Both are required to be accredited with their relevant associations, however Conveyancers cannot give any legal advice outside certain narrow limits. If your matter has any issues and requires any advice it needs to be referred to a lawyer.
Lawyers understand case law and relevant Acts the law rather than just the transactional side of matters, which is where conveyancers operate.
This is the major benefit of engaging Conveyancing Lawyers in the first instance so that you get that advice quickly and at a cheaper rate if required. It is much more expensive to get subsequent legal advice from a lawyer if a problem arises as they are not familiar with the matter and will spend time revising your matter.
Because we deal with complex property law matters we have law case knowledge that makes a difference if a problem arises and can pre-empt problems quickly. Having the right advice and response in a timely manner will prevent problems from escalating.
This is unique to Victorian properties and enables the Vendor to obtain the deposit monies earlier than the settlement date.
There are a few conditions that the Vendor must comply with in order to be eligible, and if so they can seek to have the monies released early via issuing the purchaser with a Section 27 Statement.
If the Vendor is eligible to have their deposit released they can do so within 28 days of providing all the correct information and Section 27 Statement to the Purchaser or earlier if the purchaser consents. Most purchasers do consent prior to the 28 days time-frame, however some do have to wait the full time. We do follow up for our Vendors to seek the early release of deposit monies asap.
A Vendors Statement is required by Victorian Law to be provided to a purchaser prior to them signing the Contract of Sale. It is similar to a roadworthy certificate on a car and discloses the critical title, planning and rating information that the property is subject to.
The information contained in the Section 32 should allow the Purchaser to be fully aware of what they are purchasing and encumbrances, restrictions or the like that are over the property.
If information has not been disclosed then the Section 32 maybe deemed defective and the purchaser maybe able to avoid the Contract.
If you are unaware of what information is contained in the Section 32 you should seek legal advice. There could be critical information contained in the Section 32 that could disadvantage you as a purchaser.
A caveat is an interest that is registered on the Title at the Land Titles Office. It could be described as staking a claim on the title.
It restricts activity on the Title and protects purchasers until they are the registered proprietor on title, this does not always happen on settlement day.
If you are purchasing a property we do recommend that you lodge a caveat.
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