5 Benefits of Fixed Price Conveyancing in Sydney
Purchasing a home is one of life’s milestones. It is a hugely exciting time. But due to tons of paperwork every transaction involves, it can be tedious. In this case, a conveyancer is a great help.
Fixed price conveyancing cuts through the legal jargon and red tape involved in purchasing a home and takes away some stress from the process.
But what does a conveyancer do exactly? Do you need one?
What Is Conveyancing?
Conveyancing involves the legal process of transferring the official ownership of the land title to a new owner: a person or entity like a small business. The work involves preparation, verification and lodging numerous legal documents associated with buying and selling a home and preparing the property for settlement.
As you may have surmised, this process can be highly complex. Conveyancing transactions typically involve three stages:
Failure to hand in the appropriate documents in each of these stages by the required dates can lead to your contract being voided. You could either lose your dream home or the deposit you’ve paid.
What Does a Conveyancer Do?
A conveyancer is the person responsible for ensuring that all legal transactions and obligations involving your property are met.
Conveyancers assist buyers and sellers throughout the selling process, organise necessary documents required for settlement, communicate with lenders and give advice.
Fixed price conveyancing Sydney experts are licensed professionals who give advice and information regarding the transfer of property ownership.
The following are examples when a conveyancer is needed:
- Purchasing or selling land
- Updating a title as in the case of someone on the title dies
- Subdividing land
- Registering, changing or removing an easement or the right to use the land.
After hiring a conveyancer, they will be able to help you with the following:
- Arranging building inspections
- Checking the property for any problems that might raise issues with council regulations
- Preparing and examining the contract of sale
- Paying fees, such as deposit, stamp duty and other property ownership transfer costs
- Organising a land survey to ensure property boundaries are accurately represented.
Conveyancers must be trained and accredited to perform these duties, it is also a form of property law. Some conveyancers are solicitors at the same time—a requirement in Queensland and the Australian Capital Territory (ACT)—but optional in other states.
In addition, conveyancers are legally bound to have professional indemnity insurance. It gives them coverage for any potential mistakes or errors of omission that could result in legal action from a client.
Benefits of Fixed Fee Conveyancing for Buying Residential Properties
Many firms are switching to fixed conveyancing services instead of offering traditional conveyancing. As the name implies, fixed fee conveyancing is a service you can pay for at a fixed rate. It gives homeowners several benefits:
Fewer Expenses and More Savings
Traditional conveyancing typically separates costs required from the buyer, including service fees and resources fees. What’s hurting buyers more are the hidden charges that get added up at the end of the transaction. This system is not helpful for buyers due to the significant expense that might blow their budget.
But with fixed fee conveyancing, your firm will provide you with an exact quote—no hidden costs on the final bill. It can help you determine if you won’t go over your budget. Contingent on the price you will be offered, you are likely to save by spending less and using your funds on the property purchase itself.
From a buyer’s perspective, knowing that every step they take might be charged by the conveyancing firm will make them think twice about contacting one. This creates a communication gap between the conveyancer and the customer.
In contrast, a fixed fee conveyancing service encourages worry-free collaboration between the client and conveyancer.
Whilst some firms might think this could lead to clients frequently calling, having an open communication channel is much better than either party being unable to come to terms with each other. Open communication encourages discussions, negotiations and transactions with no extra charges.
In some cases, unscrupulous traditional conveyancing services deliberately cause delays to increase their hourly rate. These tactics are done via time-sheet padding, overservicing, hoarding of hours and rounding up telephone call lengths. This is a form of fraudulence. Although the client may not notice it at first, inevitably, it appears on their bill.
Fortunately, fixed price conveyancing prevents firms from committing unethical activities. Instead of delaying and prolonging transactions, they will work as efficiently as possible to satisfy customers’ needs.
Guaranteed Pool of Expertise
Firms that offer legitimate fixed fee conveyancing are regulated by the Council for Licensed Conveyancers or the local government. These conveyancers are licensed experts who attend to your needs immediately.
Previously, the conveyancing process only assigned one to two lawyers and conveyancers to see the transaction through from point A to point B.
With fixed fee conveyancing, firms enable better strategies to tackle the process of transferring your property title. It guarantees that you are getting the best service with their pool of experienced and licensed lawyers. You are confident of receiving the most relevant information and recommendations concerning your property purchase.
Peace of Mind
Considering all the advantages of fixed fee conveyancing, a customer can have peace of mind during the entire transaction process. Clients are more open to communicating, knowing that they are not being charged with unnecessary expenses. Hence, clients can plan their budgets better. This type of service guarantees reliable and efficient service from conveyancing experts.
Do I Need a Conveyancer or Can I Do It Myself?
Engaging the services of a conveyancer is not a legal requirement in any state or territory in Australia. However, it is best if you hire one. Do-it-yourself conveyancing could save you money, but it won’t free you of overwhelming paperwork.
Working with a conveyancer offers a great advantage on your part. Because your case is handled personally and with much focus, every legal undertaking and documentations are processed seamlessly, giving you peace of mind all throughout.