Buying property could be one of the most important purchases of your life. Our conveyancing lawyers in Melbourne are able to assist you by giving you pre-contract advice to avoid those unknown risks.
RRR Lawyers looks after all of your legal requirements whether you are buying or selling, either privately, with or without an estate agent or by auction. You may be looking to develop your own property, subdivide or consolidate land; our property development lawyers can assist you in all of these areas. Our property settlement lawyers can also help you if you wish to transfer your home, or sell or gift all or part of a property to a spouse, associate or relative.
Only a commercial conveyancing lawyer will ensure that all of the legal requirements of what is usually one of the most important investments of your life are met. We offer property conveyancing to Melbourne clients at very competitive costs. Usually set fees apply, plus any outlays and disbursements.
Important Factors to Consider
- Auction or private sale? If you are buying at auction, you may want to get legal advice before you bid or sign anything. You may want someone to bid on your behalf. Check whether a commercial conveyancing lawyer or conveyancing company can offer these services.
- What’s the cost? Many conveyancing companies and conveyancing lawyers in Melbourne offer fixed price conveyancing. But make sure you know what you are getting for the fixed cost. You may just want the forms filled in and lodged. Alternatively, you may want to get advice before you sign anything – see if you can negotiate these extra services as part of the fixed price. What if something goes wrong? Are there extra charges if they have to follow up with the seller because the bungalow doesn’t have a building permit? If they don’t offer a fixed price, make sure you know how they will itemise their fees.
- What protection do they have if they make a mistake? Commercial conveyancing lawyers must have insurance which covers faulty work. In addition, there is a fidelity fund that covers situations where the insurance does not apply. Check the protection provided by companies offering property conveyancing in Melbourne.
- Who will supervise the work? It’s common for conveyancing to be handled by clerks. You should make sure that the person who is responsible knows what they are doing.
- Are they members of any association? Do they have any special qualifications? Some solicitors are accredited commercial property lawyers.
- Are there other issues that you may need advice about? For instance, will the purchase affect your pension; should you change your will; are there any family law implications as a result of the purchase? Are you going to use the property as an investment? Besides the tax implications, including negative gearing, are there any issues you need to deal with in relation to a tenancy agreement? If so, you might be able to negotiate a price where our property lawyer in Melbourne will undertake all the necessary work at one time.
There are other issues that may require professional advice, whether from property lawyers and/or a financial advisor:
- Are there tax implications? For instance, what will be the effect on capital gains tax, which is a tax payable on the capital gain made in the sale of investment properties? It is calculated on the basis of the profit earned in the final sale price compared with the original purchase price. This is also an issue that can be explained by your property lawyers or professional advisors.
- Are there any problems with the title or legal issues that you need to consider?
- Will you be in a position to cover your mortgage obligations?
- Is the housing loan fixed (capped) or variable, and which would be better for your situation?
- Is the purchase part of a long term financial strategy that maximises your future financial stability?
- What is the reasonable outlook for interest rates and the price of housing?
Conveyancing Purchase of Property
It is often stated that the purchase of a house is the largest investment most people will make in their lifetime. There is fortunately a large body of both statute and case law to assist purchasers of real estate to ensure that a good title is obtained and the real estate can be used for the purposes for which it is purchased. Obviously to obtain the protection of the relevant law, purchasers need to be aware of it and utilise it.
- Pitfalls of Using a Conveyancer
- RRR Buying a property at auction
- RRR S32 Vendors Statement Update
- RRR Things to consider in the conveyancing process
Contact RRR Lawyers Today
For legal advice relating to property law, contact us by calling (03) 9387 2424. Our property dispute lawyers and conveyancing lawyers in Melbourne are available to help you with your requirements.