Bridal Club Magazine
Buying or Selling a Property
As you embark upon purchasing a new home or selling your
existing property, it is prudent to take professional legal advice
at an early stage in the process. Quite often, one's emotions take
hold and, what should be an objective decision making process,
becomes shrouded in subjectivity.
We recommend that you engage your lawyer to review any agreement
for sale and purchase prior to signature, as this will afford you
the opportunity to make any suggested amendments.
It is extremely important to remember that once you have signed
the agreement, a legally binding contract comes into force with the
ensuing legal obligations. A recent court case in Northland clearly
demonstrates the strict approach that a court will adopt in
determining a contracting party's legal obligations. Mr and Mrs A
entered into a contract to purchase a new home, with the contract
being conditional, amongst other things, upon them selling their
existing home. Their circumstances changed with the result that
they did not vigorously pursue a sale of their existing home. They
consequently cancelled the contract on the basis that this
condition had not been satisfied.
The vendor eventually sold the property but at a far lower price
than that provided for in the original contract with Mr and Mrs A.
The vendor successfully sued Mr and Mrs A for his loss (in excess
of $100,000), the court holding that Mr and Mrs A had a legal
obligation to use all their efforts to fulfill the condition of
selling their existing home, and that they had not discharged their
responsibility in this instance. In addition to receiving the
requisite and timely legal advice, it is essential that you are
kept abreast of all developments pertaining to your transaction. In
order to facilitate this, Quay Law has embraced a unique piece of
conveyancing software which enables all interested parties in a
conveyancing transaction to be kept in the loop at all times.
KeyTrack allows not only you, as the vendor or purchaser of a
property, but also all related service providers, such as your real
estate agent, mortgage broker, banker etc, to follow your
conveyancing transaction online. Using the KeyTrack system has the
following benefits:
• You are able to view the status of your property transaction
online, 24 hours a day, 7 days a week.
• You will receive email and/or text alerts when conditions in
your agreement have been satisfied and when your agreement is
declared unconditional.
• You will receive email and/or text alerts upon your deal
settling, including notification that the keys can be
released/collected.
• If you have multiple transactions on the go, you are able to
view all of those transactions with your single login, saving you
time in phoning or emailing the lawyers associated with each
deal.
• The electronic file is stored indefinitely for you to access
(free of charge) at any time in the future.
• You will have global access to your transactions and will
receive text message updates globally.
• Your estate agent /estate agency branch administrator also has
access to your transaction, thereby saving you the hassle of having
to communicate with your agent as well as your lawyer.
• Your estate agent is able to keep you updated with online
developments relating to the marketing of your property e.g. the
outcome of your open homes.
• The team at Quay Law are excited about the additional
efficiency and service levels which the KeyTrack system will
deliver to our clients. It goes without saying that there are
numerous factors and additional costs involved when buying or
selling a property, some of which you may not have considered.
Having an awareness
♥ This article was kindly supplied by
My
Wedding New Zealand's Premier Wedding
Magazine