It can be tempting to think that a property transaction is simple and straight forward, especially if you’ve been involved in a number already. It unfortunately is not as simple as many people are lead to believe.
There is a lot of quite complicated law which governs contracts and property transactions and these are getting more complicated all the time. Simple mistakes can end up being very costly in the long run.
Having a qualified property lawyer, familiar with the local property market, who can identify and advise you on potential risks and opportunities relevant to your property transaction will help avoid potential problems.
For example, Nigel Hales, who is an accredited property law specialist, comments “there has been a growing trend for the standard REIQ residential property contract to be changed so that risk remains with the seller, rather than the buyer. However in doing so, it leaves both parties exposed and at risk”. Nigel is referring to the standard clause that means that if anything happens to the property after the contract date (such as damage or destruction) then that is the buyer’s risk, the buyer should have insurance in place to cover it. If this is changed, it can leave the buyer in the position where they may still have to settle on a damaged property, and have no insurance to cover it.
Nigel further emphases the importance of having a proposed contract checked by an experienced property lawyer before it is signed. “There are several critical points in the conveyancing process which will affect your rights in the transaction. The first, and one of the most important, is when the contract is signed. Once a contract is signed, you are legally committed to comply with it. It is often then too late to fix a problem or error which may have occurred. It is much better to engage a lawyer and have the contract checked before you sign it, to ensure that the transaction is on the right path from the beginning.”
Experienced property lawyers are equipped to:
- Provide legal advice on contracts for the purchase or sale of property
- Represent the buyer or seller in the conveyancing process
- Advise on searches of the title and property
- Draft contracts and special conditions in contracts
- Calculate adjustments to the purchase price in accordance with the contract
- Liaise with banks regarding financing and settlement for the sale or purchase
With the extensive knowledge, skills and experience that the Miller Harris Lawyers bring, they can provide greater insight into more complicated property matters that involve property development, development approvals, planning and environmental matters, body corporate and community title arrangements, native title, cultural heritage, and mining issues. .
This article is general in nature and does not constitute legal advice.
Nigel Hales is a Partner and Accredited Property Law Specialist at Miller Harris Lawyers. For further information visit www.millerharris.com.au; or if you wish to discuss your circumstances, please contact Nigel on 07 4036 9700.