CONVEYANCING

LEGAL EXPERTISE ON THE FAR SOUTH COAST

Conveyancing:

We recognise how important it is to ensure that whether you are buying or selling, your property transaction is dealt with thoroughly and efficiently.

Purchase Information:

Sale Information:

Purchase Information:

Steps to Buying Your Property

You'll want to know the agent's commission and legal costs. We’ll explain all of this clearly before we get started.

You list your property with an agent and we prepare a draft Contract. The Contract includes title particulars of the property, inclusions in the sale, special conditions, a current title search and plan of the property and a Planning Certificate from the Local Council. This is then issued to your agent.

Remember there is no binding agreement until the Contracts are exchanged.

Once a purchaser is found and you have agreed upon the sale price, and any other relevant particulars, we issue the Contract to the purchaser’s solicitors and have you sign your Contract. We await receipt of the purchaser’s Contract to exchange.

Selling a property can be exciting but you need to make sure you're fully protected to save money later on. Make sure you are completely satisfied with the sale price before you sign.

Exchange takes place and the 10% deposit is paid which is held by your agent pending completion. You and the purchaser are now bound to the sale.

This all takes place within the time allowed under the Contract.

After exchange, if you have a mortgage over the property, we request a discharge of mortgage and loan pay out figure from your Bank. We forward you a Transfer to sign, which transfers the title of the property to the purchaser and have you answer questions verifying the property’s title.

You are getting very close to selling your property!

We prepare settlement figures so that a date and time for settlement may be arranged and confirm with your Bank that they are ready to settle.

We’ll keep you up to date with how your sale is going...

Settlement takes place and the balance of the settlement money is paid to your Bank and the title to the property is transferred to the purchaser.

CONGRATULATIONS!! You have sold your property.

You can start celebrating!

Steps to selling your strata unit

You'll want to know the agent's commission and legal costs. We'll explain all of this clearly before we get started.

You list your unit with an agent and we prepare a draft Contract. The Contract includes title particulars of the unit, inclusions in the sale, special conditions, a current title search, common property search and plan and a Planning Certificate from the Local Council. This is then issued to your agent.

Remember there is no binding agreement until the Contracts are exchanged.

Once a purchaser is found and you have agreed upon the sale price, and any other relevant particulars, we issue the Contract to the purchaser’s solicitors and have you sign your Contract. We await receipt of the purchaser’s Contract to exchange.

Selling a unit can be exciting but you need to make sure you're fully protected to save money later on. Make sure you are completely satisfied with the sale price before you sign.

Exchange takes place and the 10% deposit is paid which is held by your agent pending completion. You and the purchaser are now bound to the sale.

This all takes place within the time allowed under the Contract.

After exchange, if you have a mortgage over the unit, we request a discharge of mortgage and loan pay out figure from your Bank. We forward you a Transfer to sign, which transfers the title of the unit to the purchaser and have you answer questions verifying the unit’s title. We complete a Transfer of Interest form to be receipted by the Owners Corporation, transferring your interest in the unit.

You are getting very close to selling your unit!

We prepare settlement figures so that a date and time for settlement may be arranged and confirm with your Bank that they are ready to settle.

We'll keep you up to date with how your sale is going...

Settlement takes place and the balance of the settlement money is paid to your Bank and the title to the unit is transferred to the purchaser.

CONGRATULATIONS!! You have sold your strata unit.

You can start celebrating!

Reports You Might Need When Buying

Some reports are essential in carrying out your Conveyancing, and some are optional, depending on how much peace of mind or surety you feel you need. This fact sheet explains the optional reports you may choose to have done when buying a property.

Survey Report

We will be finding out if the Vendors have a Survey Certificate available for the property. A Survey will show the location of the boundaries of the property and the position of any buildings or fences in relation to the boundaries. It will also show the position of any buildings that encroach onto the property from adjoining properties.

If you have any doubt about any of these things we recommend that a Survey be obtained prior to exchange of Contracts. Please let us know if you require a Survey to be obtained.

Pest Inspection Report

We advise that you accept the property, together with the house and any other improvements erected on it in their state and condition as at the time of exchange of Contracts. It is therefore essential to ensure that there are no problems prior to exchange of Contracts. We recommend that a Pest Inspection be carried out before exchange of Contracts to ensure that the buildings are not affected by termites, borers or other pests.

Building Inspection Report

You should also be aware that you accept the property subject to any structural defects that may exist at the time Contracts are exchanged. We suggest that you satisfy yourself in relation to the structural soundness of the building. If you require assistance with this we advise it is possible to obtain a pre-purchase inspection report by a qualified builder or architect.

Building Certificate - Legality of Buildings

In New South Wales it is possible to apply to the Local Council for a “Building Certificate” for the buildings erected on a property. The application must be accompanied by a Survey Certificate. After receiving the application the Council’s Building Inspector carries out an inspection of the buildings. The Council may then issue a Building Certificate. This protects you if the buildings were erected without approval or if they encroach onto land that is under the Council’s control. The certificate also prevents the Council (for a period of 7 years) from making an order that the buildings be repaired, demolished, altered, added to or rebuilt where the need to do so arises solely from deterioration as a result of normal wear and tear.

We recommend that you obtain a Building Certificate from the Council before exchange of Contracts if you have any doubt about the legality of the buildings erected on the property.

Understanding Basics of Strata

Understanding the basics of strata title

The laws governing most “flat” or “unit” ownership are the Strata Schemes Management Act 2015. These pieces of legislation have two main features. The first is the system of title to property, which gives exclusive ownership to a part of a building (which is known as a “lot” — generally your own personal unit space), and the second is the system of rights in relation to parts of the property, known as “common property”.

Definitions

I've broken up with my partner, what about our money?

Lot:

Includes a unit, townhouse or garage that you have a right of ownership over. It is made up of cubic air space and is generally formed by the inner surface of the boundary walls, the under surface of the ceiling and the upper surface of the floor.

Common Property:

Is all the areas of land and building not included in any lot. The common property boundaries are usually formed by the upper surface of the floor, the under surface of the ceiling and the external walls including windows and doors.

Owners' Corporation:

Is made up of all the owners of the lots within the strata plan.

Executive Committee of an Owners' Corporation:

Is a group who represents the owners and who administers the day-to-day running of the strata scheme. The executive committee of an Owners’ Corporation is elected at each annual general meeting. The committee can have as few as one member and up to a maximum of nine members.

Managing Agent:

Is an agent who is appointed by an Owners’ Corporation who may carry out some or all of the functions, duties and powers of the Owners’ Corporation.

Levy:

Is an amount of money set by the Owners’ Corporation, which has to be paid to the Owners’ Corporation to enable the Owners’ Corporation to carry out its duties.

Administrative Fund:

Is a fund set up to cover the day-to-day expenses of the strata plan, eg. the cost of day-to-day maintenance of common property (including carpet cleaning and lawn mowing) and payment of insurance.

Sinking Fund:

Is a fund set up to provide for future expenses of a capital nature, including major repairs and improvements to the common property.

Financial Management and Decision Making Under Strata Title

The Strata Schemes Management Act 2015 (as amended) defines the rights and responsibilities of the Owners’ Corporation and each individual owner in a strata plan. The Act sets out the requirements in relation to:

The meetings of the Owners' Corporation and executive committee of the Owners' Corporation;
The books, records and insurance the Owners' Corporation must hold;
The levies to be imposed and the funds to be maintained by the Owners' Corporation;
The responsibilities of the Owners' Corporation to maintain the common property; and
The responsibilities of the owners and occupiers of the lots within the strata scheme as defined by the By-Laws.
If significant gifts, loans or inheritances are received from family, ensure these are well- documented.

If you have any queries about the law in relation to your strata unit, please call us at Clarke Law for help.

Sale Information:

You'll want to know the agent's commission and legal costs. We’ll explain all of this clearly before we get started.

Steps to Selling Your Property

Remember there is no binding agreement until the Contracts are exchanged.

Selling a property can be exciting but you need to make sure you're fully protected to save money later on. Make sure you are completely satisfied with the sale price before you sign.

Exchange takes place and the 10% deposit is paid which is held by your agent pending completion. You and the purchaser are now bound to the sale.

This all takes place within the time allowed under the Contract.

You are getting very close to selling your property!

We prepare settlement figures so that a date and time for settlement may be arranged and confirm with your Bank that they are ready to settle.

We’ll keep you up to date with how your sale is going...

Settlement takes place and the balance of the settlement money is paid to your Bank and the title to the property is transferred to the purchaser.

CONGRATULATIONS!! You have sold your property.

You can start celebrating!

Selling a Strata Unit

You'll want to know the agent's commission and legal costs. We’ll explain all of this clearly before we get started.

You list your unit with an agent and we prepare a draft Contract. The Contract includes title particulars of the unit, inclusions in the sale, special conditions, a current title search, common property search and plan and a Planning Certificate from the Local Council. This is then issued to your agent.

Remember there is no binding agreement until the Contracts are exchanged.

Selling a unit can be exciting but you need to make sure you're fully protected to save money later on. Make sure you are completely satisfied with the sale price before you sign.

Exchange takes place and the 10% deposit is paid which is held by your agent pending completion. You and the purchaser are now bound to the sale.

This all takes place within the time allowed under the Contract.

After exchange, if you have a mortgage over the unit, we request a discharge of mortgage and loan pay out figure from your Bank. We forward you a Transfer to sign, which transfers the title of the unit to the purchaser and have you answer questions verifying the unit’s title. We complete a Transfer of Interest form to be receipted by the Owners Corporation, transferring your interest in the unit.

You are getting very close to selling your unit!

We prepare settlement figures so that a date and time for settlement may be arranged and confirm with your Bank that they are ready to settle.

We’ll keep you up to date with how your sale is going...

Settlement takes place and the balance of the settlement money is paid to your Bank and the title to the unit is transferred to the purchaser.

CONGRATULATIONS!! You have sold your strata unit.