While people will thoroughly vet a real estate agency before committing, the same can’t be said when choosing lawyer. Often opting for the cheapest legal advice available will wreak havoc during the conveyancing process and, which is usually also the most critical part of the transaction.
Like anything in life you get what you pay for, and investing in great lawyers and conveyances are no different. If you’re buying or selling your property good legal advice can be crucial to securing your dream home. Right from the handshake to the exchange of a contract without incident a real estate lawyer will ensure a seamless flow through the whole process. Remember, reaching a verbal agreement and signing a contractual agreement aren’t the same thing.
The main errors people make when appointing a conveyancer:
- The first problem people will have is that they do not know what to expect from their lawyer. Therefore they do not understand a lawyers worth and opt for the cheapest price.
While you may not be navigating a corporate takeover, you do need to consider finding a competent real estate lawyer that will be able to navigate and guide you through all the nuances of Queensland laws. So look for someone with a successful track record and someone who is asking a fair price; and this will make certain your legal position is protected.
- Another trap people fall into when hiring a lawyer is employing someone who doesn’t really want the job.
We’re not talking about hiring the person who just didn’t want to get out bed that day, although, if they do seem lazy don’t hire them either! But maybe you already had a professional relationship with a lawyer and thought that your loyalty was important. Well before loyalty think logic, are they the best person for the job? For instance a good corporate lawyer might not make the best real estate lawyer.
Don’t get me wrong, for a lawyer conveyancing is a pretty clear-cut process. However, every now and then a transaction will come up which involves complete competency and attentiveness to avoid any arising complications.
If you do have a preferred lawyer it doesn’t mean that you shouldn’t use them, just be sure to put it to them directly and ask straight out whether they A) want the job and B) plan on handling it themselves as jobs can be passed onto a junior or paralegal to help.
So, what else does your solicitor do?
If you’re a vendor your lawyer will prepare a contract of sale on your behalf, which must then be provided to your listing agent before your property can be listed on the market. A buyer who expresses interest in your property will then take a copy of this contract to their lawyer, who will then review and potentially negotiate aspects on behalf of the buyer.
Working with you lawyer and agent in a competitive market
If the market is competitive there is a high possibility that there will be multiple buyers and no matter if you’re the buyer or the seller in this scenario, it is imperative that the agents and lawyers work closely together.
In the case of the vendor, it’s the more the merrier when it comes to buyers. Preferably, you’ll have them all satisfied with their contract terms so that their respective offers become binding once accepted. You’ll know you have a good real estate lawyer as a vendor if they are able to professionally and swiftly guide interested buyers past the contract review phase. From here the negotiations are handed over to the agent who sets up the closure.
For the buyer, securing a property in a positive market is often about speed. An offer on a signed contract that has been negotiated and reviewed by your solicitor is more likely to be accepted by the seller. Then pending agreement on price, your solicitor can also provide authority to the seller’s real estate agent and/or conveyancer to exchange contracts without a cooling off period.
As I think you’ll agree, a good real estate lawyer is beneficial to both buyer and seller, helping to put you in a position to achieve your best price, at a fair price and with minimum fuss.