Buying property is one of the biggest financial decisions most of us will make in our lifetime and it’s important to get it right.
Solicitors and conveyancers are different, and its key to have the right one on your team, to avoid paying too much while still getting the advice you need. Keep in mind that every state and territory in Australia have different laws, regulations and taxes related to buying property, so having a solicitor or a conveyancer will make the overall process more efficient.
Conveyancers are experts in property purchase. Their primary duties are offering advice and information about the purchase and or sale of the property, organising all legal, and managing any settlement proceedings.
Even though conveyancers provide information related to the purchase or sale of property, they cannot assist you when it comes to additional legal guidance as they may not be legal professions and hence are cheaper. If legal advice is required outside of conveyancing, a conveyancer must refer you to a solicitor
A licenced professional who handles conveyancing and other legal inquiries is known as a solicitor. Solicitors are qualified to provide legal advice and can handle a wider range of legal issues relating to buying real estate.
A solicitor can provide advice on family law, asset protection, asset structuring, tax law, or estate planning. Engaging a solicitor is more expensive than a conveyancer, but the investment may be worthwhile especially if you anticipate any legal issues.
It is important to understand your individual needs when purchasing a property. This in turn will guide you when choosing between a solicitor or conveyancer and save you the extra costs in the long run.
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