PROPERTY LAW

Hinde Ginges Boyd Lawyers and our conveyancing team understands that buying or selling a residential or commercial property is a big decision and a significant matter for most people. We have a dedicated Conveyancing team, SAFE Conveyancing, and we aim to ensure that your property transactions proceed as smoothly and as stress free as possible.

We can assist you with:

• Preparation of contracts for the sale of residential and commercial property
• The purchase of residential and commercial property
• Advice in regard to sale or purchase of vacant land, units, strata and community title, rural land and purchases ‘off the plan’
• Review of contracts
• Preparation and review of Commercial & Retail Leases
• Assistance for first home owners & the First Home Owners Grant
• Advice on lenders’ requirements
• The purchase and sale of businesses

What is conveyancing?

Conveyancing is the area of property law that deals with the transfer of real estate between sellers and buyers.

Although it seems quite straightforward, property law can be quite complex and conveyancing has to consider issues such as contract terms and conditions, mortgages, covenants, easements, caveats, the type of property title, the type of tenancy, local council regulations and zoning to name just a few.

1.Buying property

Buying a home is one of the most stressful and expensive things you will ever do. It’s vital that you seek legal advice from someone experienced in property law and who knows the area.

Before You Start

The first round of decisions you will likely need to make is in regard to finance. Make sure you read everything thoroughly, from the pre-contractual statement which outlines the fees and charges to which you’ll be subject to the actual mortgage contract itself. Remember you are entitled to legal advice and are under no obligation to sign anything on the spot.

Pre-purchase Inspections

Once you have found a property you like, you will need to arrange a pre-purchase building inspection report and perhaps a pest inspection report. These are written reports about the condition of the property and helps you find out any potentially costly problems. You may be able to use this information to negotiate a reduction in the purchase price.

Making an Offer

If you’re happy to proceed, you can make an offer. You might be asked to pay a small sum as an initial “holding” deposit, but this is fully refundable if you don’t end up signing the contract. It does not mean that the property is yours yet either, as the agent can take other offers.

Signing the Contract

If your offer is accepted then take the contract to us in order that we can and discuss your situation with you. There may be several things that can be negotiated in your favour, and you need to be absolutely clear on your rights and responsibilities before signing.

When you do sign the contract you will need to pay the 10% deposit, unless a special condition has otherwise been negotiated by you or on your behalf. This is held with the real estate agent and is released to the seller after the property is settled. If you don’t have 10% available we can advise you in regard to getting a deposit guarantee in lieu of the cash.

Settlement

After the contract has become binding, we a number of tasks to perform including:

• Arranging payment of stamp duty
• Liaising with the lender in regard to the mortgage
• Checking with various government authorities to see if they have a vested interest in the property
• Checking to see if there are any outstanding debts to local council
• Calculating adjustments for council, water and strata rates
• Making final checks on the title

Settlement (the day that the money is exchanged for the property and keys handed over) is scheduled in accordance with the contract, and is usually 6 weeks after signing contracts. Before settlement the purchase price will be adjusted to reflect the council rates, water rates and strata fees that need to be shared between the parties. There may be other adjustments, based on the Contract for Sale.

Once settlement takes place, the real estate agent will be be authorised to release the keys to you.

2. Selling property

The Contract

Once you’ve made the decision to sell your property, one of the first tasks is to have the Contract for Sale of Land drawn up.

The contract will include not only the legal terms and conditions of sale, but will also specify what items are included or excluded from the sale, and any other special requirements you might have like a longer or shorter settlement than usual, or perhaps that the contract be conditional upon another contract for you to buy your next property. There are a lot of ways that a contract can be varied, so it’s important to discuss your situation in detail with our experienced conveyancers.

You also need to know your disclosure responsibilities, as failing to disclose certain things can lead you into a lot of trouble.

The Deposit

Once a purchaser has been found and the contract has been signed and is legally binding, then a deposit is usually paid by the purchaser and is usually held in the trust account of the selling agent.

Settlement

Settlement (the day that the money is exchanged for the property and keys handed over) is scheduled in accordance with the contract, and is usually 6 weeks after signing contracts. During the wait for settlement we will liaise with your bank in relation to releasing any mortgage held on the property. In this time you should arrange disconnection of electricity and other services.

Before settlement the purchase price will be adjusted to reflect the council rates, water rates and strata fees that need to be shared between the parties. There may be other adjustments, based on the Contract for Sale.

Once settlement takes place, the real estate agent will be be authorised to release the deposit to you, less their fees.

Contact us to find out more or to arrange a consultation with an experienced conveyancers.