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Property & Conveyancing

6 Reasons Why You Should Hire a Property Lawyer in 2022

When doing a property deal, it may seem like a good idea to try and get it done yourself without a lawyer. While this may seem like the cheaper route to take, there’s actually some very good reasons to hire a Sydney property lawyer for your property deal.

Why You Should Hire a Property Lawyer in Sydney

Here are 6 reasons why you should hire a property lawyer in 2022:

1. A Property Lawyer Will See Problems With the Property and the Deal Where You May Not

Property lawyers have gone through hundreds, potentially thousands of property purchases and sales over the years, and have seen it all. They know what tends to happen, what to look for, and what can go wrong.

This could include things like future development, restrictions regarding the use of the land, non-complying structures or even environmental issues that you may never have been aware of.

As such, having an experienced property lawyer on your side will help you to make sure there are no problems with the property or the deal which could catch you out and cause you years of headache and stress, and thousands of dollars to solve.

Property is complex, and the legal side of it is no better, so having someone who has been through it countless times is a way to ensure that you are not getting caught with a bad deal due to inexperience.

2. A Property Lawyer Is the Only One Protecting Your Interests In the Deal

When you are doing a property deal, the other party is looking out for their interests. They want to get the most money for their home, or they want to pay as little as possible. On top of that, sometimes people are willing to do dishonest things, or push legal and ethical limits.

An experienced property lawyer will know the common tricks used and will ensure that your end of the deal is a good one, so that you are not being taken advantage of. They will look over the deal and advise you on where you could negotiate better terms or where perhaps you should not proceed with the deal at all.

3. A Property Lawyer Can Save You Money and Time

While it may seem like it’s quicker and easier to just do it yourself, a property lawyer can actually save you time and money. They have been through the process many times, so will know exactly what to do, how to do it and what it takes to get it done in the quickest and cheapest manner.

This can actually end up costing you less overall than if you had done it without them and not known about these things. Not to mention the time spent figuring it all out on your own.

4. A Property Lawyer Will Know About Government Grants and Other Incentives

Often times there are government grants and incentive programs when buying property, especially for first home buyers. A property lawyer will know about these, and will be able to advise you on how you can take advantage of this.

These schemes can save you up to thousands of dollars, so that in itself can often make having a property lawyer worthwhile, as it’s likely that you would not have known about these otherwise.

5. A Property Lawyer Will Know the Law Inside and Out and Ensure the Deal Is Done Right

There are many pitfalls when it comes to the legal side and the paperwork for a property transactions. Minor details can trip up a buyer or seller which can cause huge headaches and big costs to resolve.

A property lawyer’s job is to ensure this doesn’t happen to you. As they have been doing this for a long time, they will know exactly what needs to be done, and will make sure it’s done correctly so there are no surprises later.

They will also be able to help you with other issues such as delayed settlements, issues with the bank, cool down periods and more.

6. A Property Lawyer Will Be Able to Help You Negotiate a Better Deal

Having experience doing these deals for many years, a property lawyer will be able to look over your deal and see where you can negotiate a better deal, whether it’s price, better terms or something else.

Because they have done this so many times, they will know things you don’t, so they can use that experience to help you either save money if you a buying, or get more money if you are selling.

If you are looking at doing a property deal, whether it’s buying or selling a property, give us a call on 02 9958 2407. We specialise in property transactions in Sydney and are able to help you make sure it’s done right and get the best deal possible!

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Property & Conveyancing

How a Conveyancer Will Help You When Doing a Property Deal in Sydney

Property transactions can be difficult to deal with because of all of the legal terms, complexity and complicated processes that must be done correctly if you want to avoid unnecessary cost or even legal action. This is why having a conveyancer to help you is a good idea.

Conveyancer in Sydney

If you decide to go through the conveyancing process by yourself you will have to deal with all the parties included in the sale and ensure that everyone fulfills their obligation, make sure that all paperwork is gathered and well prepared, search for any preconditions and manage and finalise the settlement. All of this can be very stressful.

You can avoid legal issues, minimise your risk and save time by hiring a conveyancer – a licensed professional that is specialized in property law that can easily go through the legal jargon and save you from the stress of the process.

Good conveyancers will provide you information and advice regarding the property transfer and assist both sellers and buyers through the whole process. They will also handle all the appropriate documentation that is required for settlement.

A conveyancer should be hired whether you are buying, selling or dividing land, updating a title in case of someones death or if you register, remove or change easement. The conveyancer will help to organise paying a deposit and other transfer costs, prepare and examine the contract and check the property for any issues.

It is not a legal requirement that you have a conveynancer in Sydney, but property ownership and real estate laws are very complex. Not adhering to the specific dates and laws can lead you to losing your deposit or even your property. That is why you need help of a professional. Although it may look cheap if you do it yourself, it will be far more expensive if it is done incorrectly.

Speak to us today if you would like help with a property deal.

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Property & Conveyancing

Can You Do a Property Deal Without a Conveyancer in Sydney?

If you are looking to purchase or sell a property in Sydney, you may be looking at using a conveyancer. But do you actually have to use a conveyancer?

Do you have to use a conveyancer in Sydney?

The short answer is no. Legally you don’t have to use a conveyancer, you can do the whole deal yourself. However, there are a number of good reasons to use one. Here’s why:

Property deals can be complex affairs. There are many aspects to consider from the title of the property, to the property itself, to the Contract of Sale. Anywhere along here could lie countless pitfalls, which can trap an inexperienced buyer or seller and end in a very expensive mistake. This is why doing conveyancing on your own is so risky.

The benefits of having a professional conveyancer do the deal with you is that you get their expertise and experience. The role of the conveyancer is not just to file some paper work, but they are also there to ensure that you are actually getting a good deal, the property and title and legitimate, and that you are not being swindled.

On top of all this, a conveyancer will know the process of making the property deal inside out, so they will be able to ensure no mistakes are made along the way which could end up costing you. And, should things go wrong, they are there to provide legal support as well.

Basically, by hiring a conveyancer, you will actually save more money and a huge amount of time, unless you are very experienced with the conveyancing process. You also greatly reduce your risk of something going terribly wrong.

If you are looking at purchasing a property in Sydney, we at Elmassian Lawyers are happy to look at the Contract of Sale for your free of charge. We offer this service to ensure that you get a good deal with no obligation to use our services. Click here if you want to know more about our free contract review service.

 

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Property & Conveyancing

Why You Need a Conveyancer When Buying Property in Sydney or NSW

Dealing with the legal side of a property transaction can be quite a task. Like most things in the legal field, it is filled with complexity, jargon and processes that all need to be done correctly so that you don’t expose yourself to cost, risk and legal action.

Why You Need a Conveyancer in Sydney

When dealing with a property deal, there are a lot of factors that need to be taken into account, from the legal side to the financial side. No property is cheap, so we are talking a good amount of money being put at risk if something goes wrong.

While you can try do the the conveyancing process on your own, you need to be aware of what you will be up against.

The conveyancing process will involve:

  • Dealing with all parties involved in the sale including the seller/buyer, government/council, real estate agents, building inspectors, banks and so on.
  • Searching for titles of properties to find any preconditions
  • Ensuring all documents are prepared and legally compliant
  • Finalising all the documents and contracts (which are often filled with legal jargon)
  • Ensuring the buyer or seller meets all their legal and contractual obligations
  • Coordinating and completing the settlement

If this is your first time going through this process, it can be very overwhelming. If you have been through this process before, then you know what you have ahead of you.

Many people choose not to hire a conveyancer for the sake of saving on the cost. But by the time you factor in the time, effort and stress you put into doing it yourself, plus the risk you open yourself up to, it simply doesn’t pay off.

By hiring a conveyancer in Sydney to help you with your property transaction, here is what you can expect:

  • You will avoid any bad deals which could cost far more than the conveyancer would charge, because they have the experience to know what not to do
  • Avoid any legal problems which could arise if you make a mistake
  • Save a huge amount of time trying to do the process on your own
  • Prevent things from going wrong and avoid any pitfalls you may not have foreseen on your own
  • You will get advice from the conveyancer who has a lot more experience than you, so they will help you get the best deal possible
  • You won’t have to worry about being cheated on the deal because the conveyancer will ensure this won’t happen
  • You will avoid not complying to the contract at hand (unknowingly), which could end up in you being sued by the other party
  • Insurance that licensed conveyances carry which cover their clients in the case of something going wrong or a mistake being made
  • Peace of mind knowing the whole process is being taken care of properly and legally by a professional.

Hiring a conveyancer essentially ensures that your deal will go smoothly, you get the best deal and you minimise the risk.

We at Elmassian Lawyers are conveyancers in Sydney who can help you with your property transaction. Give us a call on 02 9958 2407 or email

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Property & Conveyancing

Things You Should Know Before Buying a Property In Sydney

The purchase of a property is often the biggest financial decision one makes in their life, especially in Sydney where prices are high. Getting everything right is crucial if you want to ensure you make a good purchase, get your money’s worth and don’t fall into any traps. Here we will go over some things you should know before buying any property.

Buying a Property in Sydney

Different Ways to Buy a Property

There are several different ways to buy a property which you should be aware of, because depending on the situation you could be locked in to various conditions.

The two most common are Auction and Private Treaty.

Auction
Buying a property by auction means you attend the auction and bid against anyone else looking to also buy it, and the highest bidder takes the property.

What you need to be aware of in an auction is that, unlike with Private Treaty, there is no cooling off period, and if you are the highest bidder, you are usually legally obligated to complete the purchase.

This means that you should make sure you are happy with everything before the auction, including the contract, the true condition of the property and so on. Once you’ve won, you won’t be able to go back on the deal if you find something you are unhappy about.

So before the auction starts, check the Contract of Sale, properly inspect the property, and if you find something you are unhappy with, you can negotiate the terms. If you can reach an agreement, then you will be good to go on bidding.

Private Treaty
The most common way to buy a house or apartment in Sydney is by Private Treaty. This is where the seller of the property puts their property up for sale at the price they would like and then negotiates with potential buyers.

Once you’ve reached an agreement, you exchange contracts with the seller and the Contract of Sale becomes active. At this time you will usually pay the full deposit (normally 10%).

However, there is still a “cooling off” period where you can pull out of the deal if you change your mind (you may still have to pay the seller a fee of 0.25% of the agreed price). You can also have the “cooling off” period waved by your solicitor if they sign a certificate and explain the contract to you so that you don’t have to wait.

Strata Title
If you are buying an apartment or townhouse, you should be aware of the fact that many of them are on a “Strata Title” which means that along with the property you are also buying into the rights and obligations of being part of the owner’s corporation (body corporate).

This means that you’ll get a say on issues related to the building or property but it also means that you will be liable for expenses for property maintenance and repairs, you’ll need to pay strata-levy fees and how you can use your property will be subject to by-laws.

In cases like these it pays off to do a good amount of research about what you are getting into, which is something your solicitor can help you with.

Other Things You Should Know

Property Inspections
When you buy a property, you are buying it “as is” which means that any nasty surprises you may find are your problem. That is why it’s a good idea to get the property inspected by a professional so that they can tell you exactly what you are looking at. Everything from pest issues, structural problems or other defects, they’ll bring them to light so that you can make an informed decision.

A property inspection may cost you a few hundred dollars now, but it could save you thousands if not tens of thousands if you buy the wrong property, so it’s highly recommended.

What’s Included?
Most standard contracts state that the property comes “in the state you find it”, which means any fixtures are included. However, you should be clear on what a fixture is.

Fixtures are anything that can’t be removed without damage to the property. So for example, a stove would normally be a fixture because it’s hardwired, but a fridge wouldn’t be because it’s just plugged in and can be easily removed.

Sometimes sellers will try to exclude certain fixtures, or other times it may not be clear what counts as fixture. So it pays to double check the contract and clarify any points you are unsure of so you know what you get with the property.

The Exchange
The exchange is when the buyer and seller both sign a copy of the Contract of Sale and exchange them. The buyer will also need to pay the deposit at this point.

If the sale is an auction, the exchange will happen immediately after the winning bid is accepted and the auction is over.

Settlement
When signing the contract you will need to agree on a settlement date, usually 6 weeks after the date of the exchange. At the settlement date, you’ll need to pay the seller the rest of the purchase price, and any utility bills and taxes.

If you are unable to pay by the settlement date, you will probably be charged interest, and in some cases the seller can cancel the contract and keep your deposit.

If you realise that you won’t make the settlement date, you should let your solicitor know as soon as possible so that they can try to come to an agreement with the seller or their solicitor.

If you are looking at buying a property in Sydney and would like to know you’ve got a professional on your side, talk to us at Elmassian Lawyers now. We are specialists in conveyancing and can help you ensure you are getting the best deal possible on your property purchase!