As a Buyer, i would most certainly engage a Solicitor/Conveyancer to ensure everything is covered and checked.
So if I'm selling, and know that the Buyer would have one, can I just let them do the transfer and settlement, and I don't need to pay for that?
This is just a small townhouse with a small loan.
Asking for a friend. Thanks in advance for sharing.
So you would pay a solicitor when you are spending ~$400k or whatever, but not when you are supposed to be receiving $400k??
Lets just say you would be foolish signing anything that you didnt have looked over by your own Solicitor/Conveyancer.
Also as the seller, you would be providing the contract for the sale.
Ah. Transacting hundreds of thousands of dollars. Wants to save at most a single percent of that on proper due diligence and expert advice.
OP I wish everyone was like you.
Yes you need a Solicitor/Conveyancer.
Yes you need to pay.
No the buyer's conveyancer will not do it for you. It's a conflict of interest.
This is going to end well.
FYI
https://www.diyconveyancingkits.com.au/buy_a_kit/productid/3…
And
https://www.finder.com.au/diy-conveyancing
Lol
Tell your friend that they don't need a solicitor or conveyancer and I'll buy the property.
I’ll buy it for 15% more. I work on a oil rig me it’s for my daughter. II’ll send you the money electronically. If you can send the title dead’s ASAP thanks.
I'm a solicitor in Queensland and I do a bit of conveyancing. If you strip away any legal issues that could arise during the course of the conveyance and instead look at this from a purely practical perspective, if you are a self-acting Seller, you still need to:-
The Buyer's solicitor has no obligation to attend to any of this - in fact, it would usually place them in a position of a conflict of interest (hence why each party to a conveyance has a different lawyer).
Your friend should no doubt aware that there are benefits to having a lawyer (i.e. a person who is legally qualified to give legal advice) engaged on a legal transaction involving an asset that has significant commercial value to them. The fact that it should be a simple transaction is the worst possible reason to not engage a lawyer because they're inevitably the transactions that go pear shaped.
Many thanks Redvaldez, this is most informative and insightful.
We are aware of the risk, but just thought since they are the Sellers, so it should be very low-risk.
Will have a chat and see how we go.
Thanks again!
Yes, as a general statement I do agree that there is less risk as a Seller than as a Buyer. But that doesn't mean that things can't or won't go wrong. And if you are self acting, you may not appreciate some of the nuances that could open the floodgates to a bigger issue later. If things go south mid-conveyance and you need to engage a lawyer, you're probably going to end up paying more than if you just had someone engaged from the commencement.
Thank you!
I have always done my own conveyancing and the only problems I have had are other peoples Lawers making mistakes, and I am not a really well-educated person.
Ha, this has happened to us in the past when we bought a Business.
Often Lawyers are too busy to check the works of their staff, and it's upto the Clients to pick it up.
You sound very well-educated, which to me doesnt have to mean going to a particular School or Uni.
Would you mind sharing with me, PM how you do your own Conveyancing?
Thanks a million!
The solicitor/conveyancer would represent the buyer, not the seller. How would the seller know that the calculations and adjustments are correct. How would the seller know what documents they need to put together and provide the buyer, the government and any other parties that need to be informed.
Which trust fund would the deposit be paid into? How would the transfer of title be done…in Victoria all funds and titles are now digitally down through some new system.
If they have the time to research and do all the things required, then yes, they can do without a conveyancer; but do not rely on buyers conveyancer to be on your side.