Buying or Selling Property?
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When you buy or sell any real estate there are normally two critical stages that occur in every transaction.
The first critical stage is called EXCHANGE.
This occurs when your signed contract is “exchanged” with an exact copy signed by the other party. This stage legally binds you to complete the Contract and therefore it is extremely important that before any exchange you discuss your needs with one of our Solicitors to ensure your rights are protected.
The second critical stage is called SETTLEMENTor COMPLETION.
This occurs usually six weeks after exchange and requires the buyer to pay the balance of the purchase price to the seller. In return the seller must provide the title deed to the property.
Buying a Property
Before Exchange – Signing the Contract
Even though you have signed a Contract, the deal is not binding until the Contract is exchanged. It is extremely important that before an exchange, the contract is checked by one of our lawyers. We will check the title and advise you of any registered easements or covenants affecting the property. The contract will contain a zoning certificate. This is necessary to ensure that the property may be used for residential purposes. If you wish to use the property for a purpose other than a residence, let us know so that we can check that the Council will allow that use. The contract will also contain a sewer diagram. We will ask you to check that no building is erected over the sewer. The position of the sewer may affect plans you may have for renovations/extensions or for a pool.
Survey and Local Government Ordinances
It may be necessary to order a recent survey of the property to identify the property described in the contract and to ensure that the buildings and fences are located correctly. The cost of this is estimated at $550.00 depending on the size and nature of the property. If the survey discloses any breach of Local Government Ordinances, or if you think the building may not comply with those ordinances, we may have to obtain a building certificate from the Council to put the matter beyond doubt.
If you are obtaining finance to complete the purchase then you should obtain a letter of approval from the lender setting out the terms and conditions of the loan. If you provide us with a copy of the letter of approval we can advise you on the conditions imposed by the lender and enable us to help you satisfy those conditions.
Pest, Building and Strata Reports
When buying a home, it is advisable to obtain a pest and building report to make sure that the property is not affected in any way by any termite, white ant or borer activity or has any structural defects. If you are purchasing a strata unit we will need to obtain a strata report to make sure that the strata scheme is well managed. We can arrange these reports for you. We deal with experts in this field that charge us a competitive fee.
Selling a Property
DO get quotes from removalists weeks in advance and always check their insurance cover. If you are doing it yourself remember “many hands make light work”.
DO get enough boxes to enable you to pack all your household possessions. You will be surprised just how much you will have to pack.
DO the “Big Clean Up” at least four weeks before you need to start packing. This stops you packing the unwanted items you’ve been meaning to throw out for years.Remember “one person’s trash is another person’s treasure” Donate the rest to charity.
DO pack vital documents like wills, passports, birth certificates and diplomas in a separate box. Consider giving it to a trusted friend or relative to keep until you have moved.
DO pack non-essential items in boxes marked “NON-E”. Then you will know they can stay unpacked at your new home for a while.
DO label boxes with a general idea of what’s in where eg. A box labelled “Bedroom 1” or “Lounge room” etc will save a lot of double handling.
DO notify your phone, gas, electricity and other service providers to disconnect your old home and connect your new home.
DON’T forget to clean. Keep the house neat and tidy with a quick once over before you leave. Purchasers tend to complain if rubbish is left behind.
DON’T forget your essentials box, full of small handy tools, light globes, soap and towel, mugs/coffee/tea, kettle, spoons, sugar and other comfort items you will need on “Moving Day”.
DON’T forget to leave all old house keys, including any keys for the garage, window locks, remotes etc, with the real estate agent.
Here is a simple checklist of who to contact to let them know you have moved:
- Share and Investment Brokers
- Place(s) of Employment
- Childrens Activities
- Life Insurance
- Car Insurance
- Super Funds
- Credit Card Issuers
- Store Accounts
- Trade Unions
- Post Office (Redirect Mail)
- Magazine Subscriptions
- Social Clubs
- Property Insurance
- Electoral Offices