Whether buying or selling real estate the question often comes up of when to engage someone to provide conveyancing services.
It is common practice in Queensland that real estate agents will often complete standard form contracts. However, many sellers and buyers do not realise that the Legal Profession Act restrains real estate agents from doing any more than completing the blanks in a contract and inserting special conditions prepared by a lawyer.
It is true that buyer’s of residential property will often have the benefit of a 5 day cooling off period in which they can seek conveyancing services.
There are also many contractual terms in the standard REIQ contracts which protect both parties and which are endorsed by the Queensland Law Society, but they cannot deal with all potential outcomes. For instance, not every negative search result will entitle a buyer to terminate. Also, parties will often have specific needs that mean they will need legal advice prior to entering a contract.
We encourage parties to arrange conveyancing advice as early in a transaction as they think necessary.
Many law practices include a perusal of a contract into the professional fees for their conveyancing services irrespective of when the contract is reviewed.
So, if you have any circumstances that may require a special condition or are simply concerned about whether a standard form contract will protect you from all contingencies, then you may want to engage a lawyer to review your contract before you sign.