Conveyancing

For many people the sale or purchase of the family home may be the single largest transaction of a lifetime.  The associated financial and legal consequences of property transactions are usually considerable.  Normally, whether you are buying or selling property, you will deal via a real estate sales agent.  If not we can assist in preparing the contract and Form 1.  The agent’s role is to negotiate the best possible terms for the seller in the Sale & Purchase Contract.  As a buyer you should remind yourself that the agent is being paid by and acting for the seller.

Whether you are a seller or a buyer it is wise to retain the services of a solicitor at an early stage.  Disputes often arise in relation to the inclusion or exclusion of certain fixtures (ie: dishwashers, clothes dryers, TV antennas, and the like) in the contract and the interpretation of special conditions.  If you receive or make an offer that contains or requires a special condition you should have legal advice readily available.

Cooling off

As a purchaser you may be entitled to a “cooling-off” period.  If for any reason you decide against proceeding with a contract for the purchase of property you must serve the “cooling-off” notice within 2 working days after receiving the Vendor’s Statement (which is normally given to purchasers by agents when the contract is signed).   A “cooling-off” period does not apply to purchases made at auctions or where the purchaser is a company.

The sale & purchase process

Your solicitor’s role in the sale and purchase process can be tailored to your needs.  We are here to save you time and worry and to represent your best interests at all stages.  Once a contract has been negotiated and the “cooling-off” period has expired we order searches on the property to check that clear title will be given at settlement.  We also liase with your bank, agent and the other parties.  Settlement statements are prepared and provided to you well prior to settlement so that you can see how settlement monies are applied and what adjustments have been made for rates, taxes and other property expenses.  After settlement we will contact you and the sales agent immediately so that keys can be exchanged.

Costs

We will provide you with a fixed cost for acting for you up to and including settlement which includes our disbursements.  We know that our clients don’t like “surprises”.  See our Conveyancing Fees section.  A further cost relates to statutory searches of the property.  This can however usually be avoided or reduced as agents often provide copies of recent searches.  Vendors will also have to pay their agent’s commission fee and any agreed expenses such as advertising.  If the property was mortgaged the Vendor will also incur its bank’s discharge fee and expenses.  Purchasers also pay stamp duty on the transaction (significant concessions may apply to First Home Buyers) and a registration fee.  Most purchasers will also pay bank application fees and costs associated with their banks mortgage over the property.

Checklist

• Consider the effect of any special conditions that may be required or requested such as conditional on finance, sale of existing home, building inspection etc;
• Purchasers should immediately take out an insurance cover note to insure the building and fixtures once the seller accepts your offer;
• Where appropriate arrange a building inspection before expiry of the “cooling-off” period.

Please Contact us on 8362 6400 or email us should you have any questions or if we may be of assistance to you.