You are able to act on your own behalf when purchasing a property, however, the documentation and settlement process can be quite complicated and includes many legal issues.

Buying a home is often the biggest purchase you will ever make and it is strongly recommended that you commission the services of a solicitor or conveyancer, who are experts in this area, to ensure that everything runs smoothly and is done correctly.

Solicitor or conveyancer’s charges vary from state to state and in accordance with the amount of time and work required. They usually cost between $750 -$2000 for their services. They arrange the title, council and any outstanding searches. They attend settlement and will interact with your bank to make sure things go smoothly when you are buying property.

I like to use a solicitor when buying, as in my experience, conveyancing-only firms are a bit too relaxed for my business of being a professional investor. The ones that I have contacted are missing that little bit of energy that helps me relax during the settlement phases.

I know investors who thought on their property purchase that they would settle on their own and not use a legal representative, only to miss something or have an issue with the bank or council searches. This costs time and in property there are costs incurred with wasting time. Just like the saying goes, “Time is money!”

The investors that do try it usually have to get legal help to get things straight, and it costs more for rushed help rather than doing it right the first time. I would imagine that they go back to buying houses with their time, rather than trying to do work someone else could do better, and try to save a thousand dollars!

I have seen solicitors save investors and first home buyers heaps of money when buying, when boundaries have been wrongly fenced, or when contaminated land has been an issue.They are very straight up people - and should be - as they are protecting your assets and you. So treat them well and they will help you on your way to being a property professional.

Thinking laterally, as I like to do, you will find that after you have done a few property purchases and used the same firm, the practice will call you when they know a property owner is in trouble to meet their commitments or that a fellow investor needs some money for a short term loan. I have found Private Investors this way and it pays dividends to keep professional about things, but to let people know you are always keen to buy property.

Don Christie

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