Legalities

Lawyers are a necessary part of the process and add more value than you might think. What do they do for you?

The Myth – a rubber stamp on a standard form

The Reality – a straightforward job but an involved one:

• Title check. This ensures you understand the implications any covenants, easements or similar that may be recorded on the property title
• Help you work through LIM reports and Compliance Certificates. With the number of leaky buildings out there you don’t want any surprises
• Getting the ownership right. Should the property be owned by you personally, through a trust or in shares with other people? Each has its own implications
• Relationships. These need to be taken into account especially the consequences if it all turns to custard. This is not easy territory but time taken to upfront could make things easier down the track
• Guarantees and mortgages. Are not to be taken on lightly and a lawyer will help you understand your obligations
• Managing the money. Your lawyer is trusted by the banks to transfer money between buyer and seller. A very big responsibility involving some big numbers