- June 22, 2018
- Posted by: Ruchir Gulati
- Category: Home Loans, Mortgage
A property investment can be one of the most important investments you make in your life. With the real estate sector reaching new levels, owning a property nowadays requires you to invest a significant amount of your lifelong earnings. An investment worth this much needs to be processed smoothly, efficiently, as well as according to Australia’s property ownership regulations.
People generally do not wish to get involved in the complex title ownership process which requires hours of paperwork and drafting. Instead, they hire a conveyancer to carry out this transaction on their behalf and provide them with ownership rights for the property they wish to buy.
However, if you are planning to invest your hard earned money in buying yourself a property you will want the process to be handled correctly and seamlessly. For the process to go smoothly, a good conveyancer needs to be hired, who has the necessary experience and knowledge of the system.
To help you with hiring and selecting a short list of efficient conveyancers from the not so good ones we give you a list of questions you can ask the potential companies during a meeting. These will give you a good insight into the conveyancer’s knowledge and will ensure that the conveyancer you hire will look after your best interests.
Can you tell us about your qualifications? How long have you been practicing as a conveyancer?
With such plethora of conveyancers available in the industry, you ought to find yourself someone who has both the skills as well as the expertise. Learning about a conveyancer’s qualification will help you determine if he/she has what it takes to do a thorough job and ensure your property needs are met. Talking with them about their experiences will let you know about their knowledge and expertise.
Not every conveyancer possesses a license to practice, some work in small clinics and simply handle the paperwork, then there are those with large offices and a license to practice.
How much do you charge?
Don’t be shy to ask the cost of conveyancing services as this is one of the most important factors in your decision-making process. A conveyancer’s fees normally include registration fees, stamp duties aside from the service fee he charges. Ask him to give you a written comprehensive list of all costs associated with the whole transfer of title process, as this will ensure costs are kept within the guidelines and you are not overcharged or find out about any further charges that you were not aware you would incur.
Do you offer insurance?
Having professional indemnity insurance safeguards you from any additional cost or financial burden raised due to errors caused by your conveyancer. A good, honest conveyancer most likely will offer you this insurance clause in his agreement and it is vital that you have a talk regarding the same, with someone who isn’t offering you this service. No matter how good a conveyancer is, there is always a chance of some error from his/her end, leaving you with the extra financial burden to deal with later.
Ask Him About The Contract He is Drafting
Yes, you have hired a conveyancer to free you from all the paperwork and hassles of property exchange. However, this doesn’t mean that you don’t need to get involved at all. Ask questions about the contract your conveyancer is drafting, find out what has he included and what has he left. Inspection of your contract will allow you to make sure that everything you have settled for with your seller has been included in the contract by your conveyancer.
Do you take work where there is a conflict of interest between parties?
Some buyers or sellers, in order to save the hassle of finding a competent conveyancer often hire the conveyancer who is handling the opposition party’s documentation. However, experts believe that this is not a good choice to make as this leads to delay, should there be any conflict of interest between parties.
These 5 questions are a ‘must ask’ by any individual whether you are a seller or a buyer. This will give you the confidence to work with a conveyancer that meets your requirements and will ensure that the process of ‘property title exchange’ is as smooth as it possibly can be.