Buying or selling real estate, whether it is a home, farm, investment property, commercial or business property, can be a complex process. If you are not aware of your obligations under the terms of the contract for sale and the relevant laws which are constantly subject to change, it could become a costly exercise if things go awry.
Being prepared by engaging the services of a reputable law firm or licensed conveyancer may seem expensive at the onset but they are trained professionals in the legal work involved with real estate transactions, commonly known as conveyancing.
As a vendor (seller) your legal representative will prepare the sale contract which details the agreed sale terms and required vendor disclosure documents (for example a current title search of the property), answer questions posed by the purchaser, negotiate terms of the contract on your behalf, attend to exchange of contracts and settlement and liaise with you generally throughout the sale process. They will ensure that you understand your legal responsibilities.
If you are the purchaser (buyer) your legal representative will review the contract prepared by the vendor’s legal representative to ensure that what you are buying is what you expect, negotiate terms of the contract on your behalf, liaise with your lender (if you are obtaining finance) both pre and post exchange of contracts, attend to any transfer duty requirements (formerly known as stamp duty), attend to settlement and registration of the property into your name/entity (if you are a cash buyer) and liaise with you generally throughout the purchase.
Your legal representative will also advise you on any tax implications that may arise during your relevant transaction before exchange of contracts including GST, capital gains tax and for a purchaser - transfer duty as mentioned above.
Please note that this is a brief description of conveyancing work and what may seem a simple process may in fact be a complex matter. This is why the services of a lawyer or licensed conveyancer are invaluable. Please contact JMA Legal today for all your conveyancing matters.
This article is general information only and should not be relied on without obtaining further specific information.