Conveyancing In New South Wales

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The conveyance of real property in New South Wales is a complicated process that requires meticulous attention even for a "so called" simple and straight forward transaction. A missed signature or a forgotten inspection could spell disaster and add weeks to a settlement where penalty interest may be payable under the contract or even give rise for one party to rescind or terminate the contract. Consider how complex it becomes when you are dealing with a property where the owner has died or a mortgagee in possession sale and then you will see the value of a Licensed Conveyancer.

The Licensed Conveyancer is the person who provides you with the advice regarding the terms and conditions of the Contract for Sale, deals with the Vendors Conveyancer and your Bank to be sure that the settlement goes as smoothly as possible. The due diligence performed by the Licensed Conveyancer on your behalf is invaluable to you.

As a buyer or seller you are fully within your legal rights to act as your own Conveyancer, but this is highly discouraged as the Contract for Sale is a legal document which provide for your legal obligations under it.

It is one thing to enter into a real estate transaction with hard cash equal to the full purchase price of a property; if you miss something during your due diligence then you were simply negligent and have to live with the consequences. If on the other hand you are purchasing a property that will carry a mortgage and place the financial liability on a lending institution things may change. There are not many, if any lenders that will lend without mortgage insurance depending on the amount of money you borrow.

Just to put this into perspective the property which you are purchasing maybe the most expensive item you ever purchase in your lifetime. Make sure everything is legal and you know what you are purchasing. Your Licensed Conveyancer will ensure you know everything there is to know about this property.

One of the many obligations the Licensed Conveyancer is responsible for is to ensure the property is actually available to be transferred to you under the terms of the agreement free and unencumbered. This may sound simple but the current seller may have missed something way back when they originally bought the property or some unknown encumbrance many be registered against the property. These types of situations may either pass with the property or have to be sorted out prior to completion.

This is where the Licensed Conveyancer's expertise comes into being and will save you untold heartache.


About the Author:
Judy Bliss is the Principal of Longmore & Associates with over 15 years experience in conveyancing.
FOR A LIMITED TIME ONLY call (02) 44210360 or email http://www.longmoreassociates.com.au/ for an OBLIGATION FREE 15 minute discussion (valued at $75.00) regarding your purchase or sale.



Article Originally Published On: http://www.articlesnatch.com


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