Buying your first home can be equally exciting and daunting.
First home buyers often do extensive research into securing a home loan and hunting for potential locations within their budget. However, the conveyancing, now increasingly e-Conveyancing process can often be overlooked. Some would not know what the process entails when they are looking to purchase their first home.
Keep reading to find out more about the process to prepare yourself for the journey ahead:
What is e-Conveyancing?
Conveyancing is the legal process involved with the buying and selling of property. If any part of the process is conduced electronically, this is considered as e-Conveyancing. The process can be seamlessly conducted electronically from verification of identity (VOI) to settlement through PEXA. Your conveyancer or solicitor can conduct the entire process electronically, so you wouldn’t have to touch a single piece of paper. For you as the purchaser, this means an easier and more streamlined process from start to finish.
Don’t do it yourself (unless you’re a solicitor or conveyancer!)
Buying your first home can be one of the most stressful experiences of your lifetime. Although you can save money and do your own conveyancing work, it would be wise to use an experienced conveyancer or solicitor for your own security and peace of mind. Licensed conveyancers and solicitors have professional indemnity insurance which can protect you if they are negligent if something goes wrong. However, if you do it yourself you will be entirely liable if you encounter a problem or make a mistake during the conveyancing process.
It’s good to have someone on your side
If you go ahead with a conveyancer or solicitor, it’s good to know you have someone on your side. Real estate agents are not necessarily looking out for the best interests of the buyer but are acting on the behalf of the seller. You want to have a conveyancer or solicitor that has your best interests in mind for such a big decision. A solicitor or conveyancer with extensive knowledge and industry experience will help ensure the process is as smooth and easy for you as possible.
There are many benefits and time savings associated with doing it electronically. The conveyancing process can be extremely timely and manual when it doesn’t need to be. e-Conveyancing makes this much more streamlined. You can do it in the comfort of your own home or anywhere you happen to be in the world.
The process can be more efficient for you the purchaser and all the other parties involved, as it allows flexibility and efficiency to do things to your schedule. In addition, there is greater transparency and certainty, meaning that you have accurate information before progressing to settlement. At the end, e-Conveyancing allows the process to be more efficient and get you into your dream home sooner.