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Buying or Selling a Property: Legal Issues You Should Know

Buying or selling property is a major transaction anywhere for anyone. The government is trying to make the process simpler, but some people still find it a little bit hard to understand. That’s why it’s beneficial for many homebuyers to let a professional handle the whole process for them. A conveyancing specialist in Townsville enumerates some of the legal issues you might encounter when buying or selling a property.

Breach of contract

Legal contracts are always going to be a bit of a mystery for ordinary people. Even the simplest contract will have some legal terms that mean little to most people. This can lead to breaches of contract and some serious fines. The best way to avoid this is to have a solicitor look over the contract before you sign. Your solicitor can advise you on your obligations as a buyer or seller, and point out any issues with the contract terms. You can also ask him or her to negotiate for extensions on deadlines when needed.

Disclosure

This is a big issue for many sellers. The government specifies situations that you need to disclose to the buyer, ranging from issues with the title to energy efficiency. If you’re selling property with a community title, you have to tell the buyer about all the rules and regulations of the body corporate. If you fail to disclose everything, you could get into trouble.

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Final condition

Conveyancing can take a long time. The condition of the property can change in the meantime. If you notice major changes in the property’s condition on final inspection, you can dispute it with the seller. You should be able to draw back from the contract without penalty if you can’t agree with the seller.  You have rights under the contract that allow you to do that. Your conveyancing solicitor would handle that for you as well.

These common issues in conveyancing can have a major impact on you as a buyer or seller. Most people are lost when these and other issues come up in their transaction. It will cost you less in money and stress to have a professional handle it for you from the start.