In the real estate industry, there are different professionals involved in any transaction. Some of these professional might look similar in the roles they play, but this is not the case. Each and every expert involved is unique from the other according to the specific jobs they play and how they work. One of the common questions most people ask is the difference between a solicitor and conveyancer. Here are the major differences between the two.
Areas of specialization
A conveyancer is an expert who specialises is law related to real estate property referred as conveyancing. A conveyancer must have more than two years of supervised real experience in conveyancing before making application for a license. On the other hand, a solicitor has the ability to practice in different areas of law including transactions that require their presence in court and conveyancing.
They should have undertaken two years tertiary level education in real property law. A solicitor usually undertakes study for six months in areas related to real estate property law as they pursue their law degree. Conveyancing is not compulsory for solicitors, so one can opt to study it or not. Once a solicitor gets admitted to practice law, there is no practical conveyancing training that is needed.
Costs of the services
The cost of services offered by a conveyancer is low compared to what is charged by a solicitor. They usually charge a fixed fee for their services. On the other hand, a solicitor is more expensive compared to a conveyancer. They prefer charging hourly rates instead of a fixed fee and this is what makes them more costly. The fees charged by solicitor is higher because they can offer more services and have the ability to handle more complex issues related to property law.
In real sense a conveyancer must have undertake one year diploma and one more year of practical training. To be allowed to offer their services, they should also have professional indemnity insurance. Those who are not solicitors are usually limited on what advisory services they can offer. There are some real estate law complexities that can only be handled and resolved by a solicitor and not a conveyancer. This is one of the major reasons why their pricing is a bit low.
To work as a solicitor one should possess a law degree from a university that takes a duration of four years. The study course should include one and a half years to two years of law related to property such as trust law, contract law, tax, family law, wills and other areas required to represent the interest of the client. They can offer you different kinds of services and even help you handle some complex matters. This is what makes them charge higher fees for their services.
It is worth noting the above differences in order to understand whether to hire a solicitor or a conveyancer. You need to be attentive in order to make an informed choice in the process.