Why use a solicitor when buying a house?
The cost of not using a solicitor for your conveyance
Purchasing your first home may well be the biggest financial investment you will ever make. With this in mind, it is crucial that this process goes smoothly, so that your property dreams are achieved. To ensure this occurs, it is highly recommended you use a solicitor to handle the conveyancing process for your purchase.
What is the benefit of using a solicitor when selling or purchasing a property?
A solicitor’s role during a conveyance is to help take you through all the steps involved when purchasing your property. They will meet with you and review all necessary documents to successfully complete the transaction. Solicitors are experts in creating and analysing contracts to ensure things go smoothly and minimise the risk of deadlines and key dates being missed.
What can go wrong?
Recently, Channel 9 reported how a young couple purchasing their first home were met with issues around the settlement deadlines being missed by the bank. This resulted in the couple not only losing the house they were set on purchasing, but also fighting to recoup their deposit of $75,000! The seller of the property validly terminated the contract and sold the property to another buyer, eagerly waiting on the fringes. The original buyers were devastated to lose the home they had their hearts set on, and also had to engage in a legal battle to regain their deposit.
With this in mind, by engaging a solicitor throughout the conveyancing process, you can feel confident that all deadlines will be met and parties involved are aware of their obligations and responsibilities.
They will conduct research on the property and notify you of any issues that may have arisen such as government leases, environmental problems and/or caveats. And they will hold the banks and other parties accountable to settlement times and other key contractual obligations.
How much will it cost me?
You will find that the price of using a solicitor is quite reasonable when compared to the cost of purchasing a house. A small cost to minimise the risks of your settlement being delayed, or even terminated.
The Qld Law Group have been running cottage conveyancing for decades and we understand all aspects of this area of law. Our prices are fixed, and our service is local and professional.
If you would like assistance with your property purchase, call us today on 3221 8000 or visit our website at https://qldlawgroup.com.au/ to get a free instant quote!