Purchasing and selling a property in NSW is relatively straightforward when you appoint the appropriate persons for the transaction. In this article, we focus on why you should never buy or sell your property without a conveyancer or solicitor.
The purpose of Sydney conveyancers and solicitors
The role of a conveyancer or solicitor is to guide you through the buying and selling process of your property. They can provide advice ranging from a purchase of a residential property (including off-the-plan purchases) to a commercial property (including industrial properties).
For a purchaser, advice and legal advice are provided in the initial stages before the contract exchange. The advice provided will cover:
- What your rights and obligations are under the contract;
- What the settlement terms are; and
- Whether you are to include or exclude clauses from the contract
Why do you need to appoint a Sydney conveyancer or solicitor?
While there is much information on the internet that could help troubleshoot the initial stages of your purchasing/selling journey, it is important to ascertain the accuracy of the information. A conveyancer or solicitor can verify whether the information is correct and provide tailored advice for your purchase or sale of a property.
Appointing a solicitor or conveyancer to assist you with the purchase or sale of your property means that you will understand your obligations as the either the seller or purchaser. This significantly reduces circumstances such as:
- For sellers: defective contracts from making incorrect disclosures, incorrect GST treatments
- For purchasers: onerous conditions not removed, not understanding the terms of sale, additional costs for default
Can you sell or purchase your property without a Sydney conveyancing company/solicitor?
In short, no.
While it may have been possible when property transactions were completed by paper, we have moved on to electronic conveyancing, where transactions are completed on a settlement transaction platform known as PEXA. Most settlement transactions are completed electronically.
PEXA has significant security safeguards that ensure that only authorised individuals and companies can access the system. Most solicitors and conveyancers are authorised individuals and therefore required to be appointed to represent you so you can successfully purchase or sell your property. Unless you are an authorised individual with access to PEXA, you will not be able to complete your purchase or sale of property without a conveyancer or solicitor.
Contact W Legal Group
W Legal has an experienced team to help you navigate the complexities of contract of sales. Reach out to us today to see how we can help!