Conveyancer Issue

Trust! That's the million $ question. PEXA is the problem, if things go wrong

 

PEXA is a platform and is mandated for many transactions. It isnt the risk.

For your state, look up "Fideilty Fund". Each state law society offer this. It insurers USERS of solicitors against certain acts of a registered legal practitioner. Free of charge ! Their PI insurance will cover negligence (ONLY) as PI doesnt cover fraud. The FF covers fraud & acts and ommissions involving dishonesty. My grandfather had this occur with proceeds stolen by a solicitor. After delays and excuses he approached another soliictor who reported the matter in his presence. It was paid promptly (and those estra legal fees) after investigation by the NSW law society with interest and the offending solicitor struck off and is now jailed. (My GF wasnt the only victim but was the major Police case)

Does your conveyancer have this or must you sue them to action a claim for negligence or other wrongs ?? PI claims involve suing the soliictor and fighting the insurer who may defend the claim. Its why I wont use a conveyancer. I will cut out the middle man and use a properly qualified legal practitioner who is well experienced in conveyancing. Many property focussed conveyancing solicitors charge fees similiar to that of conveyancers. Usinga conveyancer is also a false economy when a legal problem occurs as they may send you to solicitor !!
Shop around. Not all do. Those that advertise in real estate channels may be more likley to be fee competitive. Some conveyancers are also legal practitioners so it pays to ask that question. Its like buying meat at Coles or Woolies - They arent a butcher.

VIctoria : Making a claim against the Fidelity Fund | VLSBC
NSW : Legal Practitioners Fidelity Fund | The Law Society of NSW
QLD : Fidelity Guarantee Fund — Queensland Law Society

 

Thanks paul. I checked out two law firms .One law firm has a in house conveyancor and charges $830 plus disbursements the other law firm has a associate that conducts conveyancing matters and charges $1900 plus disbursements .A big difference in fees . In victoria ,the fidelity fund is administered by the legal services board and commission . The Victorian property fund for claims against conveyancors ,administered by consumer affairs victoria .

 

Glad you now know. I wonder what the diference between law soc and state run claim is ? State Govt cant run quarantine hotels or tollways so I dont have a lot of faith. My experience with NSW Law soc fidelity fund is nothing but praise. They even paid my FIL to see anther lawyer for independent advice and assisting the claim. He ended up broadening the claim to expand to a further PI claim which was also paid out.

Like any professional it does pay to shop about. Law society used to have "scale fees" which are a massive mark up on reality. Some neigbour hood solicitors would quote crazy prices for a settlement when other are quite competitive. A solicitor is also required to issue a cost agreement in writing that is accepted in writing. No confusion !!

I really dont know why people assume soliictors are expensive when a conveyancer will need to tell a client to see a solicitor anyway if the **** hits the fan. IMO its like insurance - Comprehensive or third party fire & theft. One is cheaper but really doesnt cover what the other does.