If you are planning to buy or sell a property, you will need an expert’s assistance to close the deal effectively. Conveyancers and property lawyers are legal professionals that provide services for final settlement. Most people are confused between the job responsibilities of these experts as both terms are often used interchangeably.
Although the work of both professionals is almost the same, their area of expertise is where the actual difference occurs. To clear up this confusion, we have explained the roles and responsibilities of these experts in detail. So, without any further delay, let’s have a look:
What Are Conveyancers?
Conveyancers manage the legal formalities when there is an exchange of property ownership. Although a conveyancing expert’s work is transactional, still there is a need for attention to detail and good work efficiency.
To start working as a conveyancer, one must have completed the training from a registered institute and completed the Diploma of Conveyancing. Alternatively, one can also pursue training from a public training provider. In addition, there is a need for two years of working experience in the conveyancing domain. After all these conditions are met, these individuals can apply for their own licences.
If we compare the qualifications of property lawyers and conveyancers, they are almost the same. The thing that differentiates these professionals is that conveyancers have more experience in working in the real estate niche. Hence, they have more knowledge about the real estate trade process specifically. Whereas, a property lawyer is familiar with various legal processes but doesn’t possess expertise in a single field.
Furthermore, conveyancers are more affordable as compared to property lawyers. The lawyers charge on a per hour basis, but the conveyancer just takes a fixed amount for the whole process. This way, a conveyancer’s services are comparatively cost-effective.
What Are Property Lawyers?
Property lawyers are professionals who have completed formal education in law, such as a Bachelor of Law and pursuing a career in the legal profession. Different lawyers have expertise in different domains. Property lawyers, as the name suggests, specialise in dealing with various formalities and transactions related to the property trade.
However, as per their expertise and past work experience, property lawyers can work in multiple fields related to law. One of the key things that make property lawyers different from conveyancers is they charge for their services on an hourly basis. It makes their services cost higher than that of a conveyancing expert.
Moreover, once these professionals complete their studies and get a licence to carry out the practice; they can start working as a conveyancer. They have an advantage that they don’t need any work experience as a conveyancer before making the shift.
Job Responsibilities of Conveyancers
Check The Contract
One of the main responsibilities of a conveyancer is to go through the contract and analyse if all the essential clauses are included. They carefully check to ensure that the document is free from the statements that can cause issues for you later on.
In addition, they make you familiar with your rights and legal obligations after you sign the contract. Furthermore, they inform you regarding the draft conditions which you can use in your favour during the court’s proceedings if required.
Providing Legal Advice
Conveyancers have the licence and certifications to offer legal advice to the person who hires them. It helps to avoid future issues and disputes regarding the property and helps to close the deal effectively. Most conveyancers in Melbourne and other cities across Australia have indemnity insurance, which enables them to offer this service along with providing a sense of security.
Research About The Property
Another key responsibility of a conveyancer is to inquire and find out essential information about the property. It involves checking and ensuring that the property doesn’t have any defects, the title is not in a dispute and many more things. Moreover, they analyse the flooding reports and essential approvals from the local authorities, which is crucial before finalising the deal.
Preparing Documents For Settlement
A conveyancing expert fixes a settlement date according to the availability of you and the other party. Additionally, they give you a detailed breakdown of the various charges and taxes that need to be paid to the respective authorities. It helps you avoid any irregularities in the deal closure that can become an issue later on. Lastly, but most importantly, they assure that the property title is transferred to your name correctly.
Job Responsibilities of Property Lawyers
Manage The Documentation
Property lawyers perform an evaluation of the property and prepare assessments, leases, acquisition contracts, and more. Accordingly, they prepare documents for transfer activities, financial agreements, etc. Also, they check the documents so that the other party individual doesn’t have any pending payments or legal issues related to the property.
Property lawyers perform negotiations for both buying and selling parties. If you are a house owner who wants to sell the property, these professionals can help get you the best value with effective negotiations.
On the other hand, if you are a buyer, lawyers’ services are equally beneficial. For instance, if you want the seller to include the furniture and accessories in the property’s price, a lawyer can make a discussion on your behalf. These experts have knowledge about real estate, which makes them better negotiators.
Taking Legal Action
If you are a seller and have allegations regarding undisclosed issues with the home or office, property lawyers can handle the situation. They have expertise in resolving all the disputes related to the property. Consequently, they can protect the owner’s rights as and when required with the help of legal actions.
Managing Foreclosure Process
Foreclosure refers to taking someone’s property into possession in case they fail to pay the mortgage instalments. A property lawyer contributes to the smooth proceeding of this process by fulfilling the following responsibilities:
- Facilitate a series of documentation.
- Impose a penalty and take other compensatory actions against the borrower.
- Keeping the court rules in check while operating.
- Claim for the security amount if required.
After going through the job responsibilities of both conveyancers and property lawyers, one can become familiar with the difference in their work. Thus, you can effectively decide which professional is suitable for the type of responsibilities you want to fulfil. It is crucial to choose an individual with good experience and expertise related to the property trade. It helps you close deals in less time while limiting your expenses.