The contract report (which I received within an hour) was a clear and concise summary of the legal risks involved. It was easy to understand and helped tremendously in putting my ‘ducks in a row’ prior to making a bid on a property I was looking to buy
Adam Buchert, Starr Partners Windsor
The law is changing. Is your lawyer?
Like every other industry, the legal services market is changing, evolving and improving to better meet the needs of consumers in a digital age. Gone are the days of crusty lawyers on mahogany desks pretending a contract for the sale of land is the magna carta. Contracts are standardised, transactions happen at light speed and settlements are electronic. If you want a law firm to represent you who embraces this reality then Dott & Crossitt Solicitors Richmond, Sydney CBD & Mudgee are for you!
Is First Review™ a legal contract review? Yes, First Review™ is a legal contract review authored by qualified solicitors or conveyancers with vast experience in property transactions in New South Wales.
What does it cost? For ordinary ‘existing’ properties the price is $249 (inclusive of GST). For ‘Off The Plan’ contracts, the cost is $599 (inclusive of GST).
What does it include? It is a 4 – 5 page report on the submitted contract for sale, commenting on matters relating to the title as well as any unusual special conditions the vendor has included. It also includes a draft letter which may be sent to the vendor’s solicitor proposing amendments. It also gives a ‘risk grading’ to the contract.
What is the system of ‘risk grading’? It’s a green light, orange light or red light. It takes into account whether or not certain provisions are broadly regarded as market standard and whether or not certain risks inherent in the transaction are usually regarded as remote enough for purchasers to typically accept.
What does a ‘green light’ mean? A green light means the terms in this contract may broadly be regarded as ‘market standard’ and of a type that an average buyer would enter into. We recommend amendments to the contract to improve your legal position but they are not strictly necessary.
What does an ‘orange light’ mean? An orange light means the contract contains terms that are off-market or there are other aspects about it which entail non-remote risks. We do not recommend that you proceed with the contract unless certain amendments are made and/or we discuss particular risks with you.
What does a ‘red light’ mean? A red light means there is something about the contract that, at this stage, makes it too risky to proceed with irrespective of whether or not our recommended amendments are accepted. We would like to discuss with you why we have formed this view.
Do you charge extra to send the letter to the vendor’s solicitor? No. We can send the letter to the vendor’s solicitor (together with any additional changes you wish to make to the letter) for no further charge or fee. We will also report back to you with their responses.
If my offer is accepted / I win at auction is there an additional fee to ‘settle’ the transaction? Yes. The fee charged for First Review™ is for the contract review component only.
What are your conveyancing fees for settling the transaction? They vary depending on the type of property, the applicable law and location and other factors but our conveyancing fees are generally in the range of $1,300 – $1,800 inclusive of GST. You can get a fixed fee conveyancing quote for your transaction (should it happen) by clicking on this link.
If I purchase First Review™ do I have to appoint you for the conveyancing? No, you are free to use another firm or, if you’re confident enough, to try and do the conveyancing yourself.
Can I assign the First Review™ report to another person who ended up purchasing the property? No, the First Review™ report is only for the benefit of the addressee or their immediate family members.
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