Monkey Conveyancing FAQs
The amount of things that can go wrong and delay the conveyancing process are endless. The aim of a smooth conveyancing process is to foresee issues and solve them before they happen. This is why EXPERIENCE is the most valuable asset your Conveyancer must have. They also need to be able to work under pressure, multi task and have excellent communication skills. The true art of Conveyancing is a skill that is learned over time. Monkey has the experience and skills to foresee and resolve issues before they cause major problems!
Things that can go Wrong When Selling a Property
- The purchaser may not pay the deposit on time.
- Any guarantees under the Contract of Sale are found to be false.
- The fences on a property are in the wrong place and you didn’t tell the Buyer.
- Neighbours buildings are on your land and you didn’t tell the Buyer.
- The title deed may be lost and a new one will have to be obtained.
- Your bank may not be able to settle on time - this is the biggest issue and usually always is.
e.g. 1: the discharge authority was lost or is not back in time.
e.g. 2: the value of the Mortgage is greater than the proceeds of sale.
e.g. 3: you disagree with the bank's figure for paying out the Mortgage.
e.g. 4: your bank can't get the payout figure to the purchaser's Conveyancer in their bank's time frame.
- The tenant won’t move out.
- The tenant has moved out at the last minute but trashed the place.
- The Buyer may not be able to settle on time (often because their bank isn’t ready).
- The Buyer may refuse to settle.
- You've not been able to book the settlement in within your bank's timeframe.
Things that can go Wrong When Buying a Property
- The Buyer may not be able to obtain finance.
- The building doesn’t pass the building and pest report.
- The boundaries of the property may not match where the fences are and the Buyer discovers they are getting less land than originally thought. This could give rise to a claim for compensation that has to be negotiated.
- The Buyer was given guarantees under the contract and you discover that one or more of them are false.
- Neighbours buildings are on the land and the Seller didn’t inform the Buyer.
- The drainage diagram is not showing all connections that are in the house - indicating potential illegal work on the house.
- Illegal/unapproved building extensions (a safety and legal issue).
- Owner/builder issues that are outstanding.
- The land searches at government departments disclose issues that are unforeseen or not known at the time of signing the Contract for Sale.
- Delays in having Stamp Duty paid on the contract.
e.g. 1: the name on the contract doesn’t match the name on the Transfer.
e.g. 2: the Buyer doesn’t pay Stamp Duty in time for transfer to go to Seller for signing.
- Your bank may not be able to settle on time. In many cases it is the Lender that holds up the Conveyancing process as there are many things that can go wrong here.
- The property is not in same condition as it was when you signed the Contract of Sale.
- The tenants haven't/won’t move out or have trashed the place.
- The Seller has removed things that were sold with the property e.g. light fittings, the wheelie bin, dishwasher, pool cleaning equipment etc.
- The Buyer’s Conveyancer has not been able to book a time to pay for the property within your bank's timeframe and now they cannot settle on time.
- The Contract for Sale says you must settle on a set day at a set time and if you don’t you will lose your deposit and be sued for breach of contract.
- You have under estimated how much money you need to pay and don’t have the money to buy the property - trust us - it happens!!
Then there are the day-to-day human errors
- Lost mail.
- People not getting messages.
- People being away sick.
- Misunderstandings and miscommunications
- Personality conflicts.
- Unreasonable behaviour.
- One of the Sellers may be divorcing the other and is being obstructive.
- It could be a deceased estate and one of the Seller's doesn’t want to sell or can't be contacted for documents to be signed.
- Overseas Sellers and Buyers who are signing documents overseas are getting them witnessed by the wrong people.
- Documents signed in the wrong colour pen.
Monkey Conveyancing is here to help you. Whether you are Buying or Selling, our experienced troop can guide you through the process, ensuring that any problems during your conveyancing are handled with experience and composure.
It's a jungle out there but you are in safe hands with Monkey!
It is not illegal for one Conveyancer to represent a Seller and a Buyer in the same transaction. In 99% of cases it is also not smart if they do.
It can be cheaper to act for both parties because there is less work to do. You don’t have to speak to the other Conveyancer to start with. And it’s easier to arrange things, especially Settlement. But a saving in money in these circumstances could end up being a case of “penny wise and pound foolish” i.e. it could easily cost you more in the long run.
“Acting for both parties” (as it is called) can be dangerous for all concerned – the Conveyancer, the Seller and the Buyer.
If there is a dispute, it is very difficult for the Conveyancer be impartial. The Conveyancer can’t tell one person one thing in their best interest and then turn around and tell the other person what is in their best interest when they know all the facts. The problem is that a Conveyancer is bound by confidentiality. If for instance, the Seller says “don’t tell the Buyer” then the Conveyancer cannot act in the best interests of the Buyer and that is a breach of the Conveyancer’s obligation to the Buyer.
Where there is a conflict of interest, the Conveyancer can no longer act for Buyer or Seller and both will need to find a new Conveyancer. And the Conveyancer possibly would not be entitled to charge for the work that was done up until that time.
When acting for Buyer and Seller, the Conveyancer can only do the mechanics of the conveyancing process and cannot give legal advice as to potential risks of the purchase or sale.
In Queensland it is the preference of the Queensland Law Society and Lexon Insurance (the compulsory Professional Indemnity Insurer) that a Conveyancer does not act for both parties. There really is a minefield of things that can go wrong and only two of the three in this triangle will end up happy – don’t risk being the unhappy party.
It is better therefore that the Buyer and Seller have different Conveyancers so their rights are looked after. Problems don’t always occur but if they do, having separate Conveyancers means fewer headaches!
You cannot be more strongly urged to have independent Conveyancers.
Monkey will not act for both parties. The risks aren’t worth making a quick buck.