Many people are not familiar with the conveyancing process and usually only become aware of the work done by property lawyers or conveyancers when asked by a real estate agent who’ll be undertaking the legal work. Conveyancing is the process of transferring legal title of real estate from one person or entity to another. Typically, there are three stages in the conveyancing transaction – before contract, before settlement and after settlement.
Both parties, buyer and seller, should have their own independent lawyer or conveyancer. It is generally inappropriate for a lawyer or conveyancer to act for both parties and gives rise to dangerous potential for a conflict of interest. Whilst the conveyancing process can be done on a DIY basis, the risks can be extremely high and the consequences dire. Most lawyers and conveyancers charge under $1,000 for conveyancing work on a typical home purchase or sale, so it’s a comparatively small investment to get the work done by an expert.