Spring usually launches an annual flurry of activity in the property market. Vendors are busy styling their properties to advertise them, and buyers are engaged in open house inspections and assessing their borrowing capacity.
For vendors their checklist includes interviewing suitable agents and engaging a suitable conveyancer to prepare a contract for sale to enable them to market their property. Estate agents should have adequate experience in their field as to what is represented to buyers about the property on behalf of the vendor, as well as an understanding of assisting with exchange of contracts once a sale price is agreed. Conveyancers are either qualified lawyers or persons with a conveyancing diploma without a law degree. Conveyancers who are not lawyers cannot litigate conveyancing disputes and have a narrower scope of practice.
Conveyancing matters relating to property settlements in family law or deceased estate matters usually require the conveyancer to operate a trust account and have a sound legal understanding of court orders impacting the sale. These are crucial points when appointing a conveyancer or lawyer to act in such matters.
Drafting contracts for vendors requires careful consideration of special conditions pertinent to each vendor’s situation as well as adequate disclosure pertaining to the property.
Purchasers should ensure contract reviews are thorough and comprehensively explained. This usually takes the better part of an hour and much longer if the contract is off the plan. Negotiation of the contract follows if needed before the purchaser is locked into the purchase. Time should be made to meet the appointed conveyancer, ascertain their level expertise and whether they operate a trust account in case the matter may require it.
Careful due diligence at the start of the buying and selling process will ensure smooth outcomes for all parties to the transaction.
