While both conveyancers and lawyers can support you throughout the sale or purchase process, lawyers offer a broader range of expertise and are able to assist in reviewing contracts prior to purchase. In the event more comprehensive legal assistance or advice is required, or complications arise, only a lawyer is qualified to provide such support.
We endeavour to prepare contracts and vendor’s statements in the shortest time possible, but this is subject to the specifications of the property being sold. For example, if there is an owners corporation it may take over a week to complete the vendor’s statement because owners corporation managers have up to 14 days from payment of their fees to issue their certificate.
If you require an urgent contract or vendor’s statement please contact us and we can arrange for urgent certificates to be ordered.
Having a contract of sale and section 32 document thoroughly reviewed by a lawyer before signing is crucial to ensure that you fully understand your rights and obligations in the transaction. It can help identify potential risks and ensure compliance with legal requirements which can save you from costly disputes or unforeseen liabilities in the future.
The “cooling off” period allows a purchaser the chance to change their mind and cancel the contract within three clear business days of them signing the contract. You cannot cool off if you buy a property at an auction or within 3 clear business days either side of an auction. In order to exercise your rights to cool off under a contract you must provide notice in writing to the vendor within the cooling off period.
Disbursements are fees charged by third parties which we pay on your behalf and then seek reimbursement from you. The disbursements in conveyances typically relate to fees incurred to obtain certificates for inclusion in the vendor’s statement. For example title searches or an owners corporation certificate.
Property Exchange Australia (PEXA) is Australia’s online property exchange network that enables conveyancers, lawyers and financial institutions to lodge documents and complete financial settlements electronically.
Adjustments are calculations done by the purchaser’s representative to divide property related expenses between the purchaser and vendor. These typically include council rates, water charges, owners corporation fees and rent (if applicable). These calculations ensure that each party pays their fair share of the expenses for the time they own the property.
A pre-settlement inspection is crucial because it allows purchasers to confirm that the property is in the same condition that it was on the day of sale. It provides the purchaser an opportunity to raise concerns and have them addressed prior to settlement.