Following on from a recent article we published regarding cheap ‘will kits’, we often find that clients are also compromising one of the largest purchases they will make in their lifetime, being the purchase of their first home or real estate, all for the sake of saving a small amount of money.
We find that many people try to ‘do it themselves’ to save money and before long they are floundering and need urgent assistance from a law firm, where unfortunately, they have already compromised their position by acting for themselves and have unwittingly breached the contract. Breaches of contract can result in significant financial loss and is not a matter to be taken lightly.
Conveyancing in Queensland is inherently complex and there are over twenty pieces of legislation which affect conveyancing transactions, including Federal and State legislation, as well as specific contract conditions, an extensive amount of case law and practice guidelines.
Practically, this means there are many ways a transaction can go awry, and it is unbelievable that people would risk the largest outlay in their lives, and risk hundreds of thousands of dollars possibly being thrown away for the sake of saving money on paying a professional to undertake the conveyancing transaction on their behalf.
Contracts in Queensland are ‘time is of the essence’, which means that any failure to meat deadlines under the contract could have serious legal and financial ramifications for you. In addition to possibly being able to have the contract terminated for a breach under the contract, if a buyer is in breach under the contract:
- The seller may also be entitled to various other remedies under the contract including the ability to retain the full deposit paid (which is often many thousands of dollars), damages, an application for specific performance of the contract, legal costs and interest; and/or
- And the seller terminates the contract, later selling it to another buyer for less money than the agreed contract price – then the seller may be able to apply to the court for an order that the buyer pay to the seller the difference between the agreed contract price and the price the seller later sells the property for (this can be upwards of $100,000 depending on the property market and other variables).
If the seller is in breach under the contract, in addition to possibly being able to terminate the contract, the buyer may also be eligible to:
- Affirm the contract and sue the seller for specific performance of the contract and/or damages for breach, as well as or in lieu of specific performance of the contract;
- Claim compensation from the seller for alternate accommodation costs, interest/rental loss if the property is an investment property.
There are many intricacies and possible pitfalls throughout the conveyancing process, and many which people will find are quite difficult to attend to without professional assistance. This includes the preparation and correct execution/procedures relating to transfer documents, releases of mortgage, registration of releases of mortgage (if required) and can become even more complex when a paper certificate of title has been issued for the property.
Affinity Lawyers has a professional and friendly conveyancing team who have extensive experience with all types of conveyancing transactions, ready to assist you with any of your property transactions. With competitive pricing, and a superior service, where you will be guided through the whole process from start to finish there is no need to take any risks when it comes to one of your largest outlays. Telephone our friendly Gold Coast office today on 07 5563 8970 to discuss your property and conveyancing needs today.
