Buyers Guide
What is a contract of sale?
A contract of sale is a legally binding agreement between a seller and a buyer. It details the terms and conditions in which a seller agrees to transfer ownership of a property to a buyer. The document is the core of protecting your rights as a purchaser, which is why it’s advised that an experienced lawyer or conveyancer conducts a review and negotiates on your behalf.
Why should I get a contract review?
It is important that your rights and interests are protected during the process of buying a property. A contract of sale needs to be reviewed by an experienced lawyer or conveyancer, to uncover any red flags, hidden costs or nasty surprises.
What the solicitor does?
Our solicitors are qualified professional who specialise in the legal procedures of buying and selling property.
They will:
- Provide expert information and advice about the purchase of your property
- Prepare or review legal documentation for property transactions
- Ensure their clients are legally protected throughout the process, from sale to settlement.
Is there a cooling off period?
If you buy a residential property at auction, there is no cooling off period. If however, you purchase residential property by private treaty there is a statutory cooling off period of five business days, which can be waived by the buyer.
Each State is Different
The rules around buying or selling a property in Australia differ from state to state.
This includes:
- Stamp duty
- Legal obligations
- Government authority requirements
It’s important that you get expert advice about what the legal requirements are for your individual property transaction.
What if I want to undertake development works to the property I’m purchasing?
Various state and local council planning policies apply to control what type of works can and can’t be undertaken to a property. Expert legal and planning advice should be obtained before assuming development work can go ahead.
How do I check on strata arrangements?
You should obtain a comprehensive strata report to understand the financial position of the Owners Corporation and to determine whether there are any issues that have been flagged by the Owners Corporation in respect of the property.
A buyer should do this investigation before exchange of contracts.
Do I need a pest and building report?
A buyer should undertake a thorough pest and building report before purchasing a property. This is to ensure there are no obvious building defects or infestation problems with the property.
Benefits of Kaz Conveyancing – Our team are all Solicitors!
Our team of qualified solicitors boasts over 50 years of combined experience in property law, ensuring you are in capable hands. While we strive for smooth transactions, rest assured that if any issues arise, an experienced solicitor will be there to protect your legal interests.
At Kaz Conveyancing, you’ll be assigned a dedicated solicitor who will manage your matter from beginning to end.
Enjoy the expertise of a solicitor at the cost of a conveyancer.
Additional Benefits of Working with a Solicitor Over a Conveyancer:
- Broader Legal Expertise: Solicitors have comprehensive legal training, allowing them to handle complex legal issues that may arise during property transactions. They can offer advice on matters beyond conveyancing, such as disputes or contract law.
- Representation in Court: Unlike conveyancers, solicitors can represent you in court if legal proceedings become necessary, providing continuity and a deeper understanding of your case.
- Complex Case Handling: Solicitors are equipped to handle more complex property transactions, such as those involving commercial properties, leases, or unusual ownership structures, ensuring all legal aspects are thoroughly addressed.
- Comprehensive Advice: Solicitors can provide holistic legal advice that considers all aspects of your situation, not just the conveyancing process, ensuring you are fully informed of potential risks and implications.
- Higher Level of Regulation: Solicitors are regulated by stringent professional bodies, ensuring a high standard of service and accountability, giving you added confidence in their professionalism and ethical conduct.
- Advanced Problem-Solving: With their extensive legal training, solicitors are better equipped to foresee potential issues and address them proactively, reducing the likelihood of complications during your property transaction.
- Personalised Service: Solicitors often provide a more personalised service, developing a deeper understanding of your individual needs and circumstances, which can lead to more tailored and effective legal solutions.
Give us a call
Our team would be happy to answer any of your questions and/or provide you with further information about our services.
- 1300 379 288
