Contract for Sale of Land and Vendors

The Contract will include not only the legal terms and conditions of sale, but will also specify what items are included or excluded from the sale, and any other special requirements you might have, for example a longer or shorter settlement than usual, or perhaps that the contract be conditional upon another contract for you to buy your next property. There are a lot of ways that a contract can be varied, so it’s important to discuss your situation in detail with us at Beaumaris Law.

You also need to know your disclosure responsibilities, as failing to disclose certain things can lead to problems.

Settlement

Leading up to settlement, if you have a mortgage, we will liaise with your bank in relation to releasing any mortgage held on the property. In this time you should arrange disconnection of electricity and other services to take effect on the settlement day.

Before settlement the purchase price will be adjusted to reflect the council rates, water rates and owners corporation fees that need to be shared between the parties. There may be other adjustments, based on the Contract of Sale.

Whether you’re a first-time homebuyer or a seasoned property investor, understanding the process of conveyancing is crucial. Contact us to discuss the sale of your specific property with an experienced Conveyancer today!

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Buying property (home or commercial) is one of the most stressful and expensive things you will ever do. It’s vital that you seek legal advice from someone experienced in property law.

Before You Start

The first round of decisions you will likely need to make is in regard to finance. Make sure you read everything thoroughly, and request full details of the fees and charges to which you’ll be subject. Remember – you are entitled to legal advice and are under no obligation to sign anything on the spot.

Pre-purchase Inspections

Once you have found a property you like, you may wish to arrange a pre-purchase building inspection report and perhaps a pest inspection report. These are written reports about the condition of the property and help you find out any potentially costly problems. We recommend including conditions in the Contract, before it is signed, as to building and pest inspections. Speak with us regarding the wording of these conditions.

Making an Offer

If you’re happy to proceed, you can make an offer. It does not mean that the property is yours yet, as the agent can take other offers.

Signing the Contract

If your offer is accepted then bring the contract to us at Beaumaris Law and discuss your situation with us. You need to be absolutely clear on your rights and responsibilities before signing.

Settlement

After the contract has become binding, we have a number of tasks to perform including:

• Liaising with the lender in regard to the mortgage


• Checking with various government authorities to see if they have any interest in the property


• Checking to see if there are any outstanding debts to local council


• Calculating adjustments for council, water and strata rates


• Making final checks on the title

On settlement day your we will attend to settlement on your behalf.

Contact us to discuss the specific property you are considering buying.

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