How to decide if a lawyer or conveyancer is right for your property needs

When you are selling or buying a property, you need someone with property law knowledge to represent you in the deal. But with so many lawyers and conveyancers servicing the property market, who stands out as the winner?

Before making a decision, you must first consider what you’re looking for: a full service or budget option. Conveyancers and lawyers provide a similar service however if things get complicated there will be differences in how they are equipped to deal with the situation.

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ON COST

Winner: Conveyancer

In terms of cost, conveyancers are generally cheaper. 

Unlike lawyers, who normally charge by the hour and generate their revenue from a number of sources, conveyancers work exclusively in property. 

A conveyancer understands the legal requirements to take your property through to settlement, ensuring that the process moves through smoothly and all parties are working in unison. It’s essentially a no-frills legal service, dealing with the basics of settling a loan.

And with so many conveyancers in the market, their pricing is pretty competitive. You’ll also get someone who is a specialist in their field.

ON SERVICE VALUE

Winner: Lawyer

Lawyers are fully armed to represent your interests in most legal situations.

And while you might only be involved in a simple buy/sell transaction, even the most straightforward sales can lead the parties into difficulties. 

Financing issues, delayed settlements, premises damage, and a myriad of other factors can crop up during a transaction. Often these problems, if improperly resolved, can throw off the whole deal and result in a draining and costly legal battle. 

A good lawyer can anticipate problems often before they arise and can put them to rest quickly.

A lawyer is also an essential tool to have if the deal is more complex than usual. For example, if the seller is a trustee, or if the buyer wants possession before completion, there’s going to be a number of factors to consider, and a lawyer is typically the best person to advise you on them.

For more complex contracts, extra provisions may be required in the contract to protect each party’s interest. It is far better to have a lawyer draft and review the special conditions of a contract as they are aware of the legal impact each condition can have.

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This article via WHICH Investment Property does not constitute financial advice; readers should seek independent and personalised counsel from a legal adviser that specialises in property.