7 October 2010

Buying a house

New house buyers often ask the question, "do I need a solicitor to advise me before signing a Contract of Sale?" Although buyers are allowed to undertake this process themselves, many who opt for the do-it-yourself method run into trouble because they have overlooked a contract deadline or failed to make appropriate adjustments at settlement.

"They often end up seeking professional legal advice that can cost as much as, or more than, the original conveyancing charges they sought to avoid," Real Estate Institute of Queensland managing director Dan Molloy said. "Using a solicitor often saves time on paperwork such as title searches and stamp duty and can also provide peace of mind when making, what may be, the largest single financial transaction of your life."

Even if you decide not to engage a solicitor's services, you still have to face the costs of title searches, certificates of rates, zoning, stamp duty and registration fees. These searches are essential in determining whether the property has any restrictions such as outstanding taxes or encumbrances on title. There are also recent changes that affect the use of warning and information statements in property contracts as well as issues relating to contract termination. These changes are due to start on 1 October 2010.

Contact Affordable Conveyancing for independent legal advice before signing a Contract of Sale.