What Is The Difference Between a Conveyancer & a Solicitor?
A Conveyancer and a Solicitor do exactly the same work when it comes to Conveyancing. A solicitor has been educated over a larger scope of legal work which they are accomplished in. In fact, many large legal firms employ specialist Licensed Conveyancers to fulfil the role in their practices.
What is a ‘Cooling Off Period’?
A Cooling Off Period is a statutory right under the Sale of Land Contract. This right allows the Purchaser five business days in which to decide whether they are able to fulfil the purchase. A formal written recession is required for a purchaser to invoke the right, along with a forfeiture of .25% of the purchase price. After a formal written notice of rescission is served on the Vendor, the Purchaser is permitted to walk away from the purchase. This right is not included for a property bought at auction. The purpose of this right is to allow the Purchaser to seek reports on the building along with formal approval for bank finance.
What does fixed price Conveyancing include?
The most common misunderstanding by the public in this area, is that some practises advertise a fixed price for labour, but include a magic asterix (#). The magic asterix means that disbursements are not included. Disbursements may vary from practice to practice. There are commonly similar prices to be found in the industry, however, if it seems to cheap to be true, then it probably is. Your professional relationship with your conveyancer is very important. Ask if a licensed conveyance will be handling your file the entire way through your transaction? Not somebody’s secretary or personal assistant.
How long does it take to have a sale contract prepared for marketing purposes?
Typically, a practitioner orders the documentation required for your contract on-line. It is possible to have the bulk of the contract ready within 24 hours. However, the statutory bodies from whom the documents are ordered, can sometimes take up to ten business days (usually council).Therefore despite all of the promises that can be made to you, it would be sensible to allow a fortnight for completion to take place. An agent is in breach of the law to market a property without a completed contact.
Can an old contract be used again from when you purchased your property?
The simple answer is no. However, if you still hold the contract and you are in a desperate hurry to start your marketing, the old documents from that contract may be used on a temporary basis, but cannot be relied upon for a legal exchange of contracts to take place.
What is the legal difference between ‘joint tenants and ‘tenants in common’?
These terms refer to the legal relationship between the parties that own the property. A Joint Tenant is a person who holds an interest in land with others, each owning 100 per cent of the title to the land at the same time. A joint tenant does not have an interest in land that is capable of being devised in a will unless the other joint tenant predeceases him or her the sole surviving owner of the land.
A tenant in common is a holder of the land that is set in a specific amount, which is saleable or devisable without consent of the other holder of the land. Tenants in common may specify each share as is financially appropriate eg: 50/50. 1/99, 20/80 etc. This arrangement does cause implications when applying for finance. It is important to discuss this manner of purchasing with the mortgage broker or bank when applying for pre-approval of your finance.