Why should you engage a solicitor?

In contrast with general conveyancers, solicitors do not only have a specific knowledge about property law that applies to the sale and purchase of real estate assets, but also a broader understanding of other features of the law.

Therefore, they are well-equipped to advise investors on all aspects of conveyancing, from the sales process to the possible issues that may be encountered, including tax implications and the impact of personal crisis like divorce.

They also understand the laws and procedures pertaining to the payment of stamp duty, the process of building inspections and matters relating to mortgage, among other steps in facilitating a property transfer.

Responsibilities

A good solicitor will walk you through the sales process and make it as seamless as possible, despite complicated legalities.

Aside from making sure that they understand property investment, here are other ways make sure you find the best one:

1. They know that the sales process vary.

There is no one sales process in every state and territory of Australia, especially considering the many ways through which you can buy or sell an asset, including auctions, private treaty sales and even ballots.

2. They check the title and paperworks.

Much like laws and procedures, there are also different types of title that exist for every property type in different areas, and they come with different sets of regulations.

For instance, freestanding houses often have a freehold Torrens Title, while units, townhouses, villas and other portion of a building or structure usually have a Strata Title.

Solicitors prepare the contract of sale that details the information about the property transfer, including the Certification of Title, settlement date, plan for the land, zoning certification and drainage diagram.

They also facilitate the exchange of contract and settlement, and produces documentations associated with land transfer, mortgage and type of ownership.

As a legal practitioner, they can determine whether the terms of the contract is fair for all parties involved—as in it abides to the rules pertaining to property transfers that are implemented in the state or territory.

Moreover, they can also recommend additional special conditions that can maximise the benefits of the sale for their client.

3. They oversee building inspections

A solicitor’s job does not end once the papers are signed.

They also need to ensure that the installments in the building, renovations and boundaries are all abiding by the requirements of the local council

Other conveyancing steps

Solicitors can also examine a strata inspection report, arranging finance, pay the deposit, arrange payment of stamp duties, prepare and examine mortgage agreement, check outstanding arrears or land tax obligations and calculate adjustments for council and water rates for the property settlement.

They may also be able to find out if any planned development could affect the property or if a government authority has a vested interest in the land, as well as other information that may not have been disclosed by the vendor.

Don’t hesitate to ask the solicitor about fees and charges for all the services you may require from them so you can plan your budget accordingly.

Is DIY conveyancing advisable?

While DIY conveyancing kits are widely available, investment experts discourage investors from doing it on their own, even in the most straightforward transactions.

Legislations and regulations, including local or national planning controls, permitted uses, heritage overlays and body corporate constraints, might be a little too complex for those untrained in the profession.

Going through the conveyancing process on your own may, therefore, put your investment in greater (but totally avoidable) risk.

Property experts strongly encourage engaging a professional as soon as possible, way before signing any contract or filling out any form to ensure that you don’t miss any important information that may impact your investment.

You may also educate yourself in order to understand the process by utilising free online resources and reading through law firm blogs.

This information has been sourced from realestate.com.au, Defence Housing Australia and the Smart Property Investment website.

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