Have you ever experienced the conveyancing process? If you’re a newcomer to the world of buying property, this article offers four top tips to help ensure the process goes smoothly. Read on to find out more about conveyancing in Melbourne.
Ask a Conveyancing Lawyer to Help You
In the field of conveyancing, there are two kinds of professionals who can help you purchase or sell a property – a conveyancer and a conveyancing lawyer. While some people are happy to go with a conveyancer, it’s always a good idea to ask a lawyer who offers conveyancing in Melbourne to assist when you’re buying or selling property. This is because they have a broader and more in-depth knowledge of law than a conveyancer does. This means they can see where a purchase may infringe on your legal status in other ways – for example, if you’re going through a divorce, a conveyancing lawyer can guide you as to the best time to buy or sell according to the progress of the divorce. Having a broader knowledge of law also means that your lawyer can successfully navigate the ins and outs of legal documentation on your behalf.
Enquire Early About Fees
Fees can sometimes seem either substantial or astonishingly cheap, but what you need to know is that you must consider all the fees applicable, not just the fees for your lawyer’s time. These are called professional fees, but there’s also GST to think about, as well as fees for searches and outlays. Quite often, the cheaper quotes for a lawyer offering conveyancing in Melbourne aren’t inclusive of the fees for searches and outlays, and this can come as a nasty surprise later down the track when you get an additional unexpected bill.
Get Advice Before Signing
While you may lean on the real estate agent to help you through the buying process, it’s important to remember that they’re really a glorified sales agent and aren’t necessarily working in your favour. The only professional looking out for you as you buy or sell is your lawyer for conveyancing in Melbourne. Make sure you take full advantage of their expertise and get advice on documentation before signing any contracts. You can enjoy greater peace of mind when you have a professional to have a good look at the details before you agree to whatever is on that crucial piece of paper.
Check the Buying Entity is Correct
On your contract, you want to make sure that the buying entity is correct. That’s you or your company, or whoever is buying the property. If you’re buying as an individual, your full legal name should be spelt out there on the contract. Why is this important? Because legal ownership of this property is being transferred to the individual named there. Also, your name as listed on the contract must match the name on the mortgage documents. What if you’re buying as a company? Simply ensure your company name is correct, with the Australian Company Number (ACN) also included. Your lawyer for conveyancing in Melbourne will be able to double check all these kinds of details for you.