Conveyancing has become very competitive when it comes to conveyancing fees being charged by property law firms and conveyancers.
Reducing the price of conveyancing can be very risky to clients. The conveyancing process is a complex road to navigate for clients and your interest both legally and professional should always be considered first at all times.
Conveyancers are dealing with what Is likely to be your largest financial investment in your lifetime. Don’t skimp on legal advice when so much effort and care has been invested into choosing and financing a property.
Unfortunately, many underestimate the importance of obtaining proper legal advice for several reasons.
- Firstly, buyers and sellers often do not understand the potential legal problems that can arise from a property transaction or a poorly drafted contract.
- Secondly, the conveyancing process can appear deceptively simple to outsiders, leading to the belief that it’s “just paperwork”.
- Thirdly, the industry is rife with cheap, conveyor belt conveyancers who promote the idea that a property transaction can be carried out with proper due diligence but ‘on a budget’ which defies common sense.
The Team at A.L.F. Lawyers with over 55 years of combined property law experience understand there is never a standard sale and purchase of a residential property.
In reality, conveyancingcarries a significant amount of risk. There are many technical steps that must be undertaken to ensure a buyers and sellers are protected and to progress a matter through all of the stages of the conveyance.
Buyers may be encouragedby some real estate agents to use cheap conveyancers as they want to settle a transaction as quickly as possible and collect their commissions. For them, the less checks, balances, and conditions, the better. They want the contract to settle, regardless of any issues with the property that the buyers may have to live with.
Low-Cost Conveyancing firms save costs by:
- Skipping important searches – Searches are a buyer’s only way of being satisfied with what they are buying and are an essential part of the process;
- using inexperienced or underqualified staff – a paralegal cannot give you legal advice, only a solicitor can;
- completing the bare minimum of correspondence and communications with clients, agents, banks, and solicitors for the other party to the Contract.
- instructing clients to complete certain steps of the conveyancing process themselves; or
- skipping certain steps altogether.
Another risk is that low-cost conveyancers may act for both parties in a transaction by simply appointing separate conveyancers within the firm to act for each party.
This is a serious conflict of interest and can endanger a client’s ability to obtain a clear title to their property. If a dispute arisesin the transaction requiring advice about a breach of contract, termination or other conflict, both the seller and buyer will end up having to engage independent legal representation, which may cost many thousands of dollars to resolve!
Additionally, some conveyancers may be licensed to work in one state but regularly conduct conveyancing work in another state, which is against the law and raises doubts about their professional indemnity insurance coverage.
Property law firms in Queensland must abide by the Conveyancing Protocol, which has strict guidelines to protect client’s interests in a conveyancing transaction, however bootleg conveyancers operating in Queensland from other States or Territories, are not obligated to observe the same Protocol.
When buying property, it can be tempting to cut corners and choose a cheap conveyancer, but this can be a costly mistake.
A good property lawyer will represent your interests, negotiate contract terms, calculate adjustments of rates, and prepare and lodge legal documents for settlement.
Our dedicated Property and Commercial Department have extensive experience in Property Law. Our team is passionate about providing our clients with the highest level of service, from first home buyers to experienced buyers and sellers and developers. We understandbuying and selling property is a huge financial commitment and will guide you through every step of the process with diligence and understanding.
Don’t risk one of the most important transactions in your life by choosing a cheap conveyancer.
If you are considering buying or selling, our team of experienced and friendly conveyancing lawyers are here to help. Reach out to us today by calling on 07 3088 6161!
Disclaimer. The legal content contained in this article has been provided for general interest only. It does not constitute legal advice.
