If you’ve found the dream apartment for yourself and plan on purchasing, it’s time for you to find a conveyancer or solicitor to ensure the transaction goes smoothly and all loose ends are tied up. But who should you go to when buying an apartment – Conveyancer or Solicitor?
Buying an Apartment?
As an owner of an apartment, you will never actually “own” the building you are purchasing in. This is owned by the collective owners of all the apartments within the building known as the owners corporation. This means that you must consider many factors such as strata levies, owners corporation committees and by-laws and that you will have limitations on what you can and can’t do.
To protect yourself from any unforeseen circumstances, it’s important to do your research. The conveyancing process can be time-consuming and complex, so it is in your best interest to engage the right conveyancer/solicitor based on your financial situation, level of risk and personal preference to give you a peace of mind.
Conveyancers vs. Solicitors
Conveyancers and solicitors both have:
- Strong knowledge of the rules and regulations in your State or Territory
- Ability to prepare the legal paperwork
- Advice relating to your property purchase
But who should you go to when buying an apartment?
Conveyancers can save you money.
If the apartment you are purchasing is your first home or you’re wanting to keep things at a low cost, a conveyancer may be the best approach. Generally, conveyancers charge a lower cost for their services than solicitors and are a popular choice when it comes to straightforward purchases.
In circumstances where there is a complex or high-value property deal, or you have any concerns that the transaction could become complicated, it may be best to engage a solicitor’s services.
Choose your conveyancer carefully
There will be hundreds of conveyancers to choose from in your local area that you may already be considering. Whilst it is important to stick to your budget when seeking a conveyancer, cheapest may not be the best. A lower-priced conveyancer may not have the level of expertise, training and may take short cuts in their work to reduce their own costs. Choosing the conveyancer with less experience and the cheapest rate may lead to additional expenses down the road should something go wrong.
A good place to start is by asking your friends and family for any recommendations on a good conveyancer. Otherwise, online researching and asking for recommendations from your real estate agent can also help with your search.
Before you start your conveyancing process, weigh up your options carefully. That way, you can determine whether you would benefit most from hiring a conveyancer or a solicitor. We work with a range of wonderful conveyancers and solicitors across Victoria, if you’re after a referral please get in touch!