Conveyancing Pitfalls

Posted 23/01/2016 by McManus Lawyers

Conveyancing is the process of transferring ownership of real property from one party to another. It sounds simple, but as a legal process, it involves many steps that are intended to ensure that before the title is transferred into the purchaser’s name, both parties have an opportunity to check that what they’ve signed up for is what they’ll get. Conveyancing often raises tricky questions and involves inter-party disputes.  A transfer of land involves the laws of contract, legislation, and the common law. Once a contract is signed, subject to cooling off periods, the parties must follow proper process so that settlement can occur and the contract can be completed. However, like any contract, issues can arise even after the money has been exchanged and the title has been transferred. At McManus Conveyancing, we firmly believe that prevention is better than a cure, and make sure that all checks are performed before the contract is completed to avoid nasty surprises later.

Buying or selling real estate has significant cost implications, and for these reasons, it’s important you engage the right professional to protect your interests. Common traps and pitfalls include vendors (the sellers) not being asked appropriate questions about the property to make required disclosure in the section 32 statement, exposing them to the risk of being sued and having the contract cancelled. Frequent issues also arise from purchasers (the buyers) being inadequately advised by the person they have engaged to do their conveyancing, in particular about the impact of the planning scheme as detailed on the planning certificate, restrictive covenants on the land, or because they have not obtained all the relevant property certificates which disclose essential information about the property prior to settlement.

People often use conveyancers assuming they will be cheaper than lawyers. That’s not necessarily true. At McManus Conveyancing, we charge $680 plus GST and disbursements for our services, which is often cheaper than conveyancers. What many people also don’t realise is that conveyancers are limited in the type of assistance they can give. If issues arise giving rise to a claim for damages and cancellation of the contract (which could happen for numerous reasons – such as non-performance of the contract, or delay of settlement), a lawyer will need to be engaged in addition to the conveyancer to commence legal proceedings. As McManus Conveyancing is part of McManus & Co Lawyers, we can assist you end to end. Contact us on 9318 4188 to discuss.

Contact us using the form below...