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The process of buying a home is a complex, nerve-wracking process for many people. You’ll need residential conveyancing to smooth over the process of transferring ownership of your property.
Today we’re going to be looking at how you can receive expert residential conveyancing for a lot less than you think.
Why Focus On Conveyancing?
Conveyancing, which refers to the transfer of ownership of a property, is one of the main areas that homebuyers over-pay for. It makes great financial sense to concentrate on finding the lowest rates, the best deals and the highest quality service. While it’s true that experienced property buyers can handle this process on their own, the vast majority of homeowners find themselves at the mercy of a professional conveyance firm or solicitor to handle the process on their behalf.
As we’re about to see, though, turning to cut-price conveyancing can turn your dream home purchase into a nightmare.
Things You MUST Know Before Trying Budget Conveyancing Services
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What we’re seeing is an increasingly competitive conveyancing market to address demand. If you are tempted to save money by turning to a ‘conveyancing factory’ where ‘fixed fee’ conveyancing can be purchased online, you need to exercise extreme caution. These services have led to situations where buyers have been let down by their solicitor. In some instances, firms have missed necessary payments and the buyer has missed out on their home, and yet has still had to pay the ‘fixed fee’ conveyancing costs. Some buyers are hit with surprise costs, despite having a ‘fixed fee’ agreement.
Read The Small Print
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The purpose of residential conveyancing is to ensure that buying a home is a simple and stress-free process. You must carefully read the terms of what you are being asked to sign and ensure that you fully understand the document. For example, check that you will not be charged if your home purchase fails to go through, check that you understand which costs you will be liable for and which the firm will cover.
Get An Online Conveyancing Fee Quote
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Using a free online conveyance calculator is the best way to secure cost effective fees. Provided you are diligent and check the terms and conditions, online quotes remain the best chance of slashing conveyance rates. You should thoroughly check the terms of the quote as many apply to professional fees only and exclude disbursements or outlays passed onto you, the client.
Get A Guaranteed Conveyance Rate
When buying a home it’s essential to get the value of experienced conveyancing at the best price. Reputable firms will guarantee to beat any comparable quote until the day of settlement (when the transfer of ownership is complete). These rates may be your best bet as you will be quoted a fixed legal fee plus an estimate of compulsory and optional expenses you can expect to pay. Before agreeing to a guaranteed conveyance rate, you should fully understand whether you are still liable for costs if your home sale doesn’t go through for whatever reason.
Jenny Wadlow is a freelance blogger who writes for Wade Legal, a Brisbane based company specializing in business and property law. In her free time, she indulges in dancing and gymnastics. You can follow her on Twitter @JennyWadlow.
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