Buying a home is the biggest investment most people will make in a lifetime.

Legal advice is prudent, not after you’ve bought a home, but prior. Know what you are buying is the advice from Parke Lawyers Executive Counsel Brendan Reilly.

Mr Reilly was one of three keynote speakers at the REIV Homebuyers Seminar held at the State Library of Victoria on April 19. Other keynote speakers included REIV CEO Gil King and Bendigo Bank Senior Manager Nick Coker.

Mr Reilly covered both sides of the buying and selling property ledger but focused more on the pitfalls that buyers may face, especially in what has become very much a vendors’ market in Victoria.

“Every vendor should have their proposed contract of sale drawn up by a capable solicitor,” Mr Reilly advised.

“Meanwhile, every purchaser should get advice from a capable solicitor on the contract of sale they propose to sign before they sign it.  The same goes for any property on which a buyer might be seriously intending to bid at auction.”

Legal advice is important to both the vendor and buyer when adding or removing any terms of a contract of sale.

Mr Reilly said solicitors played an invaluable part in the conveyancing part of the transaction.

“We are qualified lawyers who can identify issues before they become problems. Settlement is supposed to be, in theory, a straight-forward mechanical process and if it is for you, then great.  All too often, though, things go wrong and a delayed settlement can be a costly exercise.”

Parke Lawyers and Bendigo Bank sponsored the REIV Homebuyers Seminar which attracted more than 280 registrations from Victorian keen to get a toe-hold in Victoria’s hot property market.