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Are you looking to sell your home? Do you know what your obligations and responsibilities are? Selling a home is a complex and monumental task that should never be taken lightly. If not executed properly the results can be disastrous and financially damaging. Don’t leave your largest assets in the hands of inexperienced conveyancers. Settle with the best.
What is a Contract of Sale?
A contract of sale is the official name for the legal document that both the seller and the buyer of the property sign to confirm their agreement. The contract will lay out all the terms, of the agreement along with the responsibilities and obligations of both parties. A contract of sale will also include vital information regarding who the buyer’s lending institution is (lender) and what obligations the buyer has towards the lender.
A contract of sale is designed to finalise the agreement between the buyer and seller. Some common terms you may find in the contract are as follows:
- What the purchase price of the home is?;
- Whether there is a cooling-off period (i.e. a period of time that you can back out of the contract before it becomes binding)?;
- Which party is to pay the stamp duty (if there is stamp duty to be paid)?;
- The length of time for settlement (i.e. 30 days, 60 days, 90 days, etc.)?;
- Who will be responsible for paying the land tax associated with the property;
What Area of Law Does Selling a House Fall Under?
Selling a house is an aspect of property law and there is legislation is precedent law in place that can look to if required. Precedent law refers to earlier property transaction disputes (cases) that may have arisen and subsequently determined or settled by the court. Those cases set a standard for how future cases might be determined and what legal principles and circumstances may be relied on.
This is a complicated area of law and your interests are best served by seeking legal advice from a property lawyer.
What is a Conveyancer?
A conveyancer is an expert in the preparation of documents for the sale of a house. You will need to find a good conveyancer to help you with this process. A conveyancer will draft all the documents and ensure that they comply with legislation as well as ensuring that the technical language is included. Conveyancing is a wide field and there will be an expert conveyancer in your local area. Often conveyancing is tied into different law firms or there may be specialty conveyancing firms that you can have to assist you.
A conveyancer will be able to help you no matter what type of property you are trying to sell. Both residential property and commercial property sales are done in the same manner and often include similar terms in their contract. If you are selling a commercial property, you may have the addition of including specific terms in relation to current leases of the property and conditions for the future of those leases.
Am I Required to Get a Valuation of the Property Done?
When you go to sell a house, a valuation of the property will help you gauge how much the house is worth. This is not to be confused with how much you will get for the property. Just because the value of your property may be high does not mean that people will pay that much to purchase it, it is merely an indication of where you should start.
There are two ways of getting a property price; one is to get an appraisal done and the other is to have a property valuation completed. Many people prefer to get appraisals done because they can be completed by a real estate agent and there is no charge for one. Often, people will obtain two or three appraisal’s and then meet in the middle of them to determine what value their property is sitting at.
Alternatively, you can seek a proper valuation but there are costs associated. This will provide you with an in-depth evaluation of the current market and where your property is sitting in light of that. As most people will have seen, property values have skyrocketed since the beginning of the coronavirus pandemic and they have yet to plateau. This is the most accurate way of determining what the sale price of your house should be in the current property market.
What is an Easement and How do I Know Whether There is an Easement on my Property?
An easement is an interest in a property. This may be a third party interest or a company interest in a property. The easement is normally registered on the title for the property so that it is well known and documented that the interest exists. Often, the easement may only affect a small section of the property such as a paddock.
When you go to buy or sell a house, your conveyancer or lawyer will do a title search on the property. This will tell them whether there are any easement or special interests in the property before the parties proceed with negotiations and contracts. Prospective buyers can also complete a title search if they are looking at purchasing your property and want to know what conditions might come with the sale. This is particularly relevant to companies who want to purchase a commercial
What is a Special Condition?
Special conditions of a contract means the conditions which amend or revise any of the General Conditions through either addition, deletion or substitution. Generally, these conditions are used to emphasize a standard condition to extend it to make it crystal clear to both parties what is expected.
An example of a special condition may be that the tenants agree not to rent, sublet or lease any part of the premises to another tenant. Another important condition may be the specifics of when the finance is to be finalized or what is to happen if the finance falls through for the buyer.
What is a Strata Title?
A strata title is a form of ownership that relates to multi-level apartment blocks and horizontal subdivisions with shared areas. The “strata” part of the term refers to the apartments being on different levels. If you are purchasing an apartment, unit or townhouse then your property will most likely be subject to a strata title. This is different to an individual property title where there are not multiple interested parties to the same piece of land. .
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Frequently Asked Questions.
Our lawyers cover a multitude of areas, including more serious offences. Including but not limited to:
Family violence is among the most common cases we encounter, with both men and women subject to institutional abuse. While it doesn’t necessarily entail sexual abuse, in many cases, it does, and sexual assault is part of the Criminal Code. We handle such cases with confidentiality and cautiousness to ensure the best possible compensation outcomes.
The children’s court is frequently confronted with issues of child protection, children’s rights, custody arrangements as a result of divorce, parental responsibilities, and more.
Because we understand how far the impacts of such situations can go in the memories of children, we work rapidly and efficiently to establish protective measures against children’s trauma and minimize time spent in a children’s court. You and your children are fully protected with us!
We have a track record of achieving outstanding results when it comes to drug offence charges, ranging from demolishing the possibility of a criminal conviction, dropping charges through negotiations, securing “not guilty” verdicts in court trials, and more.
Our drug offences include commercial drug charges, drug importation charges, drug possession charges, and cultivating prohibited plant charges. We also work with minor possessions of prohibited drug offences, providing you with legal representation throughout the process!
Fraud is considered one of the most scheming criminal offences, and accordingly, it is punished severely by the court system’s penal code and criminal code. As specified by Australia’s penal code, the penalties can go as high as ten years of imprisonment.
Accordingly, understanding the criminal law adequately and reaching out for professional legal advice to be your intermediary with the criminal justice system is a must. We specialize in forgery, identity crimes, tax fraud, Medicare fraud, and ID fraud.
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