Sale & Purchase of Property / Businesses
The sale and purchase of property involves many steps and processes that can be quite complicated. This is why involving a conveyancer who has been through this process many times is crucial.
The steps involved in the sale and purchase of property or businesses includes:
- Contract of sale
- Make an offer
- Paying a deposit
- Exchange of contracts
- Cooling off period
- Transfer of property title
- Time for completion
- Requisitions & Adjustments
And for businesses, this process can involve even more steps. So, it is crucial to ensure you have a good conveyancer who can be with you at every stage of the process, to draft a contract for the sale or purchase or your next property or business.
Buying a property off-the-plan means purchasing a property that has not yet been built. This decision is generally based on a perception of the finished product drawn from plans, schedules of finishes, marketing campaigns and promotional material.
However, potential buyers may have visited display homes or other developments completed by the same developer without having had the opportunity to walk through their own purchase. As a result, an off-the-plan purchase will require special considerations on top of the usual considerations when purchasing a property.
If you are considering purchasing an off-the-plan subdivision property, we highly recommend bringing the contract to us as early in the process as possible, so that we can go through it thoroughly and make sure you are able to make an informed decision.
First Home Buyers
Entering the property market for the very first time and need someone you can trust? The team at Southern Property Transfers have you covered.
Buying your first home is one of the most important decisions of your life, and when you’ve got your eyes on a particular property, you want to make sure you have the right team with you to secure your first home. Before you sign anything, it’s important to get a copy of your contract and have a conveyancer look at it. We can review any contract and assist you with any amendments necessary to ensure your needs are met. We can also liaise with your financial institution, attend your settlement and confer with your real estate agent to make sure you get the property you want.
Transferring a property between family members typically doesn’t require a contract; only a transfer document signed by each party. There can be some logistics to this document however, with the need for a valuation of the property and stamp duty to be paid. Southern Property Transfers can help with this family transfer process to make it as simple as possible.
Furthermore, transferring property between spouses can also be done via transfer. Generally with marriage, a spouse will be added to a title of property (generally matrimonial home) free of stamp duty. After a marriage breaks down, this spouse may need to be removed from the title of property. A family transfer can be easily executed in this case, and stamp duty is not payable.
However, if the removal of a proprietor on a title of property is not due to marriage breakdown, stamp duty is payable. A valuation must be obtained in order to calculate the stamp duty.
Southern Property Transfers can help with any type of family transfers needed.
Using a conveyancer for your investment property is very similar to selling or purchasing any other property. A conveyancer can make sure that your investment property is secured by assisting in the sale process. As mentioned, this process can be very similar to selling or purchasing any property however, some further legal requirements due to the investment property not being the main residential property requires a conveyancer.
A conveyancer can assist with all aspects of the process, including the drafting of a contract, revising an existing contract, and making sure the overall purchase of property runs smoothly. Get in contact with one of our conveyancers today to see how we can assist in the sale or purchase of your investment property.
Title insurance refers to a policy offered by insurers to cover purchasers, lenders and homeowners against risks relating to:
- illegal/unapproved building works
- unpaid rates and taxes
- fraud and forgery
- dealings with the property by third parties after exchange but before the incoming purchaser settles and is registered on title
This can be important when purchasing or lending a property, to minimise the apparent risk. Southern Property Transfers can help draft a policy document to minimise your risk and help obtain the property you want.
A deposit bond is essentially an insurance policy that tells the vendor the insurance company will pay the 10% deposit in any circumstance where the deposit would ordinarily be forfeited by the vendor. At this stage, no money actually changes hands under the deposit bond. All purchase funds are paid only when it is time for settlement. In the ordinary course of events where settlement takes place, the purchase price of the property is paid in full, and the deposit bond will simply lapse.
Using a deposit bond when purchasing a property does have its benefits. These include:
- Your savings remaining intact and continuing to earn interest
- Avoiding expensive time delays
- Can enable a purchaser to buy “off the plan“
- Can enable a purchaser to buy at auction
- Some deposit bonds can be used for up to 4 years
Southern Property Transfers is experienced in developing the policy document for a deposit bond.