The decision to hire a solicitor or conveyancer when purchasing or selling your property is a tough one. While both could perform the task, there are distinct pros and cons of hiring either professional. To help you make a more informed decision, consider asking the following questions:
What’s the Cost? The majority of conveyancers and solicitors typically ask for a fixed fee for a conveyancing job. However, you have to ensure that you know exactly what you’re paying for. For instance, what will happen if something goes awry with the transaction? Does the fee cover all charges or fees and/or contingencies?
What’s the Professional’s Experience and Qualifications? Ask the solicitor or conveyancer about his or her credentials, licences, and whether he or she has previous experience on the specific type of transaction that requires conveyancing.
What about Protection? Determine if you’re protected in case something goes wrong. According to conveyancing lawyers in Townsville, solicitors are required by law to have proper insurance coverage in case they commit a mistake.
Who will do the Actual Work? Ask if the solicitor or conveyancer will do the job or if it’s going to be assigned to a paralegal or clerk. If it’s not the professionals themselves, ask about the level of supervision that will be provided.
What about Legislation? Take note that property laws change constantly so ensure that the conveyancer or solicitor you’re eyeing is knowledgeable on the latest property laws.
What about Expert Advice? There’s typically plenty of variation across transactions regarding a property. Do you require advice on how to deal with real estate agents? Or changing your will or capital gains tax? Will the transaction have implications on family law? Is additional expert advice included in the fee? Ask if the conveyancer or solicitor can aid you with specific needs like these.
The takeaway from all of this is that if your real estate transaction involves legal complexities and potential risks and issues, it’s best to go with a solicitor since he or she has a better knowledge of the law. Otherwise, if the transaction is pretty much straightforward, it’s probably fine to go with a licensed conveyancer.