Should I use a conveyancer or solicitor?

First things first, you need a conveyancer or a property solicitor when buying a home (unless you are one yourself!). If you know a solicitor/ lawyer and think you can ask them a favour for free, be aware that property law is quite specific and you should only rely on a solicitor who actively works in property.

What is the difference between a property solicitor and a conveyancer in buying a property?

Both will cover off the legal formalities of buying the property including reviewing contracts of sale, requesting amendments, and arrange the settlement with all the parties involved. A property solicitor is a qualified lawyer and may also practice in other parts of the law. A conveyancer is a licensed professional in the legalities only of property. In NSW, you can choose to use either a solicitor or a conveyancer.

You may find a conveyancer is slightly cheaper, although depending on the complexity you may find a solicitor is better equipped. For example, buying off the plan or a company title unit is more complex and risky than buying an existing strata unit.

When do I need to find one?

What is important, whether you have a solicitor or conveyancer, is you have identified who you will use before you have found a property you love, you understand their fees and you have them on standby to review a contract as soon as you do find ‘the one’.

If you are just out browsing on weekends with no serious intention to buy then no need to engage, however, if you have your finance approved and are shopping with your wallet (you are ready to buy, you just need to find the property), then you need to have a conveyancer or solicitor lined up and on stand by.

What does a conveyancer or solicitor do for me?

When buying a property, the vendor selling the home has had their solicitor or conveyancer draw up a contract of sale. This includes several legally required documents. You must have this reviewed by a conveyancer or solicitor who works for you before you commit to buying the property. If you don’t, you could end up buying a total lemon. For example, you may end up buying a property that has a compulsory acquisition notice attached to it as the government plans to put a new road or train line through there in years to come. The contract will also disclose any outstanding notices from the council for example non-compliance with fire safety legislation or pool regulations and these are really important matters to understand the associated risks.

They will request any changes from the vendors solicitor that may be required, e.g. the contract may have a 3 month settlement and you may wish to move in sooner than that. They will also advise you based on the contract disclosures of any other searches you should be considering including strata, building, pest. You should check with them if they will also review any additional searches you have completed.

If you are successful in buying the property, your conveyancer or solicitor will organise the property settlement and coordinate with your bank, the vendors solicitor, and the real estate agent.

How do they charge?

Some will do a set number of free contract reviews for you, others may charge a nominal fee deductible if you proceed with them when you do purchase. Your solicitor or conveyancer will also conduct further searches on the property between contract exchange and settlement and you should understand these costs ahead of time and ask for guidance.

Property buying can move fast so if you see a home you love on Saturday, make sure your solicitor or conveyancer can review the contract on Monday morning (or even Sunday) and get back to you with feedback so you can be ready to make an offer or respond if someone else makes an offer. In the long run, paying a little bit extra to have someone who will drop everything for you to review a contract could save you thousands if it means you can move quickly on an offer and secure the property.

Any recommendations?

If you’re looking for the best of both worlds with great customer service then my recommendation is Lawlab.