Conveyancing is a tedious yet essential procedure when transferring the legal title of a property (or land) from one person to another. It entails the preparation of documents between the buyer and the seller to legalize the transaction. Agreements like this necessitate a conveyancer or solicitor, and finding the difference between the two may be difficult, especially for first-time home buyers. Here’s a brief comparison to understand them better.
Basic Line of Service
Conveyancers and solicitors can both provide conveyancing services to a client. The scope of their work, however, differs according to focus areas. Conveyancers have an in-depth understanding of one area: property law. Solicitors, on the other hand, are educated not only in property law but also in other legal areas.
If you need someone who can provide basic conveyancing services, then hire a conveyancer. But, if you need someone who can provide conveyancing and advice on other related legal concerns, such as tax implications and separation of property after a divorce, then a solicitor is what you need.
Cost of Service
What also sets them apart is their cost of services. Connolly Suthers, a firm that has conveyancing lawyers, says that hiring a conveyancer is more affordable than retaining the services of a solicitor. This is ideal when the property’s value is low, or you are on a tight budget. If your transaction is complex and involves third party documents, however, then get a solicitor. Their expertise will guide you, and it can also keep you from paying extra services.
Conveyancers charge a minimum of $500 while solicitors may charge double that amount, including disbursements. Keep this in mind if you have a budget you need to follow. It is also wise to determine the scope of your transaction early on to identify which of the two professionals you really need.
Whether you choose to work with a conveyancer or solicitor, it’s important to hire them at the start of your transaction. Apart from guiding you throughout the process, both professionals will help you understand real estate jargon, ultimately leading to a faster and hassle-free agreement.