When buying or selling property one aspect not to be overlooked is the conveyancing works. Conveyancing is a legal requirement but did you know you can DIY conveyancing? A quick search on the internet will provide a plethora of information on do it yourself conveyancing.

You could save money if you are willing to invest your time and effort. Though is this saved money really worth it? And if completed incorrectly it may cost you much more in the end. The time to rectify any mistakes could cause a seller to withdraw the property or a bank mortgage offer to expire.

Do It Yourself Conveyancing

Property these days is not cheap. In fact it will probably be the most expensive purchase you ever make. Upwards of half a million dollars is spent on property. Half a million compared to the average conveyancing solicitors fees of under a thousand dollars. When a legal process is involved it usually follows that someone in the legal profession is employed.

Yes do it yourself conveyancing selling is possible. The information on the process can be found and read. A diy conveyancing guide can be searched for on the internet. But be prepared for legal jargon and possibly a legal headache. And what if the information on the internet is incorrect? You can purchase a DIY kit from companies but these cannot possibly replace the work of a professional.

What is Conveyancing?

Being aware of the ins and outs of property law is going to be handy if you are going to endeavour to try DIY conveyancing. It can hold up the process of your bank actioning any payments required to purchase your property. Conveyancing involves the transferring of ownership of a legal title of land (property) from one person or entity to another.

Conveyancing is covered in three stages;

  • Before the contract
  • Before the completion
  • After the completion

A snapshot of some but not all of the services provided by conveyancing solicitors are;

  • Advice on the effect of the contract
  • Certificate of Title searches
  • Preparation and certification of legal documents
  • Calculation of adjustments of rates and taxes
  • Preparation of settlement statements
  • Working with mortgagors and financiers

Do it yourself conveyancing is not a walk in the park, get something wrong and the whole buying and selling process will be held up. In real terms this could mean that the sellers decide to withdraw the property due to time issues. Or a mortgage approval offer in jeopardy of expiring.

Are these consequences worth the relatively small amount of cash saved on a property purchase? The time that will need to be put it if you diy conveyancing is also something to consider. What is the cost of all the time needed to be put into the process?

Buying or selling property is a big deal involving huge sums of money. Don’t make the mistake of falling for DIY conveyancing kits.

A special thank you to Provey Conveyancing whom have also published a DIY Conveyancing article and helped us fill in the gaps. They also have this funky Stamp Duty Calculator for Victorians that we found really easy to use.