Buying property could be one of the most important purchases of your life. We 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. We can assist you if you wish to transfer your home, sell or gift all or part of a property to a spouse, associate or relative.
Only a Lawyer will ensure that all of the legal requirements of what is usually one of the most important investments of your life are met. Our conveyancing costs are very competitive and 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 solicitor or conveyancing company can offer these services.
- What’s the cost? Many solicitors and conveyancing companies 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? Solicitors 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 conveyancing companies.
- 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 property law specialists.
- 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 a lawyer will undertake all the necessary work at one time. Financial Considerations There are other issues that may require professional advice, whether from a lawyer and/or 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 solicitor 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?
It is often stated that the purchase of a house is the largest investment most people will make in their life time. 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.
Find out more about how we can help you
"The team at RRR Lawyers provide the highest standard in legal services to the community. Decades of expert legal knowledge was backed up by friendly and helpful staff who ensured my case was solved quickly and efficiently."
"Rajvee did an excellent job at making all the legalities in relation to purchasing a property a seamless process for me. She took all the effort and stress out of it and kept me well informed throughout the process. Thank you Rajvee for the brilliant service."
"From my experience, I would highly recommend RRR lawyers. They are a well balanced team of both youthful energy and seasoned experience. They were straightforward about expenses and expectations as they worked efficiently but with attention to important details."
"Prakash is brilliant at what he does. With 30 years experience, he has the knowledge and skills to assist. I had a personal challenge and could have lost money for no valid reason."
If you need any legal advice, please get in touch