Timing is crucial for getting the right legal advice
Buying a house is an exciting and busy time. Especially when it’s your first property purchase. There are many things to consider from getting finance to inspections and contracts. What a lot of people don’t realise is when they should be engaging with a Property Lawyer. These professionals can also be referred to as a Property Dispute Lawyer. Property purchases don’t always run smoothly.
A Property Lawyer is a legal professional who can guide you through a property purchase. They can also offer valuable legal advice to help you avoid any legal issues. Most property transactions don’t have any legal grey areas or issues you will have to deal with. But to safeguard yourself, there is no harm in getting legal advice.
Getting legal advice at the right time can help you avoid any issues later on. A Property Lawyer can take a detailed look at a property title. They know what to look for and what has the potential to cause legal issues in the future. You may be surprised to know that some people try to sell properties they don’t even own! It’s issues like this that a Property Lawyer can identify for you.
Should I engage with a Property Lawyer before I look for property?
When your finances are in order it’s time to start looking for property to buy. This process could take months or even a year until you’ve found the perfect house. Before you put in an offer, it’s important to find out everything you can about the property. Checks you can do include inspecting the house and finding out if there are any planned developments in the area.
After doing an inspection you should be able to request and review the property’s Section 32. This document should disclose all the vital details such as easements and outstanding costs. It will also detail who officially has their name on the property title. A Property Lawyer can assist you with reviewing the Section 32.
So as you go about inspecting different properties you can have a Property Lawyer on your side who can assist. They can review the Section 32 of any house you are genuinely interested in. While it may seem costly to use a Lawyer for this process, it can definitely safeguard you from any risky property purchases. Reviews from a Property Lawyer can save you time and money that you would have spent on properties that seemed like the perfect fit.
Legal advice during settlement
The settlement period is the most crucial time for a property purchase. During this time you sign a contract of sale and finalise your approval for a loan with the bank. It’s common for buyers and sellers to agree on a property settlement period between 30-60 days. Your Property Lawyer can advise you on what conditions to include in the Contract of Sale.
Conditions in a Contract of Sale can help protect you during the settlement period. These conditions could include a ‘subject to finance’ clause. This ensures that you are not locked into purchasing the property unless your bank approves the home loan you’ve applied for. Without this clause, you are legally obligated to buy the house even if you cannot get a loan for it.
Another condition could be a ‘subject to building and pest inspection’ clause. If any structural or pest issues are identified with the house you most likely don’t want to purchase it anymore. Fixing these issues could set you back upwards of $100,000 just to fix them. With the clause in place, you have the ability to back out of the contract of sale during the cooling-off period. So essentially you can organise an inspection during the cooling-off period and back out of the contract of sale before it’s too late.
If you back out of the contract of sale during settlement you may only lose your initial deposit which can be around 0.2% of the purchase price. This can be a small price to pay compared to buying a house with costly defects. If any issues with the house are not displayed in the contract of sale or Section 32 then you have a legal right to challenge this. Your Property Lawyer can advise you on the best way to back out of a property sale during settlement.
Can a Conveyancer offer legal advice?
It is a common misconception that Conveyancers can always offer you legal advice. They can only offer legal advice that’s related to property title transfers. Conveyancers are trained and qualified to guide you through the transfer of real estate whether you’re the buyer or seller. They can review all the legal documents for you including the contract of sale and Section 32.
If any legal issues arise as a result of your property purchase, Conveyancers are not permitted to advise you any further. It’s at this point that they should refer you to a Property Dispute Lawyer. If a Conveyancer offers legal advice for anything outside of a property title transfer, it’s above what they’re trained to do and it’s illegal.
So if you choose to hire a Conveyancer, you won’t have access to the best legal advice available. Only a Property Lawyer can guide you through the process of getting out of a contract of sale or taking legal action against the seller in court.
Get the right advice from P&B Law today
When it’s time to buy a property you want the right advice at the right time. Here at P&B Law, we understand how serious your property purchase is. Mistakes can be costly during this time. Property Conveyancing is best left to a legal professional who can give you the right legal advice when you need it the most. Our Property Lawyers can carry out all conveyancing matters for the entire process of a property purchase. They can provide you with valuable legal advice during every step.
So to safeguard your next property purchase, speak to qualified legal professionals you can trust. Call our firm today on 1300 510 690.