Solicitors and conveyancers – what’s the difference?

Solicitors and conveyancers are different, and it’s important to have the right one on your team, to avoid paying too much while still getting the advice you need.

Buying property is one of the biggest financial decisions most of us will make in our lifetime – it’s something you want to get right.

Every Australian state and territory has different laws, forms, regulations, and taxes associated with purchasing property, so having either a solicitor or a conveyancer will help the whole process run smoothly.

Conveyancers

Although there is a licensing process for conveyancers, they do not have to be legal professionals so are cheaper to hire. However, they can only provide information relating to property, so if you have additional legal questions, you might have to search elsewhere.

For a straightforward property purchase, a conveyancer can do the job. Their main responsibilities include giving advice and information about the sale of property, preparing documentation and conducting any settlement processes.

Conveyancers must cease to act for a person as soon as the matter moves beyond conveyancing, when this happens, they must refer you to a solicitor for advice.

Solicitors

While conveyancers are limited to advising on your property purchase, solicitors can provide you with a wide range of legal advice in addition to your conveyancing needs, and may be necessary if your property transaction isn’t straightforward.

If there are other matters that affect the transaction like family law, asset protection, asset structuring, tax law or estate planning, you will need a solicitor’s advice.

Solicitors are more expensive, but the investment may be worthwhile if you anticipate any legal issues – having this established relationship with a solicitor means you won’t have to scramble for one later.

Your MFAA Accredited finance broker will be able to refer you to a conveyancer or solicitor with the experience and expertise you need.