The perils of pre-contract advice

16 May, 2019

Solicitors are often asked to provide pre-purchase advice to a client buying residential property. The instructions often come just before an auction or when the client is due to meet the agent to sign a contract, leaving the solicitor with long documents to review and a short time to properly advise the client. Given these […]

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Time to rethink conveyancing

16 May, 2019

Using the professions’ experience to better understand the key drivers of conveyancing claims can provide important learning and help identify areas for improvement in a firm’s systems and resourcing. Justin Toohey, CEO, LPLC If there is one thing that could reduce professional indemnity insurance premiums over time it would be to reduce the incidence and […]

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Off-the-plan: managing the risks

16 May, 2019

Off-the-plan purchases are risky transactions for purchasers. They involve buying a property based on plans and artistic images without the benefit of a physical inspection.  The risks for purchasers include: delays in completion of construction insolvency of the developer during construction changes to the plan or advertised features the property losing value after the contract […]

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E-conveyancing can be e-fficient

15 May, 2019

Four practitioners from four different sized and structured firms how they have adapted to using the electronic conveyancing system. The firms all joined the first and, at the time, only electronic lodgement network operator, PEXA, at different times in the last five years. The move towards electronic conveyancing started as early as 2014 but it […]

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The value of conveyancing

15 May, 2019

Most conveyancing practices are busy places with multiple sale and purchase files being managed every week. Yet many firms are not making much money and conveyancing mistakes continue to be a major hotspot for professional indemnity claims. The mistakes have been described in other articles in this special edition and other material published elsewhere by […]

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Taxing times in conveyancing

15 May, 2019

All practitioners practising in conveyancing need to understand the tax implications of buying and selling property. Excluding tax advice from your retainer may not be sufficient to avoid all liability as a court may find that the practitioner should have drawn any relevant tax issues to the client’s attention 1. Some understanding of the tax […]

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Section 32 statements: the basics

15 May, 2019

Introduction Providing satisfactory disclosure to meet the standards set by the Sale of Land Act 1962 (Vic)(SLA) for every property transaction that crosses your desk requires significant legal knowledge and training backed up with good systems, processes and precedents. This article contains details of some of the important aspects of the disclosure requirements to assist […]

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Are you being heard?

23 April, 2019

Do your clients hear you when you advise them about agreements that are against their interest? Clients often say when they make a claim they received no or inadequate advice before entering into agreements like providing guarantees for family members or entering into family law financial agreements. This complaint is common, despite their practitioner signing […]

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How to avoid an off-the-plan claim

15 March, 2019

Whether acting for vendors or purchasers in ‘off-the-plan’ sales, there are risks you need to be aware of and things you can do to avoid those risks. Acting for vendors Claims against practitioners acting for vendors include: transferring the wrong lot on a plan of subdivision the contract for the sale of a lot on […]

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High risk lending alert

6 February, 2019

The current economic climate is increasing the risks for lenders and their lawyers We have seen a significant increase in mortgage claims involving inadequate security in the 2017/18 policy year. Many of these claims have in common private lenders providing urgent, short term, high interest rate loans, or risky joint venture arrangements.  The prevalence of […]

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