Avoiding Settlement Headaches – The Benefits of Retaining a Property Lawyer

The Australian property market remains strong despite the challenges of COVID-19 and economists predict it will remain resilient for the foreseeable future. Victorian State Government incentives such as stamp duty concessions for new contracts and record low interest rates make it an ideal time to purchase or sell a property. Whether you are buying or selling property, one thing is certain – you will need to engage the assistance of a conveyancing professional at the beginning of your property journey.

Lawyers and Conveyancers – what’s the difference?

In Victoria, both lawyers and conveyancers are qualified professionals that can assist with property transactions. While legislation limits the scope of work that conveyancers are able to undertake, our property lawyers have the knowledge, skill and ability to provide the full suite of property law services ensuring you are in the best position throughout your property purchase.

Common Issues

As settlement rates increase and banks continue to adapt to a COVID normal world, traps and pitfalls in purchasing a property are multiplying. Even the best-laid plans for your settlement can experience unexpected hiccups that could lead to a delayed settlement or inability to access the property as early as you expected.

Whether it is the initial contract review or obtaining early access to a property under agreement, property lawyers are best placed to assist with any unexpected complications. If more complex issues arise, conveyancers will need to refer a client to a lawyer – potentially adding to your overall cost.

Advantages of using a Morrows Legal

1. Issue Mitigation and Resolution
   

   Our experienced lawyers can advise, negotiate and mitigate a variety of issues during the conveyancing process that is becoming increasingly commonplace as settlement rates continue to increase.

   For example, if settlement is delayed and access to the property is required by the new owner, a license agreement prepared by one of our skilled lawyers can grant this access and ensure your rights and interests are protected.

2. Contract of Sale and Section 32 Vendor Statement Reviews
   

   Only qualified lawyers can review and advise on the contract and vendor statement for a property purchase before you sign, or within the cooling-off period. Without a thorough review, important issues pertaining to the purchase could be missed.

   One recent example is the impact of flammable cladding on apartment building exteriors. This issue is commonly disclosed in the vendors’ statements but frequently goes unnoticed, which can have major ramifications on obtaining finance, resale of the property in the future, or increased body corporate fees to mitigate the risk.

3. The Bigger Picture
   

   Our lawyers can go beyond the conveyancing transaction itself and assist with asset structuring, asset protection, taxation or GST implications, and estate planning. We can review your assets and together with your Morrows OneTeam of advisers, plan the purchase of a property by the optimal means, protect your investment or sell a property.

Morrows Legal can assist in ensuring your property purchase or sale runs smoothly. If you wish to discuss our services, please contact Laura Harding (lharding@morrows.com.au) or your Morrows Advisor.

Disclaimer: The information contained in this article is general in nature and should not be relied upon as legal advice.