Whether you are buying or selling, at some point in your property transaction you will likely need the help of conveyancer or a property lawyer. Having the assistance of these specialists on your side from the very beginning is the best thing you can do to ensure that you don’t get caught out in this deceptively technical area of the law.
Vendor
“Self-conveyancing can’t be that hard…”. This can be a common line of thinking the leads some vendors down the DIY conveyancing path. Often this leads to sellers looking for a property lawyer or conveyancer to take over when things get challenging.
As a seller, you are legally required to disclose information to the buyer in the form of a Section 32 statement under the Sale of Land Act 1962. As the document is a legal document, the information within it must factual and complete. As a result, you could very well be held liable for any oversight you make early in the process as you will not be covered by the legal practitioner’s or conveyancer’s professional indemnity insurance. This could mean that a buyer may be able to withdraw and take legal action against you personally.
There are also sometimes complex tax implications that can arise out of the sale of a property depending on the type of property, your use of the property or other surrounding circumstances. These implications are often widely unknow and its important that you are aware of them before you sell your property. If you have any tax concerns, choosing a property lawyer may be more beneficial to you than a conveyancer as property lawyers are qualified to give you advise on these matters.
Purchaser
As a buyer, engaging in property lawyer early in your journey is critical to ensuring that when you sign on the dotted line, the house you are purchasing is everything you thought it would be.
The vendors statement
It is critical that you are aware of what is documented in the vendors statement as it contains critical information about the land for sale. There are a number of local, state and federal requirements that property lawyers are up to date on and will be looking out for in the Section 32 statement. Gaining legal advice on its contents ensures that you are aware of considerations such as zoning, permits and planning information, services connected to the property and any notices which may affect the property. If you look to forgo a property lawyer, you may overlook the importance of these inclusions which may see you purchasing a property that isn’t all that you thought it was.
The contract of sale
The contract of sale is prepared by the vendor’s lawyer. It is important that you are aware of the process and obligations that arise along the way. Terminology in contracts can be quite specific and have different meanings to what you may be familiar with. Engaging a lawyer early will ensure that the terms which you are signing on are known to you prior to your signing. In addition, lawyers also are able to spot any unfair terms that may have been inserted and are able to negotiate on your behalf to have them removed. Property lawyers will also inform you of the process any your obligations including the offer and acceptance process and settlement. This will ensure that you don’t accidently make an offer or agree to a settlement date that you can’t keep.
Whether you are buying or selling, these are just some of the reasons you should consider engaging a property lawyer or conveyancer early in the process. At Robertson Hyetts you don’t have to decide between a property lawyer or conveyancer. When you choose us, you have the benefits of both a property lawyer and a conveyancer working on your matter ensuring that your interests are looked after.
If you are looking to buy or sell, please feel free to contact us on (03) 5434 6666 or (03) 5472 1588 today.
