People might wonder if they need a property solicitor Sydney when they purchase a house. Indeed, it’s easy for a person just to fill in all of the boxes in a contract with a seller. However, a property solicitor will lead the legal process related to the lawful transfer of the property to a buyer.
Conveyancing is the process of transferring a property or land’s title to another person. People often tend to use the terms ‘conveyancer’ and ‘property solicitor’ in Sydney interchangeably. However, there is a big difference between the two. While conveyancers have experience in the conveyancing process, they don’t have the skill to handle legal matters.
On the other hand, in addition to conveyancing experience, property solicitors have experience in handling legal paperwork and preventing any disputes that may arise. They are also knowledgeable about the Real Property Act 1900 (NSW) which sets out the declaration of land titles and land transfers. Find out more in this article about why people opt for a property solicitor in Sydney.
How Complex Is The Conveyancing Process?
The conveyancing procedure can be really complex as it will involve a lot of steps. Additionally, it’s essential that a property solicitor ensures that any technical issues, uncertainties, or problems are properly handled. Another factor that can add to the complexity of the conveyancing process is the legal matters that may surface. Here is the conveyancing process:
- Pre-Contract – This is where solicitors of both the seller and the buyer will prepare the contract of sale. This contract sets out who the property owner is.
- Exchange – This stage refers to the contract becoming legally binding for the buyer and seller. Also, this consists of the solicitors of the buyer and seller exchanging the contract of sale.
- Deposit cheque – Usually, a real estate agent will hold the cheque until settlement.
- Stamp duty – Essentially, this is the tax that a buyer needs to pay within 90 days of the contract date.
- Cooling-off period – Essentially, this allows a buyer to have the option to revoke a contract for any reason. Importantly, sellers should have the obligation to disclose any information or matter that can affect the property to the buyer. The cooling-off period normally lasts five business days and begins on the day the buyer signs the contract.
- Pre-settlement inspection – Buyers are entitled to a pre-settlement inspection of the property. After emptying the property of any possessions, buyers can inspect any potential issues or damages. Any issues or damages can result in the buyer delaying or withholding the settlement date.
- Settlement – When everything is in order, buyers will pay the balance of the purchase price.
- Keys – Following the settlement, the buyer receives keys and access to garage remotes, security alarm codes, and the like. If the seller’s principal residence is the property, they have until midday after settlement to hand over the keys.
What Does A Property Solicitor in Sydney Do?
A well-versed property solicitor in Sydney is qualified in giving proper advice with regard to the steps involved in conveyancing. Within the conveyancing process is a property solicitor ensuring that all procedures are followed. Whether it’s buying residential or commercial property, a property solicitor in Sydney will ensure the following:
- Explain in detail about the issues involved in purchasing or selling a property;
- Assist in buying or selling at public auctions and private treaties;
- Inform the buyer about costs involved in the conveyancing process like the stamp duty;
- Explain the details of the contract for sale;
- Advise what and what not to do in the cooling-off period;
- Negotiate the terms and conditions of a property’s sale;
- Arrange title searches and land enquiries;
- Assist buyers with settlements and exchanges;
- Help with any legal requirements for subdivisions and property developments;
- Assist in building contracts;
- Negotiate if there are any disputes that may arise in neighbourhood disputes. For instance, there may be a fence built over a property division;
- Bank transfers;
- Fraud checks; and
- Land registries.
How To Find A Good Property Solicitor in Sydney
First-time home buyers will require proper assistance and legal advice when buying property. A good property solicitor in Sydney will ensure that all essential documents are present throughout the conveyancing procedure.
Whatever paperwork there is, property solicitors will ensure they’re legally binding and that all parties follow terms and conditions. Finding a good property solicitor in Sydney will also involve research about their firm and their experience. Check and see if they have good reviews about their services and if people recommend them as solicitors.
Schedule a consultation with them and see if they can help you properly with your conveyancing needs. Check if they also have more than one solicitor in their team who can assist them with the conveyancing procedures. A good property solicitor in Sydney will have a team that can help with their efficiency.
JB Solicitors’ Property Solicitors
Property solicitors at JB Solicitors can easily aid in the conveyancing process. Our expertise isn’t only limited to purchasing and selling of property, but we also provide legal assistance with property distribution. Our seasoned lawyers believe that buying a property will also result in preparing a Will in case a buyer passes away.
This ensures that all assets and property are properly divided between intended beneficiaries. Surely, buyers wouldn’t want any disputes with their family members or intended beneficiaries when they pass away. Preparing a Will can ensure that it is legally binding and prevent it from disputes.
Our team has Wills and Estate planning lawyers that ensure a Will properly sets out the deceased’s wishes and intentions. To conclude, it’s important to seek advice from a property solicitor and an estate planning lawyer. We understand that hiring a lawyer can be expensive. However, we provide fixed fees to ease any financial constraints on your end.
Contact our property solicitors and estate planning lawyers today.