Conveyancing means the legal transfer of ownership of property from one person or party to another. This is the process of buying a home or other property that happens once you've selected the new home and an offer has been accepted. If you're thinking of buying a house, your real estate agent may have recommended a conveyancer to you, but you may still have some questions about the process and what this person does. Note a few of those most commonly asked questions here so you can discuss these with a conveyancer or your real estate agent.
1. Can conveyancing be done on your own?
You can handle your own conveyancing but it's not usually recommended. This is because a professional conveyancer will be insured against anything they may overlook that can be damaging to you down the road, such as neglecting certain inspections or title searches. If you do these things yourself and wind up with a home that was not properly inspected or a title that wasn't actually clear, this can mean very expensive fines and other costs. This is just one reason to consider a professional conveyancer to help you through this process.
2. What is the cooling off period?
Many areas have what is called a cooling off period, where the buyer has a few days to rescind their agreement even after contracts have been signed and money has been exchanged. In many cases it may cost a small amount of the purchase price to rescind a contract, but a conveyancer can advise you on your own rights during this time and if this cooling off period applies in your area and to your own particular property purchase.
3. Is a conveyancer the same as a solicitor?
A conveyancer does not necessarily have a legal degree and so he or she usually cannot advise you on matters of the law when it comes to a property's purchase. They may be very familiar with legal requirements when it comes to purchasing a property, but unless they have a separate law degree, you don't want to assume that you can ask them questions about your legal rights or responsibilities and get the same advice as you would from a solicitor. Very often a conveyancer will work with your chosen attorney so he or she has accurate information about your property and purchase, but to protect yourself legally, be sure you understand the difference between a conveyancer and a solicitor.
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