Welcome to my blog! My name is Johanna. I am a businesswoman who lives and works in the fantastic city of Sydney. When I decided that I wanted to expand my company, I realised I would need to enter into some new contracts. The legal side of this was something which really worried me. However, I spoke to some of my friends in the industry and they recommended a great business attorney who was able to help me. The attorney explained everything I needed to know and then drew up the contracts I needed. I hope this blog helps you to understand business and law.
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Buying property involves more than just looking around, settling on what you want and paying for it. Conveyancing is a crucial part of property purchase/sale. It is the process through which the buyer, individual or corporate, becomes the registered and legally recognised owner of the property.
Having a qualified and experienced attorney who is well versed in conveyancing goes a long way in ensuring the process runs along smoothly without any delays. A conveyancing attorney's expertise will add value to the process in the following ways as highlighted.
1. Document Review
The conveyancing lawyers for both the seller and buyer have the responsibility to meet up with their clients to prepare and review all relevant documents. Any agreement that the involved parties sign become legally binding, and it is important that each party fully understands the terms of the contract before signing.
These documents are often laden with a lot of legal jargon and a legal professional can help the party they are representing to comprehend what they're getting into, and their rights and obligations arising from that contract. It is the lawyer's mandate to ensure that all legal requirements are met, and the transfer is above board.
2. Due Diligence
As a property buyer, you want to always be in the know about any issues that may delay or prevent the successful settlement of the property you are interested in. A conveyancing attorney will help you to do exactly that by deploying resources to conduct research on property boundary disputes, unpaid land levies and any other such issue that could negatively impact the settlement process.
3. Handling the Finances
A lawyer will advise the property buyer on what to include in the offer to purchase, as touches on matters finance. If you wish to include suspensive terms and conditions such as the offer being valid subject to particular terms, then it's the lawyer's responsibility to ensure this information is clearly outlined in the offer. Additionally, the conveyancing attorney will put the buyer's money in a trust account, ready for when the settlement is complete before authorising its transfer to the seller.
4. Property Settlement
A conveyancing lawyer coordinates with different parties to actualize the transfer of ownership title to the buyer, who will now be legally recognised as the new owner of the property in question. These parties include the seller's legal team, local authorities, the title office, banks and mortgage companies.
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