Seek professional advice for filling out your property transfer documents

Conveyancing.com on 16 January 2018

Buying or selling property is an important process that shouldn't be taken lightly. For any property transfer, there are several documents that need to be reviewed and signed. One of the most important documents from this transaction is a Contract of Sale. A Contract of Sale can have a major influence on the conditions and outcomes of a property purchase. So it's definitely in your best interests to make sure it's done right.

Need your Contract of Sale looked over? Contact Conveyancing.com to start your review today.

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What's in a Contract of Sale?

A Contract of Sale contains key information for any potential buyers of a property. Buyers should have a clear outline of exactly what they're purchasing before they sign this contract and pay a deposit. Here's what should be included:

  • Details of the property. These details could include fixtures attached to the property such as appliances. Fittings such as curtains can also be listed. Any fixtures and fittings that won't be sold with the property should also be specified.

  • All valid details relating to the parties involved in the transaction. These details can include names of the buyer and seller, the conveyancer and the real estate agent.

  • Financial details of the transaction should also be included. The deposit and sale price of the property will be printed along with how the money will be exchanged for this transaction.

Who prepares a Contract of Sale?

When you're deciding on who should prepare your Contract of Sale, you have four main options:

  1. Legal Practitioner

  2. Conveyancer

  3. Real Estate Agent, or

  4. Yourself

Before you choose a legal practitioner or conveyancer, it's important to check their credentials. A legal practitioner must hold a current certificate. Some practitioners may even hold accreditations in property law. The more relevant a lawyer's accreditations are, the more qualified they'll be to help you out if something goes wrong.

Conveyancers with a valid certification are licensed to perform conveyancing work for property transactions. They can help you prepare or review all legal documentation including a Contract of Sale. Conveyancers, legal practitioners and real estate agents can provide you with professional indemnity insurance if something goes wrong.

If you make a mistake while reviewing and signing your contract, you could stand to lose a lot from a property transaction. Without indemnity insurance, you won't be covered for any financial loses and chances are you won't get your money back.

Professional service vs doing it yourself

There can be serious repercussions from not filling out a Contract of Sale correctly. As a buyer, you need to ensure you're getting what you paid for. After inspecting the property and reviewing transfer documents, information could be changed in a Contract of Sale before you sign it. It's vital you don't miss these important details.

If you're a seller, it's important that you don't add anything to the Contract of Sale you don't wish to part with. If you don't outline exactly which fixtures and fittings of the house are not included in the purchase, you could stand to lose them after your contract is sold.

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Legal Practitioner

Doing it yourself

Indemnity insurance covers you for any financial loses from the property transaction.

You won't be covered by indemnity insurance if something goes wrong.

Communication is taken care of with the other party involved in the property transaction.

You will need to handle all transactions and communication with the other party involved.

Legal loopholes are identified that could negatively affect your property transaction, and legal advice is provided.

Chances are you won't be able to identify any legal loopholes that could end up costing you thousands.

Other considerations

You should also think about the complexity of your property transaction. Are there any caveats associated with the property in question? What about legal disputes? A legal process such as divorce can affect a property transaction, especially if the seller is currently involved in one.

A legal practitioner is a qualified professional who will give you legal advice with your property transaction. They can review your documents and furthermore, help you with legal representation if the situation calls for it.

If you hire a conveyancer with no legal accreditations, they are not be permitted to give you any legal advice during the conveyancing process. Transactional advice can only be provided to you while documents such as a Contract of Sale are being filled out.

The right choice for you

So before you complete a Contract of Sale, try to weigh up the pros and cons of getting professional advice. It's not always easy to tell when there's something amiss with a property transaction.

Qualified professionals know what to look for in a contract. With years of training and knowledge, a Legal Practitioner can spot things that the average buyer or seller just wouldn't notice.

With expert legal advice and financial protection, enlisting the help of a conveyancing service will always give you the support and guidance you need when committing to one of life's biggest decisions.

For a comprehensive service that reviews all of your property transfer documents, get in touch with Conveyancing.com today.