Selling your home can be an exciting and emotional time, depending on how attached you are to your property. While your focus is often ensuring that your home looks the best it possibly can be for the inspection, open house sessions or auction, you need to be thinking about when to get in touch with a team of conveyancing lawyers in Sydney. While there is no strict rule governing the process, it is always best to get in touch sooner rather than later. So, let’s check out the purpose of getting in touch with solicitors when selling your home.
What do they do?
Conveyancing lawyers in Sydney specialise in real estate law. Basically, they handle the legal work associated with the sales contract and the creation of a mortgage. When a home is sold, an exchange of legal title also takes place relating to the ownership of land. However, they can also do several other things to assist the sale process, including but not limited to the following:
- Research property
- Check for other information you might need
- Prepare/clarify relevant documentation
- Calculate rates and taxes
- Conduct a property settlement
- Examine strata development report
- Assist with stamp duty
- Handle deposit
- Arrange building inspections
When do you need one?
In New South Wales, you need to organise a team of conveyancing lawyers in Sydney to handle all your needs before you put your home on the market. Make sure they are properly qualified and licensed before proceeding. In other states, such as Queensland and Western Australian, you only need to speak to a solicitor once you have formally accepted an offer.
The reason why it can be beneficial to hire a solicitor before putting your home on the market is they might reveal some important information about your property that you weren’t initially aware of. The buyer has a right to know everything about your property, so all information needs to be disclosed to the buyer.
Why you shouldn’t do it yourself?
There are heaps of DIY kits guiding people on how to handle the legal processes relating to selling or buying a home. However, even though it costs money to hire conveyancing lawyers in Sydney, it’s still a safer decision than trying to handle it yourself to save a few dollars. Firstly, if a mistake is made in your legal documentation, you’re completely liable for related damages. It can be a very complicated area of the legal framework as well, so even if you believed you were following the instructions, it’s still very easy to make a mistake. Leave this stuff to the professional, conveyancing lawyers in Sydney.
How does payment work?
Paying your team of conveyancing lawyers in Sydney is relatively straightforward. Make sure you only go to a barrister that is clear and upfront about their payment structure because you don’t want to get hit with any unnecessary payments down the line. In addition to being charged a legal fee for services, your conveyancing lawyers in Sydney will likely charge the following additional payments (if applicable):
- Certificate costs
- Registration of transfer
- A title search
- Mortgage registration
Don’t rush the hiring decision
As a final tip, it’s best to not rush the hiring process. If you plan on selling your home in the near future, be proactive and start searching for conveyancing lawyers in Sydney as soon as possible. Refine your keyword search so you’re getting solicitors properly trained in that area of the law, as opposed to those who supposedly “specialise” in the field. Talk through their payment structure with them as well and make sure you clarify any areas of confusion before proceeding.