It’s the age-old question, who do you get to act for you in a property transaction?
Can you use a Conveyancer or do you need a Solicitor?
If you are dealing with a simple transaction, then the short answer is you can use either.
Licensed Conveyancers are professionals who are registered with NSW Fair Trading and have a formal qualification relevant to this area of practice.
Solicitors are professionals who must have formal qualifications (minimum of a Law Degree and Graduate Diploma) and hold a current practicing certificate with the NSW Law Society. They must also hold significant professional indemnity insurance.
Can they both do the job for you? Absolutely.
However, there are many benefits of engaging a firm to act for you who has access to both Conveyancers and Solicitors.
Simply put, if you retain a legal firm, you will get an all-in-one service. If the matter goes wrong or you need to take legal action, you won’t have to take your matter to a legal firm. This will save you from having to go through the additional cost and process of instructing another person, this time a Solicitor, and providing all of the details of your case.
Solicitors will know your legal rights as well as the Court process, have the skills to negotiate (with a view to settling a dispute) and they can represent you if the matter proceeds to Court.
Solicitors will also be able to assist with many other things that usually go hand in hand with property transactions like providing advice on the purchasing entity. Should I use a company or trust? Is the transaction subject to GST or is there an exemption? Is capital gains tax payable and are there any concessions? They can also provide advice on loan and mortgage documents, tax implications, leasing issues and estate planning. Do you need to change your Will and/or power of attorney in light of your property transaction? Unfortunately, Conveyancers are very limited in what advice and services that they can give to you.
Everingham Solomons has both Licensed Conveyancers and Solicitors on our team, so you get the best of best worlds, because Helping You is Our Business.
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