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The legal support you need when buying or selling a house

<img src="https://cdn.sanity.io/images/3023m6wi/production/292d34bfad2c11affb65391a179963e15fb8905c-1200x800.jpg?rect=0,62,1200,675&w=1200&h=675&fit=crop&auto=format" alt="The legal support you need when buying or selling a house" />

The legal support you need when buying or selling a house

Buying and selling property is in essence the legal transfer of rights to ownership of a property from one party to another. Without the sale being completed in a manner suited to this process and the laws around property ownership, the transaction itself is basically mute. That is why when buying or selling a property, it is paramount that you have the right legal representation to guide you throughout the process, ensuring that all your documents and paperwork are in order and that your rights are being fully met under the law. Having the right legal support also ensures you avoid any potential fines or delays that might occur as a result of not having completed the legal side of things properly.

Solicitors vs Conveyancers

Conveyancing is a term that encompasses the legal process of transferring ownership of a property from one person to another. The requirements for conveyancing differ on a state by state basis, so it is important that you consult with a solicitor or conveyancer before you list your house on the market, and do relevant research about what’s required of you to make sure you are informed of what you need to do in advance. The process of conveyancing can be carried out by either a solicitor or a conveyancer. While their roles do overlap, they each function slightly differently in the conveyancing process. (conveyancer or solicitor-what’s the difference). It is very important that you hire a solicitor or conveyancer to guide you with the sale process whether you are buying or selling a property, so that you can ensure that your legal rights are fully represented and that the sale process is completed as smoothly as possible.

Conveyancers are trained specifically in the process of conveyancing. They responsible for conducting and overseeing the sale process. They are hired at the initial stage of the property sale before a contract of sale has been drafted. In some states, it is required by law that the contract of sale be prepared before the property can be listed on the housing market. The conveyancer will assist you with preparing the contract of sale, along with the other documents and paperwork you need to sell a house. They will also make inquiries with the local council around zoning and titles and provide information on tax and rates.

A solicitor is a trained legal practitioner who is qualified to deal with conveyancing as well as other legal matters. A solicitor is able to complete all the tasks that a conveyancer is able to in actualising a property sale and overseeing the sale process from start to finish. Solicitors are able to deal with a wider range of legal matters than conveyancers are. They are qualified for everything a conveyancer is, but they are also allowed to give legal advice and take legal action outside the conveyancing process, which gives you more protection and leverage when it comes to carrying out the sale and transfer of property rights.

Preparing the contract of sale and vendors statement

The contract of sale and vendors statement are two of the most important documents you need when it comes to the sale process (link to the documents and paperwork you need to sell a house). Your legal support will prepare all the documents and paperwork you need to sell or buy a property.

Contract of sale

The contract of sale is a legally binding document that legitimizes the sales transaction. The contract of sale must be signed by both the buyer and seller and outlines exactly what the buyer will receive on settlement day. This includes the state the property is in, along with any additional fixtures or fittings that accompany the property and are included in the final sales price. It also contains a settlement date and the agreed price for the property.

The requirements for the contract of sale do vary state by state. One of the things you should be aware of before you begin the selling or buying process is the length of the cooling off period that exists in your particular state. A cooling off period is an allocated period of time that occurs between the signing of the contract of sale (also called the exchange of contracts) and settlement date, in which the buyer can choose of amend the contract of sale or terminate the sale completely. The cooling off period generally lasts from 2-5 days or can be decided between the two parties, depending on which state the sale is taking place in (cooling off periods state by state).

Vendors statement

The other important document that needs to be prepared in order for the sale to be legitimate is the vendors statement, which is also called a section 32. The vendor’s statement is prepared by the sellers legal representation and must be reviewed thoroughly by the buyer’s legal representation. It is a legal document that outlines information about the land the property is built on in detail, including restrictions, council zoning, along with drainage diagrams and powerlines specifications. The vendors statement must be provided to the vendor before they sign the contract of sale- and the contract of sale can be withdrawn if any inconsistencies, incorrect information, or mistakes are found in it.

Having the right legal representation when selling or buying a property is paramount to creating a smooth and legally viable sales transaction. Make sure that you scope out who you are going to have represent you before you begin the buying or selling process, and you will increase your chances at securing the right deal.