What’s in a Name? A lot, legally!
Avoid these common mistakes on legal contracts…
When entering into a contract or completing any other legal document, it is important to ensure that the parties names are spelt correctly and are identical to their identification documents such as a driver’s licence, passport or birth certificate.
We often find in property transactions that the parties’ names are incorrect due to the following mistakes:
- Middle names are missing – generally because they are not used often or people forget they even have one!
- Marriage or divorce – where one of the parties have changed their name.
- Nicknames – people may have a name that they use which is different from their legal name as shown on their ID.
- Corporate and/or trustee purchasing entity – the name of the trustee and trust are either omitted or incorrect.
- Parties with one name – for example, Madonna or in some cultures, the last name appears first.
It is particularly important in property transactions that the full names of the parties are recorded correctly. The name of the seller should match the registered owners on title.
We recommend always ordering a title search prior to completing a contract to ensure the correct name of the seller is inserted. For buyers, we recommend that individuals complete their full legal name as shown on their ID and for companies or trusts, that the exact entity name is inserted.
We can help!
If in doubt, always seek advice from your solicitor prior to signing the contract as it can be a difficult and lengthy process to change the names of the parties on the contract once it is signed. By speaking to one of our experienced property professionals, we can save you unnecessary delays, stress and costs in your property transaction.