When purchasing a home, particularly as a first-time buyer in New South Wales, using a solicitor over a conveyancer can offer several advantages, especially when navigating the complexities of a property purchase (often for the first time).
Solicitors required for Certainty / Complicated Issues / Disputes / Resolution
While conveyancers are specialists in property transactions, and can be great at what they do, solicitors provide additional legal services and protection, especially in more complicated transactions and when issues arise, such as:
- off the plan / self managed super fund purchases and stamp duty liabilities;
- real estate agency terms and conditions;
- contract term negotiations / disputes and delays in settlement;
- removal / discharge of mortgages / caveats registered on the property title;
- advising on property Company Title and Strata By Laws;
- early entry / licences to occupy prior to completion;
- parties involved in Family Law Proceedings or Insolvency;
- resolving disputes including title ownership, property dimensions / boundaries;
- Easements / rights of way / access from councils or neighbours;
- issue of legal action if required to enforce or defend your rights;
- the best person / entity to purchase the property for asset protection purposes;
- related legal advice in respect of wills and estates planning advice – being what happens to your assets after you pass away, including establishing trusts for your next of kin / children if appropriate.
A solicitor’s ability to assess these factors and provide the relevant guidance, provides you with the required level of protection and certainty.
One of the main benefits of using a solicitor is their ability to offer comprehensive legal advice related to the property conveyance itself, resolve issues / disputes that may arise in the transaction, and advise on matters related to, and extending beyond, the property transaction.
Difference between Solicitor and Conveyancer
In contrast, a conveyancer’s expertise is generally confined to the property sale / purchase itself, such as conducting property searches, preparing and lodging legal documents, and ensuring the settlement process runs smoothly.
While a conveyancer is adequate for property transactions that proceed without any issue, that will be not be known until the transaction has commenced, and depends largely on the conduct of the other party, regardless of the value of the property being purchased.
If a dispute arises, a conveyancer will generally need to refer you to a solicitor to resolve a contested dispute.
Indemnity Insurance
Both solicitors and conveyancers are required to have professional indemnity insurance that provide protection to you, in the event of an issue that arises as a result of the solicitor or conveyancer’s negligence.
Solicitor fees v Conveyancer fees
Whilst conveyancer’s fees are generally cheaper than a solicitor for a property conveyance, solicitors will remain your representative in the event of dispute, and can remain your trusted legal advisor for matters beyond the property conveyance.
The Difference
The difference lies in a solicitor remaining your representative when more complex issues / disputes arise in the property transaction.
At Matthews Folbigg Lawyers, our experienced property law team is ready to assist. For further information or advice, contact our Property Team on (02) 9635 7966 or email us at info@matthewsfolbigg.com.au.
