When you’re looking to purchase property it’s easy to have your blinkers set on finance, the latest land release and sales agents. But it’s important conveyancers or solicitors are also on your radar. We chat to local property developer and Urbex General Manager Wayne Rex and John Tsoukalis of Tsoukalis Lawyers to find out why and what you need to consider.
When should I see a conveyancer or solicitor?
Before you sign a contract to purchase land or a home you need to nominate the conveyancer or solicitor that you’ll work with. Do your homework and get to know the local conveyancers in Darwin, their fees and services, and establish who you’ll work with prior to signing on the dotted line. If the property is for business or investment purposes it’s worthwhile getting legal and accounting advice as well.
How can I prepare for my appointment?
Head to your appointment fully armed with an understanding of your financial position and, if possible, a pre-approved loan from your bank. The sales agent for the property will have provided your conveyancer or solicitor with a signed copy of the contract. If you’re going to be on the property title, you should be present at the appointment to sign the relevant documents, ask questions and understand the process to settlement.
What do I need to be aware of?
Make sure your contract includes a ‘cooling off period’. Generally this is four working days from the date your contract was signed and gives both you and the seller the opportunity to reconsider and withdraw from the agreement without legal or financial implication. We recommend that you also obtain a copy of the survey and contour plans of your block and request the geotechnical report. This details the soil classification on your block and will inform the specifications required for your foundations.
Do you have any tips for working with conveyancers?
Don’t be afraid to ask questions or the meaning of legal terms if you’re unsure. Purchasing land to build your dream can be daunting and overwhelming, and your conveyancer or solicitor is there to help guide you and keep the purchase moving forward and on schedule.