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A 2012 initiative supported by the Real Estate Institute of NSW (REINSW) and the Law Society of NSW found agents and purchasers have much to gain from closer working relationships with conveyancers and solicitors.
The Residential Conveyancing Protocol was designed to foster further cooperation between solicitors, conveyancers and real estate agents in order to reduce risks for consumers buying and selling property in NSW.
“This joint initiative of the Law Society of NSW and the Real Estate Institute of New South Wales recognises the need for solicitors and real estate agents to work together professionally to provide a smooth transaction for the benefit of all parties involved,” President of the Law Society of NSW, Justin Dowd, said.
“The Protocol provides a simple, practical guide outlining the best procedures to be followed during the stages of the process where solicitors and agents work closely together, such as at exchange and settlement,” he said.
REINSW CEO, Tim McKibbin, agreed greater collaboration helps all properties involved, relieving stress for property agents and avoiding confusion for property purchasers.
Since its implementation the protocol has served to streamline the process for all involved.
Buying property today is more problematic than it once was. By integrating the skills and knowledge base of solicitors, conveyancers and real estate agents, clients can significantly profit both financially and in regards to the time spent dealing with the tightened lending requirements of banks and government compliance.
A conveyancer truly demonstrates their worth when fully engaged in the whole purchasing process. By keeping track of negotiations and contracts – from client, to agent, the bank and mortgage broker – a good conveyancer can minimise the stress experienced in what is often the biggest purchase in an individual’s life.
Conveyancers are worth their weight in gold when it comes to the increasing complexity of property contracts. A conveyancer has immediate access to various databases allowing them to speedily check property information and they’re trained to pick up errors in contracts that could see both vendors and purchasers losing out on profit margins.
Incorrect property or land descriptions, the failure to list encumbrances, botched GST information and special conditions that are too vague or have unrealistic timeframes are all examples of common contract mistakes leaving agents and their clients with a property-purchase or property-sell hangover.
Purchasing or selling property is an important, and often critical, time in your life. Sales that stagnant or fall through because of unclear or incorrect contracts are completely avoidable with the right conveyancing team behind you. Find out why you should avoid DIY conveyancing here.
If you’re buying or selling property, or you’re an agent looking to collaborate, contact CM Lawyers today.