Conveyancer Gold- Understanding Legal Contracts

Whether you are thinking about buying or selling property, the contract or the legal documents should be prepared carefully. The names of the parties entering the contract should be spelled correctly and must match with the legal identifications  such as the passport, driver’s license or birth certificate.

Common mistakes to avoid when preparing legal contracts

 The following is valuable advice from conveyancers in Gold Coast.

  • Avoid using Anglicized names or nicknames. These are names people go by on a daily basis but are not a part of their legal identification.
  • If one or the parties have changed their name, it should be reflected on the identifications
  •  Do not forget putting your middle name in the contract
  •  Use the full legal name of the trustee and the trust
  •  Avoid common errors that arise due to faulty data entry.
  • Avoid using your last name as your first name because certain foreign names are written that way.

 The usage of correct names is particularly important during property transactions. The  identity should match exactly with the registered title of the property which is being sold.  Speak with a conveyancer in Gold Coast about the title search on the property before continuing the contract and ensure that the names match. 

When working with a real estate agent while buying or selling property, there are no errors in the legal aspects of the contract. Work closely with your agent and ask them to undertake a title search while obtaining copies of parties identification to ensure that all details are correct when preparing contracts of sales.

 Things to keep in mind when signing a contract

 Once the contract is signed, it is impossible to change the name of the parties. Even minor changes like an incorrect spelling in the contract would require a formal written agreement from both parties. These errors are the main reason why there could be delays with financial applications and it might impact the settlement process.

 Signing a contract without the correct entity will need to be corrected by the parties by signing a deed of rescission. It terminates the original contract on the condition that a new contract is being entered into by the buyer and seller.

 Hiring a professional conveyancer in Gold Coast

 You can hire a solicitor who is trained in conveyancing law.  They will ensure that the contract of sale is legally binding and there are no stamp duty implications for the parties involved.

  •  Hiring a solicitor will save you from unnecessary delay and stress.
  •  It can help you save up on cost during property transactions because you will get pre contractual advice from an experienced lawyer in property law.

Buying a home or an investment property on the Gold Coast can be an overwhelming experience. Our expert conveyancers suggest  speaking with your banker or accountant to ensure that the purchasing entity is correctly described. In case you need to finance your purchase, you should make your contract subject to finance. Doing so would ensure that you have the ability to terminate the contract in case the finance is declined.  

Last but not least, never make the presumption that the property of purchasing is structurally sound or pest free. Always make a contract on the conditional upon building and pest inspection because it will provide you an opportunity to either terminate the contract or get a reduction in price.

Make sure to keep these things in mind when purchasing property on Gold Coast. Speak with a local Gold Coast’s conveyancer today to know more about signing legal contracts when buying or selling properties.