If you’ve only recently signed a contract for either buying or selling a property, you probably feel like you’ve just drained your bank account. You might be surprised to learn that it’s not just expensive to buy a property. Selling one can also cost you a lot of money – from the costs of stamp duty to insurance, bank fees, and more, the expenses can pile up.
For this reason, you might feel tempted to DIY conveyancing, thinking that doing so can save you some money. However, the whole conveyancing process is not as simple as you might think, and many risks come with doing it yourself. Here are some of those risks:
1. Fines and Breach of Contract
This is one of the main risks of DIY conveyancing. It’s important to note that selling a property is a legal contract
The contract you sign with the buyer will spell out the terms you are selling the property. Mainly, this includes the obligations you have and the payment terms. If you don’t fulfill your obligations under this contract, you could be accused of breach of contract. This could lead to you paying thousands in fines to the buyer, even if you don’t have the money to do so in the first place.
2. Inadvertently Selling the Property to the Wrong Person
When a person does DIY conveyancing, they are responsible for all aspects of the sale, to the actual transfer of title. They will be dealing with a lot of sensitive information about their property and will be giving that information to people they have never met before. If you happen to sell your property to the wrong person, you could be held accountable for any problems that might arise.
3. More Time Spent on Property Sale Than You Expected
Selling a property can be a long and complicated process. Many things have to be done to ensure the legal transfer of title. This is why you should leave the conveyancing to a licensed conveyancer, such as our specialists at Bickell & Mackenzie. When you DIY conveyancing, you’re doing the actual conveyance and all the background research and contract drafting. This includes finding a buyer and then potentially chasing them for the funds.
Auctions can be your friend or your enemy in a property sale. If the sale doesn’t go through, you might be stuck with the property until you manage to find a buyer or reach a settlement with the bank.
4. Not Knowing What to Do When Issues Arise
Selling a property is a highly sensitive process. For example, the buyer might offer a lower price than you’re asking. In addition, you might have to deal with the problem of a property you sold, but which can’t be handed over to the new owner due to a problem, such as ‘bad condition’.
We Can Help
If you’re not a licensed conveyancer, you can’t handle all the legal issues that come with a property sale. If disputes arise between you and the buyer, you might not know what to do. You also might not know how to handle any issues during the legal transfer of the property.
If you are selling a property, we highly recommend letting a licensed conveyancer, such as our specialists at Bickell & Mackenzie, handle the conveyancing for you. We know how to handle any potential issues that come up and will be able to find a solution that is most beneficial to you.
Bickell & Mackenzie is a reputable law firm in the Redlands area that can offer expert conveyancing services. Contact us today, so we can discuss how we can take care of the conveyancing process for you.