We do a lot of conveyancing, and we know that buying or selling a property can be stressful. We ensure that the advice we provide is practical and easily understood. We can assist whether you are buying a property for the first time, a seasoned investor, selling your family home, or moving into a retirement village.
What is conveyancing?
A conveyancing transaction is probably one of the most common matters for which a person will obtain ‘legal advice’. But what is conveyancing?
Conveyancing is the practice of transferring the legal title of real estate from one party to another. The process is highly regulated and usually moves quickly. As one of the largest financial transactions most of us will make, there is no room for error, and mistakes can be costly.
Signing a contract for the sale or purchase of land creates binding obligations for each party. The implications of not understanding these obligations, and your rights, can be significant – whether that be losing a sale due to a non-compliant contract, facing penalties for breach or late settlement, or buying a property with underlying issues that you were not aware of.
Purchasing residential property
When purchasing residential property, buyers should understand exactly what they are getting. Due diligence refers to the enquiries undertaken to ensure that a property can be used for its intended purpose, that there are no adverse affectations, the structures are compliant, and the implications of any easements or other restrictions registered on the title are investigated.
Before signing a contract, it is essential that you will be able to complete your purchase. This means having formal finance approval in place, if needed, and understanding the terms of the contract.
We make sure our clients are fully informed from pre-purchase to completion. We will step you through the process, liaise with your lender, review and explain the contract and your cooling-off rights, recommend searches and reports, and assist with the entire conveyancing process through to settlement.
Selling residential property
Vendors in New South Wales must have a complying written contract in place, with prescribed disclosure documents before offering residential property for sale. The contract must contain specific documents such as a title search, plan of the land, drainage diagram and local council planning certificate.
We recommend that vendors consult a conveyancer or property lawyer to have a complying contract for sale of land prepared. We will explain your obligations as a seller and include any conditions to take into account your specific circumstances.
Strata Title Property
Strata title property comprises land in a strata scheme divided into lots and common property. Legal title to an individual lot (unit), is held outright by an owner who also has an interest with other lot owners in common property such as stairways, lifts, gardens and swimming pools.
After purchasing a strata unit, the owner automatically becomes a member of the owners’ corporation which is responsible for managing the strata scheme. This includes arranging insurance, repairs and maintenance, keeping records, and appointing managing agents or building managers.
If you propose buying a unit, it is important to obtain reports that look into the management of the strata scheme and to understand the running costs and the levies that will be charged.
Retirement village living
A retirement village is a community-style residential development offering accommodation options, typically for those aged over 55 years.
The legal arrangements for entering into a retirement village and the level of services provided vary greatly between villages. It is important you find something suited to your individual needs. Investing in a retirement village is an important financial and lifestyle choice and we can assist with your decision making. We will review the proposed contract, flag any potential issues and ensure you are aware of your rights and obligations.
We are experienced property lawyers and routinely provide conveyancing and property services to developers, investors, sellers, buyers, landlords and tenants. We regularly deal with real estate agents, banks, mortgage brokers, surveyors, and other lawyers and strive to take the stress out of all transactions for our clients.
If you or someone you know wants more information or needs help or advice, please contact us on:
France Booth (02) 9958 1994 or email [email protected]
Wendye Vince (02) 9550 9767 or email [email protected]