Buying and selling property, whether residential, commercial, retail or farming is often the largest transaction that most people will complete in their lives. It’s too important to get “cheap” conveyancing. It must be done correctly and with all the skill required.
What most clients don’t realise is that many conveyancing companies and some law firms use non-lawyers to carry out their conveyancing work, with little or no supervision from a qualified and experienced lawyer. However, at Danaher Legal you will have a senior lawyer handling your file and closely overseeing the management of your conveyance. In addition, we believe that Danaher Legal offers ‘value for money’ commensurate with the skill and experience you would expect from a firm managing the purchase or sale of your home.
Pitfalls of Conveyancing
Often we have potential clients contact us requesting “cheap” conveyancing. After all isn’t conveyancing a simple process of filling out forms? WRONG….. Transferring property into or out of your name requires significant skill and attention to detail if you want to get it right first time.
The issues that may arise in relation to the transfer of a property include:
Taxes such as CGT, GST (even on some residential houses), income tax on rental properties, land tax (penalty rates apply for some entities) and duty(concessions may apply). Advice should be taken on how these taxes can be legitimately limited.
Estate planning and asset protection from testator family maintenance claims, bankruptcy, family law proceedings and other creditors.
The effect of your purchase on government concessions.
What is and is not included in the transaction.
The physical details of the property including title boundary deficiencies, adverse possession and the use of easements.
Restrictions placed on your use of the property including restrictive covenants, planning restrictions or Owners Corporation Rules.
Logistically arranging settlement particularly where there is a contemporaneous sale and purchase or a “chain of settlements” on which your transaction depends. Who is liable in the event of default?
Other legal issues connected with the entity selling/buying the property ie Your Self Managed Superannuation Fund (SMSF), Family Trust or Company.Unfortunately there is no such thing as a simple conveyance. All these issues need to be considered. Often the problems with a property transaction do not arise in the transaction but much later after the transaction has been completed. The result: significant additional legal fees, accounting fees and taxes and it may not be possible to resolve the issue.
At Danaher Legal conveyancing is “not just a process”. We take a holistic approach when our clients buy and sell property. We want to make sure that our clients receive the best advice possible to maximise our client’s position and reduce the risk to our client. Get in touch with us to discuss these issues.
The fee that we charge for conveyancing reflects the additional care and skill taken to act in the best interests of our clients.