A property law firm provides lawyers for a client’s property needs. Property law or real estate law involves residential, corporate, and commercial property transactions. Moreover, property lawyers also handle conveyancing which involves a seller transferring a property’s title to a buyer. Essentially, a property law firm assists clients with issues like:
- Asset security
- Estate planning
- Off-the-plan conveyancing
- Retirement living
- Accounting and financing strategies
Eventually, people will have to deal with property law, especially when they start to rent or purchase a home. Furthermore, people might also want to invest in large-scale property projects with the assistance of a property law firm.
However, clients may face lengthy procedures and legal implications when they engage in property law. Thus, a property law firm can aid in smooth procedures while handling legal matters.
How Is Property Defined In Australia?
Have you ever received or given a gift to someone? This process results in the receiver having the rights and possession over the gift. In a bigger perspective, property can involve titles, possession, trademarks, or copyrights.
Real property or tangible property can include houses, personal belongings, or vehicles. Meanwhile, intellectual property will need licensing agreements and lodging of copyrights and trademarks. Property law is critical to the social, political, and economical state of the society.
In New South Wales (NSW), the Real Property Act 1900 (NSW) manages property law. This Act represents the legal protection of private property by having rights over land. The scope of this law deals with transactions such as the buying, selling, or rental of a property.
How A Property Law Firm Aids In Conveyancing
People nowadays may wonder how the conveyancing process works in NSW. A property law firm can prepare the needed documents on a buyer or seller’s behalf. Importantly, all parties involved in the conveyancing process should ensure its smooth completion. Below are the steps of the conveyancing process:
Firstly, the seller’s solicitor will prepare a draft contract for the property’s sale. This document will include verification of the property’s owner by conducting a title search. A property law firm can aid a buyer in:
- Identifying any changes on the property that may affect the property’s sale;
- Checking title deeds;
- Understanding whether the rates and charges are fully paid; and
- Understanding whether there are restrictions on the property
The seller then obtains legal forms from concerned government bodies and both parties will sign the prepared contracts.
During this process, the contract of sale becomes legally binding for both parties. This procedure also includes a meeting of the buyer and seller’s conveyancing solicitors. When everything is in order, parties then swap documents and must comply with the terms of the agreement. Non-compliance may result in consequences for each party.
Sellers have the duty and obligation to inform the buyer of any adverse matters that may affect the property. Essentially, buyers may assume that the seller has disclosed all relevant information about the property. If buyers find any unfortunate matters about the property, they may revoke the contract if:
- The buyer was unaware of the adverse matter on the property; and/or
- The buyer would not have signed the contract had they known about the adverse matter on the property
Cheque Deposit and Stamp Duty
Next, the buyer’s solicitor will give the seller’s solicitor a cheque for the deposit. Then, the real estate agent will hold the deposit in safekeeping until settlement. The buyer will then pay stamp duty (the tax when someone buys a house). It is important to pay the stamp duty within 90 days of the contract date or prior to settlement.
Cooling Off Period
This process allows a buyer to revoke a contract for any reason like finding out about adverse effects. Usually, the cooling-off period is five business days long starting from the day of the contract signing. A section 66W certificate can be used to revoke or shorten the cooling-off period. A property law firm’s solicitors can sign this certificate.
Before the completion of the sale, a buyer can conduct a pre-settlement inspection of the property. This involves a buyer, their agent, and their solicitor inspecting if everything in the property is in proper condition. However, buyers may delay settlement until the seller resolves potential and significant issues within the property.
Finally, the settlement allows a buyer to claim possession and rights over the purchased property. A property law firm’s solicitors will ensure that mortgages and caveats are properly removed on the property. On the other hand, the seller will provide the buyer the transfer and title documents. Then, both parties will sign these documents in order to finish the conveyancing process.
Why Property Lawyers Can Be Beneficial
Aside from assisting in the conveyancing process, a property law firm provides lawyers when there are property disputes. Not all buyers, sellers, landlords, or tenants may agree with the terms and conditions of a contract. Property lawyers ensure that parties have the rights over their property and guarantee that contracts and agreements are strictly followed. Consider the following when hiring property lawyers:
- Firstly, identify the type of issue. Is it related to real property or intellectual property?
- Secondly, consult with a lawyer and ask relevant questions for them to gauge your case.
- If they suit your needs, go to their property law firm and seek the property lawyers you need for your case.
- Next, property lawyers will need every bit of information from a client. Hence, it’s essential to provide full disclosure on information related to your case.
JB Solicitors: The Property Law Firm For You
Indeed, property law contains a lot of legal jargon, enough to make people dizzy. A property law firm’s duty is to break down legal jargon for them to understand their case further. Also, hiring a property lawyer can reduce the legal implication and costs related to buying or selling of a property.
JB Solicitors can ensure parties adhere to all of a property’s terms and conditions. Our experienced property lawyers can properly explain litigation, negotiations, and laws that come along with property. Furthermore, we also provide fixed fees to better help clients in estimating their costs when facing property disputes.
Not only do we provide legal advice for property law but also for family law. For property disputes that involve family issues, we offer mediation services. This helps parties settle disputes and agreements peacefully without having to opt for court procedures.
Contact our property law firm today.