By Rosemary Workman -
Snapshot
- Conveyancing has been a major source of professional negligence claims against solicitors.
- Check all documents required by the vendor disclosure legislation are attached to the contract prior to exchange.
- Strictly comply with option terms.
- Always confirm advice in writing and keep detailed file notes.
Historically, conveyancing has been a major source of professional negligence claims against solicitors. In a changing economy and with a decline in property values in many areas, there may be an increased risk of claims against solicitors for loss in property transactions. Outlined are some areas to watch out for.
Vendor disclosure legislation
Section 52A of the Conveyancing Act imposes an obligation on vendors to attach prescribed documents to a contract for the sale of land (see Schedule 1 Conveyancing (Sale of Land) Regulations 2017). Failure to do so gives the purchaser the right to rescind the contract (reg 17). Have someone check that documents required by the vendor disclosure legislation are attached prior to exchange.
