I'm looking to buy my first IP in Brisbane. A friend recommends me that conveyancer does the same job as solicitor but charge less. Is this true? In general, I want somebody to check contract, does local government search, get building and pest inspection. Because we will not see the house myself, so we want somebody to make sure the house is the same one we see in Internet. would appreciate advice from experienced folk here whether I should use the service from solicitor or conveyancer?
I'm sure Terryw will be around shortly to give you a good description of the two.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
OK – you are not going to inspect it, are you using a buyer's agent (to inspect, report & negotiate on your behalf) or just going on an internet due diligence & negotiate yourself?
How much cheaper is the conveyancer going to be than a solicitor? Are you going to keep the contract simple ie no special conditions to be added?
A conveyancer will carry out the same checks as a solicitor however when things get sticky or you want to depart from the standard contract, then the solicitor comes in handy.
Hi I.P. Freely,
I'm not going to use buyer's agent. I'm doing the research by internet and negotiate by myself. So the building inspection report is very important part for me. I plan to put building inspection, and finance approval as condtion in the contract. Let say, one of the house I look at has potential to extend kitchen and living room. If the building inspection comes out that it's not possible to extend, I will withdraw from the contract. I also expect the person who does conveyancing confirms me that the house is the same one I see on internet.
As I live in Sydney, travelling around to inspect properties every week would cost a lot. I read Margaret Loma's book. It is said that buying sight unseen is possible.
Is my approach too risky? I'm a novice here. appreaciate your comment.
If it is your first sight unseen, then it would be prudent to get someone on the ground in the area to do the running around, they have good experience in this area and can tell you of the pitfalls or benefits, the most recent sales etc – as an agent, they are working in your interests and can be in a better position to negotiate the final outcomes – a small price to pay (if you are considering looking at a few places if the first one doesn't pan out). Then all the usual inspections can take place.
There is no harm in finding out what they would charge to work on your purchase.
thanks IP Freely. I will look around for buying agent. Do you where should I start?
Conveyancer for me….they are cheaper and there only expertise is conveyancing. Solicitors generally have this field as an add on to their existing business and with my experience are not as savvy as a conveyancer. I was in the mortgage broking field and always experienced problems and delays with solicitors, quite simply because they didn’t fully understand or care about the settlement of property. My opinion….Lendwise
Lendwise wrote:Conveyancer for me….they are cheaper and there only expertise is conveyancing. Solicitors generally have this field as an add on to their existing business and with my experience are not as savvy as a conveyancer. I was in the mortgage broking field and always experienced problems and delays with solicitors, quite simply because they didn't fully understand or care about the settlement of property. My opinion….LendwiseI disagree. While there may be some solicitors that cover all areas there are ones that specialise in property.
I only use a solicitor. As mentioned if there are problems you need to get a solicitor. As there can be many problems with contract law I'd not take the risk for a few hundred dollars.
Can someone give me a recent price for a conveyancer? General fee (without searches etc
Hi
I am a solicitor and have a biased view of course. The problem with using a conveyancer is that they aren’t trained in other areas of law. Sometimes this other knowledge comes in handy when doing a conveyance – family law, succession, trusts, bankruptcy etc etc.
However, in many cases conveyancers do know more about property transactions than the average lawyer who may not do much conveyancing.
I have just sold 2 properties and used a conveyancer in one state and i used another solicitor in NSW rather than do it myself (because i was busy and to get an impartial second person involved).
I’ve also purchased over 12 properties without ever seeing them. Its probably not a good idea really because you will not know the general area there. It could be in a good area, but the worse street for example.
If you do buy just based on numbers make sure you use someone, such as a buyer’s agent, to investigate the property and the area for you.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Generally I’d use a conveyancer, but if you have any special conditions then you might want to get a lawyer involved. I also reckon that you’re better getting a lawyer in NSW as, in my experience, you might want to be a little more careful there (different laws, especially regarding settlement times – you need all your ducks lined up perfectly!).
As far as having someone view the property, a buyer’s advocate will give you a better feel for the place whereas building/pest inspectors do their specific job. Most of the inspections are a checklist where you get a tick or a cross in a box, so you don’t get a great idea of the feel of the place. On the other hand, buyer’s advocates aren’t inspectors so you need to get the inspections done as well.
I recently used a buyer’s advocate and wrote a blog about it:
http://www.everydaypropertyinvesting.com/purchasing-property-four-benefits-i-gained-from-using-a-buyers-advocate/Good luck with your investing.
Cheers,
Den@sydney wrote:thanks IP Freely. I will look around for buying agent. Do you where should I start?Google Buyers Agent Brisbane but there are some who work the forums or seek recommendations.
The REBAA website is a good first stop for independent agents. Do your research as always.
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