Professional advice is an important part of your investment when you are purchasing a property. The RMB Lawyers Conveyancing Division explains:
When you are purchasing a property either to live in or as an investment there are many expenses to prepare for apart from the purchase price.
Other costs include NSW Government-mandated stamp duty, pest inspections and building reports, mortgage application fees and solicitor/conveyancing fees to ensure the property transfers from the current owner (known as a vendor) to your name.
It is wise not to scrimp on the important stuff, like getting proper advice on the contract.
Some solicitors or conveyancers will send off a generic letter about the contract and ask you to electronically sign your contract. There is no problem with efficiency, but you need to make sure you understand what the contract attachments and conditions actually say.
By taking a discount on legal advice on the contract, you could potentially miss out on important parts of the property and the title that you cannot change later, or have certain conditions you might not meet in the lead up to settlement.
If you are looking at a property that is going up for auction, don’t make the mistake of having inspections about the quality of the property but no advice about the conditions of the contract. In auction sales, once the hammer falls and your name is on the contract, it is very difficult to change the conditions.
If you are looking at purchasing a shiny new build property in a new apartment building or in a new subdivision, don’t get fooled by the lure of the display homes and units. Make sure you get advice from a solicitor or conveyancer about the contract.
You particularly want to make sure that the contract includes sufficient information about what is included in the price (detailed list of inclusions), what easements might run through the property, what the rough dimensions of the property look like, what restrictions are proposed to be included that will dictate what the property might look like or what size your new shed might need to be.
The other important reason to get thorough advice from a solicitor or conveyancer is to understand what the maximum time period is for completion and the consequences of not completing on time. A developer will often say when they want the land to transfer but that is not the actual time period for completion.
Before purchasing property anywhere in Australia, it is critical that you obtain professional property advice. If you have any questions or are concerned about your situation, your first step should be to contact our office to arrange a free consultation. You can contact us by by phone or our 'Ask a Question' tool on our website.