Whenever you take on a task that is outside your comfort zone, you should first determine how much your time is worth. It pays to sit down and calculate this because it will open your eyes to your current situation. You may be thinking of handling all the paperwork involved in buying your next property, but as you're working on those calculations, consider the level of risk that you may be taking.
How Much Time Should You Allow?
It can be difficult to directly compare the work that you will need to put in here versus the number of hours invested by a professional conveyancer. Remember, they have done this before many times and will be able to streamline their efforts as much as possible. It is likely that you will need to do copious amounts of research to make sure that you are following the process correctly, and this is likely to inflate the number of hours that you spend.
Assessing Your Risk
Even if you feel that you have plenty of spare time, you still have to understand the level of risk that you may be taking. To ensure that a particular contract works out with no complications, a conveyancer has to follow a number of different steps.
Regulations and Filing
Firstly, they must make sure that the property transaction complies with all relevant regulations and this may require some deep digging, depending on the complexity of the case. They also need to make sure that all the legal documents are filed properly and on time, and these days, that usually means electronically.
Getting the Cash Right
Next come financial issues as conveyancers carefully calculate how many adjustments need to be made, on each side, during settlement. This will form the basis of the payments to be made both ways, and the conveyancer needs to arrange for distribution, as well.
There are a lot of people to work with, including bank managers, property inspectors, mortgage brokers, real estate agents, government representatives and, of course, the seller. Interacting with all these individuals will keep you busy for quite a while!
Should You DIY?
Certainly, it is possible for a layman to handle the conveyancing process, but at what risk to the efficiency of the deal? There will probably be a lot riding on this outcome for you, so it's always best for you to talk with a professional first.Share