Getting the right pre-contract advice can save you from costly misunderstandings. Law Essentials conveyancing team, confirm you are seeking advice on a contract to buy a property BEFORE you sign.
We definitely can assist and want to give you the best advice we can.
Many buyers think that the time to get an advice on the contract should take no more than a few minutes. That may be true if the law firm does a “skim” job.
Comparing Pre-Contract Advice
What a skim job sees
What a thorough contract review from Law Essentials sees
Providing legal advice is certainly something we take seriously and want to do the best job we can for buyers. The advice process is not something to be “skimmed” over and therefore takes some time. We endeavour to get the advice out within 24 hours, often earlier.
Pre-Contract advice when buying a property in Queensland
Purchasing a property is a massive decision for you, so thoroughly checking the contract and getting written pre-contract advice before you sign makes sense. It DOES NOT cost you anything either. This is a free service that many other firms do not do at all.
If a law firm gets the advice wrong and misses something that a buyer is then annoyed about later, the firm can be sued and the excess we have to pay to our insurer is $17,500.00. If a law firm misses something vital by not following the Insurer’s Risk Tools, or they act for both sides and an error is made, then the penalty excess they have to pay is $52,500.00. Yes correct – $52,500.00. A stack of cash out the door and not worth the risk for a “skim” job.
We therefore take the time to give a proper written advice on contracts if requested by:-
- Checking all the particulars
- Explaining Building & Pest and Finance clauses in general
- Explaining easements/encumbrances. As part of the service we complete a free searches from the Council website and provide these to the client as part of the advice
- Explaining any special conditions
- Providing other general recommendations and/or suggestions
Without the above, a buyer cannot be fully informed. That’s what you have asked for, so it’s dangerous/expensive work to do the “skim” job.
A good example when comparing good advice to a skim job is easily captured below.
So sometimes buyers do assume that the contract advice takes a few minutes. We just want to make it clear that good advice takes a little longer than that. We definitely do it as fast as possible and will get back to you shortly with the written advice.