I have just started a new retail shop and I am having to get my head around my legal responsibilities. There is a lot to consider when you are employing people as well as having customers and suppliers interacting with your business every day. We are a successful business and part of staying successful is making sure that the business is set up correctly and that we look after everyone involved legally. This blog has tips for new retail store owners to help them understand what legal issues they can manage themselves and when it's time to get advice from a lawyer.
As a budding real estate investor, you must comprehend the conveyancing concept. Typically, conveyancers are a must-have when exchanging real estate contracts. Who are conveyancers and what do they do? Below are some FAQs to help build your understanding of conveyancing.
Who are Conveyancers?
Conveyancers are professionals that handle the legalities of real estate exchange. In Australia, a conveyancer could either be a property law practitioner or someone with a conveyancing degree or diploma. Below are some of the duties of a conveyancer:
Does the Law Compel You To Engage A Conveyancer?
No. However, you will be disadvantaged if you opt to self-represent yourself when exchanging property. In most instances, the other party will have a conveyancer. Therefore, they will take advantage of your ignorance in legal matters. For example, the contract of sale could lack a disclosure clause. In this case, you cannot initiate court action against the seller if you find out that the property has severe defects.
The seller's conveyancer could also rush the sale process to prevent you from conducting due diligence. Therefore, you could end up buying a property with severe defects. For instance, the property could have an easement or could have flouted local development regulations. You also risk buying an overpriced property if you do not engage a conveyancer. For instance, the selling party could use your emotions to compel you to buy the property above its market value by pitting you against other interested parties.
What is the Difference Between Conveyancers and Real Estate Agents?
Most people assume that real estate agents and conveyancers perform the same roles. While their duties could intertwine, there is a clear distinction between agents and conveyancers. A real estate agent connects buyers and sellers. On the other hand, the conveyancer protects the interests of buyers and sellers during property exchanges. Most conveyancing work has a legal background. Consequently, the conveyancer has professional liability insurance that compensates you for errors or negligence on the conveyancer's part. For instance, you could incur losses if the conveyancer made an oversight when examining the property documents.
Contact a conveyancing service near you to learn more.
Share19 July 2022
