Can I do my own conveyancing?
Can I do my own conveyancing?
It is possible to do your own conveyancing, but it is not recommended unless you have the legal expertise and experience required to complete the process. Conveyancing involves complex legal procedures, and even a small mistake can cause significant financial and legal issues.
If you decide to do your own conveyancing, you will need to research and understand the legal requirements and procedures involved in transferring ownership of a property. You will also need to prepare and review legal documents such as contracts of sale, property transfer documents, and mortgage documents.
The risks associated with undertaking your own conveyancing as a seller is that if you omit or overlook any document or disclosure that is required to given the purchaser may avoid the contract and you may still be liable to pay the estate agent’s commission.
As a purchaser, it is important to note that it is not uncommon for documents and disclosures to be omitted from a section 32 and accordingly you must have regard to what documents the section 32 should contain, as much as what documents is does contain, which something that generally only experience will allow you to do. In addition to assuming responsibility for a defective property, you may also become liable for the vendor’s capital gains tax, GST liabilities, backdated land tax and other charges if you are not aware of all the certificates you need to obtain before settlement.
In most cases, it is advisable to hire a licensed conveyancer who has the necessary legal expertise and experience to handle the conveyancing process. Conveyancers are trained to identify potential issues and can help you avoid costly mistakes. They also have professional indemnity insurance to protect you in case of any errors or omissions. This can help ensure that the process is completed correctly and efficiently, reducing the risk of costly errors or legal issues down the line.
Some information on the requirements of unrepresented parties can be found on the Land Use Victoria website here: https://www.land.vic.gov.au/land-registration/for-professionals/verification-of-identity
