A SELLER'S GUIDE TO EVALUATING AN OFFER TO PURCHASE: TIP #1

PUBLISHED 21 JUL 2016   

This week we start with a series of tips for the Seller when receiving and evaluating an offer to purchase. 

TIP #1:  IT IS THE SELLER’S RIGHT TO APPOINT THE TRANSFERRING ATTORNEY

Property is the most expensive asset most people will ever own. Our property registration system is one of the safest and best in the world. Conveyancers are an important part of this registration system.  The process of selling and eventually transferring your valuable property can have many pitfalls if you do not receive the correct advice timeously. It is therefore necessary to use transferring attorneys (conveyancers) who can guide you and who you can trust to look after your interests.

Since you are the seller you have the right to nominate the transferring attorney (conveyancer) dealing with the transfer of your property. We suggest that you do so with great caution in order to protect your own interests.

You should appoint an established law firm that specialises in property law and has the capability to manage and expedite the transfer process whilst giving you frequent and relevant feedback.  It is preferable to appoint a firm that is operating in the town or city where the transaction is taking place to expedite the process. 

The transferring attorney is the law firm responsible for the transfer of your property into the name of the purchaser.

This law firm must ensure that the purchaser complies with the terms of the deed of sale and, if not, that the necessary steps are taken to enforce the terms. This law firm also drafts all the legal documents and oversees the signing thereof. Furthermore, it is their responsibility to obtain the transfer duty receipt and city council (and Home Owners Association and sectional title, if applicable) clearance certificates. All figures are dealt with by the transferring attorney and this attorney is responsible for all the financial aspects of the transaction. This firm must coordinate lodgement of the documents at the Deeds Office once they are satisfied that all legal and contractual requirements have been met.

Ultimately, this is the law firm that must primarily look after your interests and protect you through the transfer process.