Many years ago, it was usual to find “DIY” legal kits for sale in news agencies relating to wills and other important matters.
For those of you who don’t know, conveyancing in Queensland is complex. It is not a simple matter as some would think. For those who think they can do their own conveyancing, I would say think again.
For a start, it is affected by over twenty pieces of state and federal legislation, contract conditions, extensive case law and practice guidelines.
Whether you are selling or buying property, many things in a conveyance may not go as expected.
An experienced solicitor will be able to advise you of your legal rights and help you resolve any issues that may arise during the course of the transaction.
An experienced solicitor will also be able to give you some practical advice to help the transaction proceed to settlement smoothly.
One of the roles of a solicitor is to assist in the preparation of the legal documentation which is part of a conveyancing transaction.
If a seller or the buyer has any specific requirements, then the solicitor can draft special conditions to protect the interests of the parties.
If there are special conditions to be inserted into the contract, it’s always better to obtain legal advice prior to the contract being signed as it is not always possible to amend the contract or insert special conditions after a binding contract has been entered into.
This is particularly so where the buyers are entering into “off the plan “contracts as some of the development contract conditions are not always drafted in favour of the buyer and require amendment.
The solicitor acting for the buyer would need to undertake searches to ascertain if the property is adversely affected in any way and to advise the parties of their legal obligations and any issues that should be aware of.
The solicitor for the buyer would normally prepare transfer documentation, liaise with any bank financing the acquisition of the property and arrange a time and place for all the parties to attend settlement.
More recently as the result of Covid-19, many solicitors are utilising PEXA which is an electronic conveyancing platform.
Electronic conveyancing digitalises the manual process and paperwork associated with property transactions enabling financial institutions and lawyers and other parties to transact together online.
Once the settlement is locked in, any mortgages are paid out, any funds required for settlement are transferred by the bank to the seller and the transfer is registered in the titles office shortly after settlement without the need for the parties having to attend settlement.
Unfortunately for the system to work, all parties need to agree to conduct the transaction in this way and at present, not all lawyers are registered with PEXA.
For peace of mind, I always recommend the use of a conveyancing firm when buying or selling a property.
This is like taking out insurance. Just one mistake could be very costly and lose you the deal or your dream home.
Roderick Shun Wah, SHUN WAH LAWYERS at Level 12, 269 Wickham Street, Fortitude Valley, QLD 4006.
For more information on conveyancing, please contact Roderick Shun Wah on 07 3252 9588 or by email, firstname.lastname@example.org.