Purchasing your first property can be a difficult task especially if you don’t have an experienced property lawyer to help you navigate through the conveyancing process.
However, what is conveyancing really all about and why do you need expert assistance with this process?
Conveyancing can be defined as the process of legally transferring a piece of property from one person or entity to another.
This process is typically undertaken by a Solicitor/Property Lawyer who acts on behalf of either the Buyer or the Seller during the transaction.
The same lawyer is not permitted to act for both the Buyer and the Seller as this would be a conflict of interest.
Queensland does not allow licensed conveyancers to carry out this process.
Prior to purchasing a property, you need to ensure that all the necessary due diligence and investigations are carried out.
This will ensure that after handing over the payment, you are given clean title/ownership to the property.
This is super important as this will most likely be one of the biggest events in your life.
Conveyancing transactions can involve all manner of properties.
This can range from huge commercial real estate properties in industrial estates to small residential properties in the suburbs.
Conveyancing also covers the entire administrative and legal aspects involved in the transfer of a piece of property, such as a house and the land it sits on, from one person to another.
During the conveyancing process in Queensland, both the Buyer and Seller sign a contract that formalises the purchase/sale of a particular piece of property.
It is recommended that before you sign a contract to purchase a property that you contact a lawyer who you wish to act for you.
This will ensure that any special conditions to the standard REIQ contract are not required in your individual circumstances.
Most lawyers will not charge for the extra advice or to check a contract before you sign it. You need to check this also.
Most Real Estate Agents use a standard REIQ contract for the purchase/sale of a house/land/unit.
However, there are some who use different contracts so you should get a lawyer to check the contract for you before you sign.
It is wise to add a clause making the contract subject to the satisfactory results of all your property searches. This will give you extra security.
For example, if you ascertain that the owners did not obtain council approval to add on a patio, you can always pull out of the contract.
Standard conditions on an REIQ contract that require to be completed before you sign, are generally:-
It is important to instruct your lawyers to carry out a variety of property searches on your property.
Your lawyers will give you a list of recommended searches to ensure that you do not become responsible for other liabilities/encumbrances on the property once you buy it.
Lawyers can also assist with renegotiating the sale price if the building report is not satisfactory.
Having said all this, most conveyancing transactions go through without any hassles.
This is because a good lawyer will ensure that all steps are carried out to make sure that all outgoing mortgagees and financing mortgagees are ready for settlement.
If you need a reputable law firm to help you with conveyancing, please contact us at White Jordin Lawyers on 07 3211 8644 or through our website https://www.whitejordin.com.au/contact-white-jordin-lawyers/