Is it possible to do your own conveyancing?
Yes, it is possible to do your own conveyancing. It is a relatively complicated, detailed and time consuming process which is normally best dealt with by a professional, but it is theoretically possible for a person to do their own conveyancing. There are some basic steps which you should keep in mind if you are planning to do your own conveyancing. Although we do not recommend that you do your own conveyancing and that you seek the advice of a licensed professional there are some things which you can keep in mind to prevent complete disaster when you are doing your conveyancing.
What are the steps?
There are two sides to the conveyancing process – the buyer and the seller. We will deal with the buyer side process. Being a buyer of property starts with selecting a property that you would like to buy and getting a rough estimate of how much it will cost. You will then need to examine how you are going to finance the purchase. Most people get finance pre-approval before buying a house for the full amount of the purchase. In New South Wales it actually now a requirement that solicitors approving transactions like this ensure that you have appropriate finance before entering into the contract. Obviously if you get a loan you will need to examine issues like the loan to valuation ratio with your lender to obtain a loan at the appropriate level of risk for your lender. Although the risk of lending increases the cost of the loan. Once you have finance in place then you can begin to examine the contract. The issues you may be looking for in the contract are the existence of mortgages and caveats, easements and other legal instruments which create encumbrances on the land and prevent you from getting clear title. Then you will look at the deposit plan and the sewer diagram to check for anything unusual. The section 149 certificate will also provide an insight into any plans for development which are being undertaken in the area as well as the local environmental plans which apply to the property. You will go through the contract and form an opinion on any changes which you would like to the contract before purchasing. Almost all contracts in New South Wales confirm to the law society of new south wales precedent for contracts for the sale of land and then have special conditions attached which alter the terms of the standard contract. Some vendors will insert special conditions which are particularly oppressive to buyers who will buy without considering the consequences.
Once you have settled on the terms of the contract, you will then exchange contracts. This is the process where the parties accept each others version of the contract and agree to be bound by the terms of both sides of the contract. This is the point where the contract becomes binding. After exchange of contracts there is the process of requisitions on title, drafting the transfer,calculating the adjustments, drawing cheques and attending settlement. It is important that the incoming mortgagee is informed at all of the stages and that you comply with their processes to ensure that you have adequate finance available to complete the contract at settlement. So as you can see, there are many steps to the process of conveyancing and it is much less stressful to give this responsibility to a licensed professional who can handle these matters for you. If you have an inquiry about a conveyancing matter, please do not hesitate to contact us in relation to your matter. We will endeavor to assist you in any way that we can.
