Common Conveyancing Pitfalls and Mistakes
A few important reasons why you should engage an experienced property lawyer or conveyancer to handle your conveyancing transaction:
A defective Section 32 Vendor’s statement
may entitle a purchaser to legally “walk away” from a signed contract of real estate in instances when a seller has failed to disclose all required information relating the land. A mistake could cost the seller time, money and unnecessary stress.
Goods and Services Tax (GST) withholding obligations
are imposed by the Australian Taxation Office on both a seller and purchaser of a certain residential property. It is important that you are aware of your GST obligations when dealing with your property and your representative complies with the legislative requirements.
Unforeseen land tax consequences
If your representative fails to notify the State Revenue Office that you have acquired property as a trustee following settlement, you may be liable for substantial penalties as well as the trustee surcharge land tax due to the oversight.
Discrepancies with title dimensions
It is important that you check the title dimensions of the property and any accessory car park lot before you enter into a contract. Problems arise if a party relies on the displayed lot number that does not accord with its location on the plan.
Self-represented party
Any self-represented party will not be insured against any errors or mistakes made at lodgement. In most instances, you must be an Electronic Conveyancing National Law Subscriber in order to conduct the conveyancing transaction and carry out professional indemnity insurance.
