Property solicitors are important players in the conveyancing process. They are well-versed in all aspects of property conveyancing. They also have the proper license to practice. They can act on behalf of either the buyer or seller.
Learn the duties of property solicitors in Townsville. This way, you can enjoy a better working relationship with them, whether you are the buyer or the seller.
Duties of a Buyer’s Property Solicitor
For the buyer, the solicitor will provide the following services:
- The solicitor will review the contract and the seller’s statements. They will also provide information on special conditions included in the contract, as well as the repercussions of signing the contract to the buyer.
- The solicitor will need to do some research and apply for certificates. They will need to report everything to the buyer. It is the job of the buyer to inspect the property.
- The solicitor will also prepare the property transfer. They will act as representatives of the buyer and exchange contracts with the seller’s representatives.
- They will also advise the buyer on financing options, aside from gathering all information related to the property title as required. They will also review the mortgage documents and provide necessary information to the client.
- They will also prepare settlement statements and adjustments that show the payment history. The solicitors will also file a notice of land acquisition to the concerned government agencies, and represent the buyer in settlement meetings, payment of the stamp duties, and filing the registration documents.
Duties of a Seller’s Property Solicitor
For the seller, the solicitor will provide the following services:
- The solicitor will draft the contract of sale and prepare the seller’s statements and special provisions for inclusion in the contract.
- They are also responsible for exchanging contract documents with the buyer’s representative.
- They will draft the statutory declaration on the chattel value in the transaction. In the process, they will review the transfer, settlement statement, and statement of adjustments.
As the seller’s representative, they need to file a notice of land sale to the concerned government agencies and arrange for the discharge of the vendor’s mortgages and a clear title.
Whether you are a buyer or a seller, understand the role of your solicitor. This will help you develop a comfortable relationship with him when buying or selling a property.