- Buying and selling residential property
- Off-the-plan sales and purchases
- Strata title property
- Commercial property transactions
- Commercial and retail leasing
- Transfers of property
- Mortgages and refinancing
We are PEXA certified and conversant with the electronic conveyancing process which now enables your transaction to be completed online with less chance of last-minute hitches that cause delays. E-conveyancing visually tracks each stage of your conveyancing matter, facilitates the online lodgement of documents, and provides faster access to sales funds.
Buying and Selling Residential Property
Conveyancing is the process of transferring the legal title of a property from one party to another. This involves numerous steps and legal considerations, which should be managed by an experienced professional.
If you are selling, you have specific obligations as a vendor and will need a written contract for sale prepared with certain disclosure material attached. Each property is unique, so it is important to get advice relevant to your property and circumstances.
If you are buying, the principle of caveat emptor (let the buyer beware) typically applies. You need to conduct any due diligence before contracts are exchanged so you know exactly what you are getting. The contract and disclosure documents should be carefully examined and any additional investigations, such as pest and building reports, should be obtained before committing to the contract.
It is important to have a clear understanding of the terms of the sale and your legal obligations when entering a binding contract. This includes the price of the property, any conditions of sale, and the timing for settlement. We will explain the contract provisions, flag any potential issues, and guide you through the entire conveyancing process, ensuring that your legal rights are protected while settling your matter as smoothly as possible.
Legal Interests in Property
If you are buying a property with another person, as is often the case, the way that your respective legal interests will be held is an important consideration, particularly when it comes to asset protection, succession, and estate planning.
While joint tenancy is typical between spouses and domestic partners, it may not be suitable in all situations. When you hold property as ‘joint tenants’, the interests are held as a whole and cannot be separately apportioned. Joint tenancy is subject to the rules of survivorship. If a co-owner dies, their share passes to the remaining owner/s.
Property held as ‘tenants in common’ can specify the individual shares held by each owner which need not be equal and may be transferred, sold, or left to a beneficiary in a Will.
Mortgages and Refinancing
If you are borrowing funds to purchase a home or refinancing an existing home loan, you will likely need to grant a mortgage over your property. In such cases, it is important to understand your legal obligations under the terms of your loan contract and as a mortgagor.
Registration of a first mortgage on the title of a property protects a lender by creating priority for payment of the debt and alerting others who may be interested in the property. If the property is sold, the mortgage will need to be removed (discharged) before the property transfers to the new owner. The secured loan will either need to be repaid or other arrangements made between the lender and borrower.
By signing a loan agreement and granting a mortgage you are liable for regular repayments and other fees and charges set out in the loan contract. These should be carefully reviewed. Amongst other things, the agreement will usually stipulate that the property be adequately maintained and insured, and the lender will have a right to foreclose (take possession and sell the property) in the event of certain breaches.
For quality legal services and advice, contact [email protected] or call 02 88660188.