Lawyers provide many forms of assistance in the home loan process, however in this article we will specifically be focusing on conveyancing and the act of transferring property from one entity to another.

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Understanding Property Law

Conveyancing is the law and process that governs the legal transfer of property, which has many factors and intricacies to it. One of the most important considerations for home buyers is how a property lawyer can influence the finance offer. It’s important to note that a property lawyer can provide significant benefit in both interpreting, and varying your initial offer to purchase a property, to protect and benefit you throughout the transaction.

There are two primary professionals involved in property law, conveyances and solicitors. A conveyancer offers general advice, but since they are not practicing lawyers (in most circumstances) in most cases, their legal guidance will be very general in nature. Alternatively, solicitors can provide more comprehensive legal advice on property matters, addressing all of your property law questions, with the slight downside of typically having a higher fee involved in the transaction.

Are There Alternatives to Lawyers for Conveyancing?

At this stage, we don’t have any alternative options conveyancers or solicitors when it comes to handling property settlements in Australia. Most property transactions are processed through licensed software that requires professional qualifications to access.

Examples

One clear example of needing a solicitor as opposed to a conveyancer is if you are purchasing a property that has an exiting tenant. In this case, you may wish to include specific clauses in the contract, such as a‘make good’ clause, which ensures the property is returned in a certain condition. You will most likely find limited advice from your conveyancer, while a solicitors should be able to provide you with tailored advice that may make the transition from tenant to occupier more favourable.

Another situation is if you are purchasing a property at auction, and you are concerned about the risks associated with buying the property. You may find that in this situation a conveyancer may not provide in-depth advice on these matters, while a solicitor will most likely be more forthcoming, as their license allows them to provide you with advice. Solicitors’ legal knowledge can potentially save you a significant amount of money and better protect you from unexpected liabilities.

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