Do I need a solicitor to sell?

Discussion in 'The Buying & Selling Process' started by ramblin72, 25th May, 2018.

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  1. ramblin72

    ramblin72 Well-Known Member

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    I have googled that exact statement and not much came up that was helpful other than this link: Do I need a conveyancer to sell a house? | Cairns Conveyancing Solicitors

    I couldn't clearly see from the website what a solicitor does on the seller's behalf.

    I am selling an IP and don't have any external pressure linked to the success or timing of the sale.

    I can read a contract but wouldn't hesitate to hire a solicitor to read over it for me if need be.

    Does my solicitor create the contract or can a buyer's solicitor do it?

    I want to save a dollar where I can because I'm pretty sure I will be left with enough to buy a cheeseburger after all other costs are taken out.

    My first time selling a property so happy to take any advice.

    Thanks
     
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    No you don't

    You can create the contract of sale and attend settlement yourself.
     
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  3. ramblin72

    ramblin72 Well-Known Member

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    Thanks Terry
    the property and selling agent would be 20 min drive from me so no problems attending anything.
    Thanks again :)
     
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    That won't be where you are attending. You would need to liaise with the purchasers solicitors on where settlment will be.
     
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  5. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    I have seen it done before and in all cases, it was someone who had done it in the past as a job, so yes doable if you know what you are doing.
     
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  6. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    But it is probably best to use a lawyer - one stuff up could be costly.
     
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  7. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    Agreed 100%
     
  8. Danny370z

    Danny370z Well-Known Member

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    My question would be why would you want to?
    Its better to be covered under a solicitor. And what really are you saving?? Pennys
     
  9. Scott No Mates

    Scott No Mates Well-Known Member

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    Who's Penny?
     
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  10. Trainee

    Trainee Well-Known Member

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    Why do you think this? Are you a lawyer or do a job that requires you to read contracts?
     
  11. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    It is easy to read a contract, but do you know the ramifications of the various things relating to the contract. s149 out of date for example. taking a 5% deposit, contracting with a company, what could happen if either party dies before settlement etc.
     
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  12. Gestalt

    Gestalt Well-Known Member

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    Is the property mortgaged? If so, how does your bank feel about you acting for yourself? Will they charge you an extra release fee if you don't have a lawyer?

    Do you know what to do if the buyer fails to complete? Ensure that time remains of the essence if they request an extension? How to forfeit a deposit in accordance with the law?

    I've been a commercial litigator for more than 20 years. I cannot tell you the number of disputes I've been involved in where some legal advice up front could have saved enormous losses and legal fees.

    Do the sensible thing, invest in some professional assistance.
     
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  13. RPI

    RPI SDA Provider, Town Planner, Former Property Lawyer

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    $695 for a sale inc GST plus $220 inc GST to draft a contract if your were not using an agent. Look at that as a percentage of the sale price and see if it's worth the risk.
     
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  14. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Most lawyers would use a lawyer for conveyancing - that may show how complex it could be and how it is not worth the effort if you don't know what you are doing.
     
  15. Perthguy

    Perthguy Well-Known Member

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    What if it is the lawyer who makes the stuff up?
     
  16. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Professional indemnity insurance
     
  17. Perthguy

    Perthguy Well-Known Member

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    Mine just blamed me, doubled the bill and made me pay the penalty interest. I just paid it because it was cheaper than suing a lawyer. It saved me loads in the long run though because since then I have only used conveyancers. They are cheaper and none of mine have screwed up a settlement.
     
  18. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Your a sucker then!
     
    Perthguy likes this.

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