Should You Use a Lawyer or a Conveyancer?
Buying or Selling Property:
When you choose to purchase or sell a property, one of the first decisions that you will make is who to engage to handle the legal side of the transaction, a lawyer or a conveyancer. While clients often think they are the same, there are important distinctions between the two. Both can carry out the legal transfer involved in buying or selling property, but the scope of their qualifications is vastly different and that difference alone is why a lawyer is the safer choice for any property transaction.
In NSW, conveyancers carry out conveyancing work only. Conveyancing is the legal process of transferring the ownership of property from one person to another, and the scope of their work is limited to preparing and reviewing contracts, conducting searches, preparing transfer documents, and attending the settlement to finalise the transfer of ownership.
While the work of a conveyancer is confined to that limited subset of work, a lawyer is qualified to handle the same scope of work and everything associated with it. With broader legal training behind them, lawyers also advise on complex contract terms, resulting in stronger contractual protections for sellers and significant amendments being sought for purchasers during negotiations.
Case Study
We advised a first home buyer who was purchasing a strata unit. The contract contained a contractual provision regarding special levies, which was somewhat vague and innocuous in its terms and our Principal Solicitor, Fiona Dernikovic, suspected it was an disguised attempt to disclose special levies struck by the strata scheme in an attempt to move liability for these levies to the purchaser. This suspicion was correct, and upon further enquiry, the vendor was attempting to seek contribution from the purchaser towards $28,000 of special levies. Fioro Legal successfully negotiated no payment of such levies by our client, resulting in a $28,000 saving for our client. Not every conveyancer (and not even every lawyer) would pick up on this issue. The clause in question was subtle and disguised, and Fioro Legal solicitors are trained to be scrutinising the fine details and implications of every such clause. That is the degree of property and contract specialisation that you want in your corner when buying or selling one of your biggest assets.
Buying a property?
Before you sign a contract or bid at auction, have it reviewed by an experienced property lawyer. A single overlooked clause can cost thousands of dollars, as noted above.
Contact Fioro Legal for a contract review before you commit.
What else do lawyers consider?
Lawyers also advise on stamp duty implications, unusual easement matters, unapproved building works discovered during due diligence, requests for property leases or licences, and any disputes that arise before or after settlement. These qualifications in property law go beyond the standard steps in an average conveyance, allowing lawyers to step in the moment something unexpected arises.
The real benefit of engaging a lawyer is the depth of advice you receive at every step. A lawyer takes the time to understand your instructions and makes sure the contract and supporting documents accurately reflect them, rather than relying on standard precedents or template clauses. On the sale side, that means structuring terms and special conditions to balance your rights as the vendor with what the market will accept, maximising the pool of prospective bidders and, in turn, the purchase price you can achieve. On the purchase side, it means making sure the contract you sign actually protects your position before you commit. That depth of advice is difficult to match through via a conveyancing service and Fioro Legal is best positioned to assist you.
Frequently Asked Questions
Before You Sign, Get Advice
Buying or selling property is one of the most significant financial transactions most people will ever undertake. While both lawyers and conveyancers can assist with the transfer process, only a lawyer can provide comprehensive legal advice if issues arise before, during or after the transaction.
Whether you are purchasing your first home, selling a family property, investing through a trust, buying at auction, or simply want peace of mind before signing a contract, the team at Fioro Legal is here to help.
Contact us today for a contract review or to discuss your upcoming property transaction.
Mobile: 0481 848 450
Email: info@fiorolegal.com.au
Web: www.fiorolegal.com.au
