In addition to the sale and purchase of real estate, property law covers a range of areas such as property development, commercial and retail leasing, building and construction, strata law, and a myriad of property disputes. Our experienced conveyancing and property lawyers can assist in all these areas.
Conveyancing
Conveyancing is the process of transferring the legal title of property from one party to another and generally involves a significant financial commitment. We are an approved member of PEXA, Australia’s online property exchange network. PEXA offers a secure platform to lodge documents at State Registries and complete financial settlements electronically.
We can assist with all aspects of your conveyancing matter including:
- Preparing contracts for sale of residential, commercial, and industrial properties
- Reviewing contracts for properties at the pre-purchase stage
- Assessing legal risks and conducting due diligence prior to purchase
- Advising on the complexities in off-the-plan purchases
- Interpreting mortgage documentation and liaising with banks and financiers
- Managing the conveyancing process from exchange through to settlement
- Preparing appropriate documents for first home owners including any first home owners grants or concessions.
Buying a Property
When purchasing residential property, buyers need to know exactly what they are getting. This is not always apparent from physically inspecting the property. Due diligence involves a series of investigations to ensure that the property may be used for its intended purpose, there are no adverse affectations, the implications of any easements or other restrictions registered on the property are understood, and that buildings are compliant.
We will review your contract, explain any cooling-off rights and, if necessary, negotiate additional special conditions to help protect your interests. We can also provide direction regarding any additional expert reports, searches and enquiries that may help you make an informed decision about your proposed purchase.
Selling a Property
Before offering residential property for sale in New South Wales, a written contract must be prepared with certain disclosure documents attached. These include, but may not be limited to, a title search, plan of the land, drainage diagram and local council planning certificate. Failure to provide the correct disclosure material may enable a buyer to rescind (cancel) the purchase.
Vendors must also provide certain warranties about the property they are selling. We can explain your obligations as a seller and prepare a contract that is compliant and tailored to your circumstances.
Once a buyer is found, we will handle the entire process from liaising with the agent, the purchaser’s representative, and your lender, through to settling your sale in accordance with the terms of the contract.
Buying an Apartment
Purchasing an apartment requires additional considerations. Owning a strata title property means that you will hold title to an individual lot as well as sharing the use and responsibility for common areas such as stairways, lifts, and gardens.
After completion, a strata lot owner becomes part of the owners’ corporation which is responsible for managing the strata scheme. This involves matters such as financial management and arranging insurance and repairs and maintenance to common property. Strata levies and other outgoings need to be factored into your purchase.
Strata properties also have by-laws which regulate matters such as carrying out renovations, noise restrictions, parking and the keeping of animals. These matters should be fully investigated before purchasing.
Joint Tenants or Tenants in Common
If you are purchasing property with another party, you will need to choose whether your interest is to be held as a joint tenant or tenant in common.
If you own property as a joint tenant, then the arrangement is subject to the rules of survivorship. This means that when one co-owner dies, their share automatically passes to the surviving tenant or tenants. The survivorship provisions prevail irrespective of any terms in a Will that state otherwise. Joint tenancies are often considered suitable for spouses and domestic partners however this may not always be the case.
Property held as tenants in common can specify the individual shares held by each owner (for example 30/70). In such cases co-owners can transfer their share in the property or leave it as they wish to a beneficiary by Will.
It is important to obtain legal advice regarding property co-ownership to prevent unintended outcomes in estate planning, protect interests and minimise potential disputes down the track.
Having an issue with your property?
C J Boyd Solicitors can assist with a range of simple and complex property matters and everything in between, including:
- Advice relating to developing residential and commercial land
- Land and strata subdivisions
- Structuring suitable finance commitments
- Arranging mortgages and refinancing
- Issues with neighbours, fencing and trees
- Understanding or creating easements, covenants, and restrictions on title
- Securing old system title and company title transfers
- Dealing with trusts and other land ownership vehicles
- Interrelated property transfers
- Stamp duty considerations
If you need any assistance, contact one of our lawyers at [email protected] or call 02 9279 1179 for a no-obligation discussion and for expert legal advice.