Real Estate Confidentiality Agreements – Are They Necessary?

This begs the question about whether a celebrity needs a confidentiality agreement or not when it comes to purchasing real estate. Truthfully, there’s not really a good answer for this because it’s the wrong question. The correct question is whether a celebrity can get a confidentiality agreement when it comes to real estate purchases.

The initial answer off the cuff is “no”. The more complicated answer is “it depends.” Let’s explore both of these.

Residential real estate, when we’re talking about buying and selling homes, is an open disclosure industry. Every person has the right to go through both local and state records to learn anything about any house and who the homeowners are. In every community across the country, when homes are bought and sold the listings are posted in the newspaper. The name of the buyer is listed; the names of the sellers aren’t always listed, though the names will be in the local and state records. So, in this instance, there is no confidentiality agreement to even consider.

Now, if a celebrity is looking to buy property with the intention of building a home, suddenly the rules change. Strangely enough, buying property is often considered as more of a business purchase than a personal purchase, and therefore it’s easier to disguise yourself if that’s your intention. In this instance, a celebrity who’s looking for some privacy can get a confidentiality agreement by hiring someone to act as a broker on their behalf to acquire the property.

And one other thing is at play here. Though once a home is purchased the buyer’s name will be disclosed, before a home is purchased the buyer can actually have a confidentiality agreement with a broker, who becomes the person searching for the home. A celebrity might fear that someone might increase the price of a house if they know a famous person is interested in buying it, or might spread the word around the neighborhood that someone well known is a potential buyer. Some celebrities would rather keep that private, and in that case having a confidentiality agreement works well.

Conveyancing in Real Estate Transactions

The expense for professional legal services could cost significantly more than a solicitor’s conveyancing fees. For this reason, most people who have previously purchased property in Australia would recommend the services of a licensed solicitor for all property transactions. A number of companies offer fixed rate conveyancing services which in the ling run may work out far better when compared to DIY kits.

What is Conveyancing?

In Australia, conveyancing is the legal process by which the title for a property is transferred from the seller to the buyer. Although this process may sound fairly simple, there are a great number of steps one needs to follow before the property title can be transferred. Conveyancing laws and processes can vary by state and can be quite complex.

Searches are one of the most important aspects of conveyancing. Conveyancing searches include things such as title searches and zoning searches. A title search seeks to answer questions such as whether or not the seller has a saleable interest in the property, if the property has any encumbrances or restrictions, and if there are any liens on the property. Zoning searches further help property buyers or sellers determine if the property has restrictions such as demolition orders or adverse planning.

Searches are not the only element of a typical conveyance. Conveyancing also includes things like: ensuring all conditions of the contract are met, ensuring the appropriate party pays for rates and charges like water consumption, arranging for fees and charges to be paid, and preparing legal documents. In addition, the proper authorities will need to be notified of the property transaction and supplied with the information they require. Conveyancing requirements, searches, and costs may vary from state to state because of different property safeguards and legislation.

Professional Conveyancing Services –

Conveyancing is best carried out by professional conveyancing agencies. Hiring experienced solicitors will be the best choice for property buyers and sellers. Professional conveyancing services offered by a licensed solicitor will include things such as: advice for first time home buyers, advice regarding Queensland transactions, representation for commercial real estate transactions, refinancing and mortgage advice, and property auction enquiries.