With so much legal jargon to navigate, it’s clear from the language alone that conveyancing can be a complicated process in theory. When you factor in the emotional decision of buying or selling a family home, major investment or business venture, things only seem more complex.
In this article, we’re going to shed some light on the issues, pitfalls and misconceptions involved in conveyancing, so you know how important it is to rely on an expert for your next transaction.
Do I Really Need a Conveyancing Service?
While it’s true that you’re not required to hire a property conveyancer in Melbourne and Victoria, you would be highly disadvantaged if you didn’t. For one thing, the other party – whether buyer or seller – is likely to enlist legal advice that will tip the transaction in their favour if you don’t have your own counsel.
Additionally, conveyancing can be a truly overwhelming process, with legal documents, deadlines, property research and more needing to be completed in order to buy or sell a property with due diligence. For most of us, it’s hard enough to pack our lives into boxes and find a dream property.
Property conveyancing is really all about protecting your best interests, which is why it’s in your interests to hire a professional. Instead of the significant fees and impersonal services that sometimes come with solicitors, consider the more personal, specialist and affordable services of Just Conveyancing.
Conveyancing Issues and Problems for Buyers
When you’re buying a property, you often just want to get the deal done. However, failing to do your due diligence with an expert conveyancer can be more costly than you think. Possible pitfalls include:
- Hidden clauses in the contract of sale – there are some clauses you don’t want in a contract of sale and these can affect things like your financing options or the seller’s ability to leave the property on the market. Your conveyancer will review the contract of sale, looking for special conditions and other clauses that are unreasonable.
- Failing to obtain finance – if you are unable to finance the purchase of your property by a specified date, the entire contract could fall through. Your conveyancer can ask for an extension and provide other services to protect your rights prior to this point.
- Property easements and final condition – before you commit to a property, it’s essential to understand any access rights, such as easements that prevent you from using parts of the property in certain ways. Conveyancers can complete title searches and other research to ensure that are no hidden easements you don’t know about. Similarly, if the condition of a property has changed during your final inspection, you have rights that a conveyancing team can help you exercise.
Conveyancing Issues and Problems for Sellers
Selling any type of property can be an emotional rollercoaster, but there are also significant legal and financial issues to consider. Common pitfalls for sellers include:
- Delays from the buyer – when you’re selling a property, you’re often trying to meet a strict deadline, which is why any kind of delay can be damaging. Common situations where a buyer might hold you up include putting down their deposit or during settlement. If there are delays at any point in the sale, your conveyancer can advise you and extra penalties for the buyer may apply.
- Not understanding your contract of sale – a contract of sale can seem overwhelming but it’s important to understand this document as well as any alternations that a buyer may want to make. A conveyancer can help you to draw up and understand a fair contract of sale that protects your rights while ensuring important additions are not lost during negotiations.
- Selling in an Owners Corporation or Body Corporate – if you’re selling a property that’s part of an Owners Corporation, extra legwork and extended deadlines may be involved. This is just one of the complications that an experienced conveyancer can navigate for you, ensuring deadlines and documents are precise.
Ask Us for More Information
If you want to avoid the pitfalls of buying or selling property in Melbourne, talk to Just Conveyancing. Our experts have been assisting Victorian families with a range of property law matters for more than 30 years. No matter where you are in the buying or selling process, you can get started by contacting us today.