What is in a name? How the wrong name on a conveyancing contract can cost you big time!
Nick names! Married or maiden names! Shortened names! Anglicised Names! They can all spell big dollars if you don’t get it right on a contract first time around.
At Smart Legal we have come across buyers & sellers’ names that are incorrect, we have also seen names that are completely different from their actual IDs and other documentation and when buying or selling a house, the spelling of your name is absolutely critical, as any discrepancies in your contract can result in huge delays in settlement and even cost you a lot of money.
There are many reasons around these discrepancies such as;
- A seller changing their name since purchasing the property because of marriage or divorce;
- Anglicised or Nick names (which sellers and buyers may commonly go by). These names are generally not reflected on their legal ID documents.
- Omitting your middle name from the Contract of Sale.
- Past errors
It goes without saying that if your name is incorrect and does not match your ID or contract of sale or the Certificate of Title deed, further work will be required by your settlement agent who will need to verify your identity in order to ensure the transfer is complete using your true and legal name. Your settlement will not take place until your identity has been verified by your bank and/or your conveyancer.
It might sound like a simple error that should be easily corrected but once a contract is written and signed, things get tricky. If you have changed your name through marriage or divorce, a statutory declaration will be needed explaining the name change. Even a simple spelling mistake will require a Statutory declaration in order to correct it costing you time and money through your settlement process.
Other issues you may experience can be where another party is added after the fact to the property contract. This may be done if one party cannot secure finance on their own. An addition of another party can be considered a second transaction on the same property with the Office of State Revenue imposing a double stamp duty assessment on the contract.
If you are considering buying or selling a house and need some expert advice, Smart Legal are ready to help. Contact our specialist conveyancing team for advice today.