1. Subdivisions
2. Submissions to the State Revenue Office
3. Off the plan purchases & sales
4. Sale & purchase of residential and commercial property
5. Transfers of land outside of sale and purchase
6. Recovery of lost certificate of title
7. Partition agreements
8. Joint Venture agreements
9. Preparation & lodgement of encumbrances of title
To sell your property, a Contract of Sale and a Vendors’ Statement will need to be carefully drafted on your behalf.
A Vendor’s Statement is a legal document that must be provided prospective. It is important that the contents of your Vendor’s Statement are accurate otherwise a buyer may be able to cancel the Contract of Sale.
The Contract of Sale sets out the terms of the sale between the vendor and the purchaser and includes special conditions that cater to each property. It is important that a Contract of Sale is carefully crafted for each individual property to protect the vendor.
A conveyancer only performs conveyancing and a lawyer has a broader understanding of the law and will have knowledge beyond Property Law and Conveyancing. Lawyers are held to a higher professional standard and are subject to a regulatory body. In the event something were to go awry, then a lawyer would have the skills and knowledge base to advise and assist appropriately.
In most instances, when you buy or acquire a property, you are required to pay land transfer duty (commonly known as stamp duty). The value of stamp duty payable is based on the value of the property and if you are eligible for any exemptions or concessions. Before purchasing a property, a purchaser should consider how much stamp duty will be payable as they will be required to meet the same at settlement.
There are many ways that a purchaser can bring a Contract of Sale to an end but the most common are where the purchaser exercises the cooling off period; is unable to obtain finance or where the sale is subject to a building inspection report that is adverse.
Caveat emptor is a Latin phrase and the principle that the conveyancing process is based on, that can be loosely translated in English to “let the buyer beware.” Nevertheless, as the Vendor, you have an obligation to make disclosures in relation to the land as dictated by legislation, being section 32 of the Sale of Land Act 1962. It is important that the Vendor makes accurate disclosures in relation to the land, or they could face serious repercussions.
Property can be transferred between family members with or without a Contract of Sale. Transfers between family still attract the payment of stamp duty and other tax implications. Some exemptions may apply in relation to transfers between spouses for example. It is important to obtain legal advice before transferring land, even between family members.
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