DIY conveyancing: How risky is it?

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Conveyancing is a necessary step when buying or selling a property and it is a cost that you will have to account for even if you choose to DIY.

Most people choose to leave this up to the experts when they are going through a property transaction, but it can be done by the amateur - as long as you ensure you cross your t's and dot your i's.

Property buyers have been choosing to do their own conveyancing for a long time, but it is the issues that many have faced when attempting to bypass the experts that have given DIY conveyancing a bit of a bad name.

There is no doubt that doing your own conveyancing will save you money - if you do it right. You can buy DIY kits for buying, selling or refinancing properties.

What does DIY conveyancing entail?

In brief, conveyancing is changing the name on the title of ownership when someone new purchases a property. The title covers the land and building that is in question, or the 'air space' if we are talking a strata title (i.e. apartment, unit, duplex or townhouse). DIY conveyancing is entirely legal, but you would want to ensure you considered these necessary tips. Conveyancing is more to do with the land that is changing home, instead of the building. Checks and balances made to the building will be undertaken by a building and pest inspector, not your conveyancer.

Ensure you correctly identify if you are the buyer or seller before you buy a DIY kit. Every time you communicate with the other party, do so in writing, or via email and keep a thorough record of all communication. Record all other actions such as phone calls or inspections. Communicate within business hours, some conveyancing tasks could be done outside of business hours, but for the purpose of fairness and equity do your DIY conveyancing business between 9am-5pm Monday to Friday.

Get the title search done first - this will incur you a small fee. If in doubt, call in an expert - never ever continue with a DIY conveyancing project if you begin to incur unexpected costs due to the lateness of the other party to cooperate within the conveyancing process.