CONVEYANCING
Buying or Selling Property
Purchasing a residential or investment home is also going to be one of the biggest investment decisions most people will make.
According to the Real Estate Institute of Australia quoting Corelogic as at September 2021, residential real estate wealth assets stood at $ 8.8 trillion and outstripped all other asset classes in Australia.
In New South Wales, the standard format Contract for Sale and Purchase of Land issued by the Law Society of New South Wales and the Real Estate Institute of New South Wales constitutes the usual template adopted for the purchase or sale or residential and commercial property.
The contract contains standard contractual clauses while allowing for special conditions by your solicitor intended to additionally capture the interests of the client, whether as purchaser or vendor.
Other issues which you should be aware of include caveats, should interests of third parties be registered against the property in question; the significance and details of easements registered on title; and obtaining tax clearance for consequent sale proceeds in regards to the role of vendor.
Transactions by companies or SMSF
Depending on your financial and tax objectives, property may also be purchased under companies or under your SMSF. The decisions around how you structure ownership of properties should be made in consultation with your accountant or financial planner as well as your solicitor.
Electronic Record Of Title
Please note that paper based certificates of title, long a precious document stored in vaults or safe deposit boxes either by banks on the basis of mortagee interest or by proprietors for unencumbered title, are now increasingly being phased out by various states and electronic records of title maintained in their place.
We are a member of the Pexa Electronic Exchange and will assist you in your transaction, from initiation of this process; liasing with financial institutions and other interested parties until settlement completion.
