Conveyancing and property lawyers, who can be also known as conveyancing and property solicitors, provide different levels of assistance in the process of buying or selling in the real estate market.
You could be in the market to purchase a property or some land, or you might be considering selling property you own.
If this is the first time you’ve done this, the process itself can be a little overwhelming – trying to understand real estate or legal terminology or understanding what is expected from you in the process. This is generally why it’s recommended to consult with a property lawyer or conveyancing solicitor, even if you’ve purchased or sold property before in the past.
No one wants to be caught out holding up the sale process due to paperwork not being completed or submitted and you certainly don’t want to be the one who doesn’t understand your obligations under the purchase/sale contract.
So today we’re going to discuss some of the common conveyancing questions that might arise during a purchase or sale of property or land.
What Is A Conveyancing Lawyer and Why Hire One?
In a nutshell, a conveyancing lawyer or solicitor is a legal advisor and representative when you are selling or purchasing a property.
They are there to protect your legal interests and to represent you during the conveyancing process (the ownership of real estate being transferred from one person to another). Think of your conveyancing lawyer in Chatswood as your trusted advisor.
It’s in your best interests to hire an experienced conveyancing lawyer, like TY Lawyers in Chatswood, who will talk you through the entire process offering advice, guidance and information on what you should and/or need to do.
It’s one thing to verbally say how much you’re willing to pay for a place, but it’s another to formally make an offer. A written offer is preferable as it serves a proof and confirmation of your intention to buy.
“Cooling Off” Periods
When there is a property purchase, the purchaser has the option to ‘cool off’ and cancel the contract within a specified timeframe. This time frame differs in each state in Australia.
With an auction sale, there is no option to cool off. These are things to discuss with your property lawyer or conveyancing solicitor in Chatswood so you understand your commitments beforehand.
What About Gazumping?
Beware of gazumping – when a seller verbally agrees to a price, but does not formalize the sale with a contract, and then accepts a higher offer.
It’s important to know that the sale has not taken place until the contract is fully executed – signed by both parties. So you can run into this issue in the real estate arena.
Ensuring you don’t sit on paperwork and don’t delay the contract exchange is one of the things you can actively do to avoid gazumping.
Now that you have more of an idea on some of the key parts of the conveyancing process and how property and/or conveyancing lawyers in Chatswood can assist you, get in touch with TY Lawyers in Chatswood to discuss your real estate ventures.
TY Lawyers Chatswood are available for a confidential discussion. With many years of experience, TY Lawyers will leave you feeling comfortable and at ease with your upcoming real estate sale or purchase!
Call our friendly team today on: 02 8007 0135.