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
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.