Here are 5 things that a property lawyer wished you knew about conveyancing and buying a house.
Well sometimes they play both teams, but at the end of the day they work for the vendor and they are usually not helping you out in any way. Check what they say and don’t take what they say for granted. Don’t let them draft special conditions – ask your lawyer to do this. It will be drafted to protect you and be unambiguous so that it can’t be disputed later on. This is especially important if you are looking to develop the property later on. Stay on their good side, but remember who they work for!
Just because the Vendor said they would do something doesn’t mean they will. There are endless accounts of purchasers being mislead by a vendor or agent. If it not in writing it won’t happen. Too often the vendor will change their mind once the contract is signed and you have no recourse or action you can take.
Some settlement timeframes are hard to meet. If you are borrowing money, then you need around 45 days for it to be comfortable. Banks take time to process your mortgage and you need time to get through this process without stressing. You should extend this around Christmas when banks get overloaded with work. So please don’t sign a 30 day contract to settle one day before Christmas. You run the risk of not being ready for settling and then having to pay penalty interest for public holidays!
Many people assume the process is easy and transactional and in a perfect world this should be the case. However, in reality there are many documents, emails, letters and phone calls exchanged and checked to get everyone co-ordinated for you to be able to settle. If a problem occurs this process is dragged out and this is where your conveyancer needs to be a great negotiator and well organised.
Conveyancing requires a deep understanding of Property Law and other aspects of the law to assert and protect their clients’ position. A good property lawyer will make the process seem simple, but there are many traps for the inexperienced conveyancers and ultimately their client pays for this inexperienced representation. Experience and professionalism speaks volumes in this industry and the more there is the better the client outcome.
Don’t leave things to the last minute – There are many forms and applications and correspondence involved when you are buying a house. One of the best way clients can help themselves is get everything done and submitted as soon as possible. Leaving things to the last minute is a recipe for disaster in conveyancing. Sometimes it is inevitable as things can be out of your control. However, if you get things back as soon as possible to your lender and conveyancer you leave more time to allow for any unforeseen problems to get sorted.
Buying a home or investment property is a major financial commitment and can be very time consuming and stressful. There are many moving parts in the process and you may feel like you are flying blind. Our conveyancing lawyers can help alleviate your stress and put you at ease. We are professional and experienced in conveyancing and complex property matters. Our service is helpful and efficient and we always work hard to make our clients happy.
If you are considering buying a house or have started looking, get advice from one of our conveyancing experts today.
Call our property lawyers on 1300 907 335 or complete an online enquiry form and we will respond to you promptly.
Please note: the above article is not legal advice. Every circumstance is different. It is critical that you obtain legal advice in relation to your personal circumstances before taking any action.
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