Whether you are buying or selling, there are a number of pitfalls to DIY Conveyancing.
DIY Conveyancing is where you decide to act for yourself, rather than paying for a professional service.
The sale or purchase of a property is likely the largest financial transaction that you will experience during your lifetime. It is best that this transaction is left to the experts to ensure that no costly mistakes are made.
Electronic conveyancing is being introduced in New South Wales.
This will further complicate matters for DIY conveyancing. Only a solicitor or conveyancer registered with Property Exchange Australia (PEXA) will be able to conduct an electronic conveyancing matter.
Once electronic conveyancing becomes mandatory, DIY conveyancing will become a thing of the past.
2 Common vendor mistakes in DIY Conveyancing.
1. When a property is marketed for sale, it is crucial a full contract is available. It’s common for people who are acting for themselves to miss this crucial step.
The downfalls in not having a full contract ready when a purchaser is found include:
– delays in completing the contract;
– loss of the sale.
2. Failure to notify the mortgagee that the property has been sold.
This can cause:
– delays in settlement if the mortgagee isn’t ready to discharge the mortgage;
– loss of sale.
2 Common purchaser mistakes in DIY Conveyancing.
1. There are a number of crucial searches and reports that should be carried out when purchasing a property. No 2 properties are the same and an experienced conveyancer will know what searches are required.
Overlooking crucial searches and reports could result in purchasing a property with major defects and could be very costly.
2. Purchasers acting for themselves often make mistakes when preparing the transfer documentation. This can result in a requisition being raised when the documentation is lodged for registration by the purchaser’s bank. This can add cost and delay to registration of the transfer and the bank’s mortgage over the property.
While DIY Conveyancing is still an option in New South Wales, you can see it isn’t without substantial risk. Appointing an expert in the field will avoid all of these problems.
Can we help you with a conveyancing matter? Contact our experienced team today.