statement was either incorrect or missing information. So it’s in your best interest to have a professional carry out this work for you. Keep in mind that it’s also a criminal offence to knowingly or recklessly provide false information in a Vendor Disclosure Statement.
In our free guide to selling property, we recommend hiring a conveyancer early on in the sales process, so they can help you prepare the contract of sale and vendor disclosure statement. Your agent may recommend a conveyancer or you may prefer to do your own research, it’s up to you.
Conveyancers versus solicitors
The Selling Your Property guide also discusses whether or not you’ll need to hire a solicitor or a conveyancer. Solicitors cost a little more than conveyancers because they’re skilled in other areas of the law. This may be helpful to you if you require advice, which most conveyancers, unless they’re also a solicitor, are not legally allowed to give.
Assuming, however, that the sale of your property is relatively straightforward, and you only need to hire a conveyancer to gather documents and prepare contracts on your behalf, then you should be charged a one-off, standard fee for general conveyancing services. Make sure to clarify this point, when you’re speaking with potential conveyancers.
Expect to set aside…
…around $1,000-2,000 for general conveyancing services. If the sale of your property is more complex or you require advice, you may need to hire a solicitor, who they generally charge by the hour.
To learn more about the conveyancing process, subscribe to receive access to our free educational guide to selling property, called Selling Your Property: What You Really Need to Know. Alternatively, for more property market news, insights and analysis, continue reading our blog.
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Our educational blogs are designed to help you understand each of the steps involved in selling your property so whether you choose to work with a real estate agent or do it yourself you'll understand the work involved and be more efficient and aware of what you need to do. Our articles have been seen in these major online news and information portals..
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