Conveyancing and estate planning from Shore Legal, our in-house legal team

Do I need legal advice when purchasing a property?

Conveyancing and estate planning advice from a qualified professional should be considered an essential part of the property purchase process. Professional advice helps your property purchase to go smoothly, and estate planning advice helps to protect your property assets into the future.

Purchasing a property and need a contract reviewed? click here.

A property purchase is usually one of the most significant transactions that you will ever undertake. Contracts for Sale of Land in Australia are mostly standardised to begin with however vendors’ solicitors will usually insert additional terms which need to be reviewed. Some of these alterations include late settlement fees and interest, non-standard rights of rescission for the vendor (i.e. ‘walk-away’ rights) and terms which permit early releases of your deposit. The risks that these clauses introduce need to be explained to you and, if possible, they need to be negotiated away or moderated.

Solicitors also need to explain to you any details that are specific to the property that you purchasing. This can include any easements or rights of way that attach to the land, any peculiar aspects of council zoning or any other encumbrances which relate to the land. If the land is strata title, solicitors can assist in reviewing a strata report in order to explain the financial liabilities that the purchaser might be expected to take on.

Once contracts have been ‘exchanged’ i.e. signed by both vendor and purchaser and the cooling off period (if applicable) has expired, your solicitor will liaise with your broker to ensure that your bank’s lending requirements are met and the funds are available for distribution at settlement. Your solicitor will explain to you the customary adjustments that are made to the purchase price at settlement to take into account prepayments of council (and strata, if applicable) rates, water and sewerage rates and rent (if applicable). Most importantly, your solicitor will attend to important task of ensuring legal title from the vendor is conveyed to you i.e. that you become the registered legal owner of the property.

What is the difference between a conveyancer and a solicitor?

A licensed conveyancer can attend to matters concerning the conveyance of legal title from the vendor to the purchaser. A solicitor can also advise on a broader set of legal matters, including disputes and litigation regarding the contract, asset protection strategies for your property holdings as well as your estate planning. Many solicitors regard themselves as expert negotiators who by virtue of their broader experience in commercial transactions may be negotiate better terms in a contract for sale for you than a conveyancer could.

What is Shore Legal?

Shore Legal is a law firm located within Shore Financial, one of Australia’s leading mortgage broking companies. Shore Legal benefits from being on-the-ground with your mortgage brokers, so we have an extensive understanding of your objectives. Additionally, you will be able minimise the number of external meetings and paperwork required in one transaction. In addition to acting on buy-side conveyancing, Shore Legal can assist in preparing contracts for the sale of properties (both commercial and residential), provide advice on leasing, and assist with your estate planning and asset protection strategies.

Get a no-obligation Conveyancing quote

Call Shore Legal on 1300 416 700 to arrange an appointment with one of our legal specialists or email legal@shorefinancial.com.au.

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