Wondering as to what some of those real estate terms and conditions mean? Our conveyancing encyclopaedia provides links to comprehensive explanations of a conveyancing or real estate terms.
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It is important to differentiate between conveyancing tasks
and extraneous tasks, as there can be serious implications for both the lawyer
and the client in terms of costs and liability if the distinction is not
maintained.
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The first advice to be offered to anyone considering taking legal action against someone else is 'DON'T DO IT!'. Going to court should always be a last resort.
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While consumers are used to commission estate agents "valuing" real estate, the fact is that commission estate agents are not qualified to perform this role.
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In his book Real Estate Without Agents, (Rowley Publications, Sydney 2004 at p.7) respected author and real estate journalist Terry Ryder calculates commission estate agent commissions as being equivalent to an hourly rate of $675!
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It is a sad fact of the current real estate industry that it is built on secrecy, and requires secrecy in order to function. Among the best kept secrets in real estate are the following...
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According to the Legal Practice Act, conveyancers are not permitted to offer any form of legal advice or legal work to their clients, even though conveyancing matters invariably require the giving of legal advice.
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While most people understand the term "Retirement Village" as meaning a form of unit accommodation, it often comes as a surprise to find that there are different ways of "owning" or "occupying" a retirement unit.
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Professional indemnity insurance is held by a professional person to ensure that any claims of professional negligence made against the professional person can be met. To put it another way, there is not much point in suing a professional person if they do not have enough money to pay for your loss - so professional indemnity insurance comes in to cover the cost.
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Condition 4 of Table A, Schedule 7 of the Transfer of Land Act provides for the payment of penalty interest if either party delays the payment of money. The most common form of delay is the postponement of settlement.
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The offers-over method of real estate pricing is the fairest method of all.
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