This week’s tip is all about solicitors and the importance of their role in the property transaction process. If you are new to property ownership or haven’t used the solicitor recently, their role is really critical.
What they do is check your purchase contract and give you legal advice on that contract.
They make sure all the dates are in place and advise you. So, for example, once you’ve signed a contract and when the deposits are due, the solicitor’s role is to make sure that the receipts are received and paid to the seller and all the finance dates are in order, the settlement dates, and any building and pest reports, right through to the day of settlement to organize the funds.
So generally, what will happen is a few days before settlement, the solicitor will send you an email with the details of how much funds are required for the settlement purchase price, stamp duty, legal costs, and then you’ll transfer the money into their trust account accountant. The solicitor will then arrange for funds to be transferred to the seller on settlement day.
How does your solicitor charge?
One of the questions you should always ask your solicitor that you’re looking to engage is, do they charge an hourly rate, or do they have a fixed rate?
Some will have a fixed rate, that is generally much more cost-effective. So just make sure that you’re not being charged per phone call or per email and how much further advice they will give you.
If you need a recommendation for a solicitor for your next property purchase, please reach out and I will forward you to one I have used myself and for many of my clients.
If you would like to discuss your property needs further feel free to book an appointment in my calendar by clicking here.
Regards,
Geoff Tomkins
Buyers Advocate
PH: 0404 852 781
