Buying and selling a home or investment property
I want to buy, do I need the contract reviewed?
Most definitely! It’s too late after you have exchanged contracts or are the successful bidder at an auction if there is something wrong with the property. The contract cannot be changed and to get out of the contract you will most likely lose the deposit.
We can review the contract and give some preliminary advice by phone.
What else do I need to do?
Other matters to consider before buying a property are:
- Ensure you have adequate finance before you sign a contract or at least a letter of offer from your bank to cover the purchase price;
- Obtain a building and pest report before exchanging contracts – if a house;
- Obtain a strata inspection report before exchanging contracts – if a unit;
- Depending on the property, this list may not be exhaustive.
What are the costs involved when buying real estate?
Associated costs are:
- Stamp duty which is paid before settlement. The amount depends on the purchase price, for example duty on the purchase price of $750,000 is $29,260, duty on the purchase price of $1,500,000 is $68,010 and duty on the purchase price of $2,000,000 is $96,510.
- Real estate agency fees – usually a percentage of the purchase price;
- Building and pest report or strata inspection report;
- Removalist fees – if you are to live in the property;
- Legal fees.
Advice on bank documents
Banks often require that a solicitor explain loan documents and guarantees to the bank’s customers.
We can provide this service for a fixed fee.
Buying or selling Rural Land
Rural Conveyancing has additional matters to consider, such as:
- Confirming the area of the property;
- Investigation of the GST position and whether the farmland exemption applies;
- How land, water and plant & equipment are apportioned and the stamp duty implications;
- Is there a water licence included in the purchase or sale;
- Look at the access of the property to roads;
- Whether crops are included in the sale or not;
- Conduct searches to ensure no noxious weeds etc;
- Determine if any crown roads are included.
Buying and selling commercial property
A sale or purchase of a commercial property can often accompany a sale or purchase of business. We can assist with the transaction as a stand alone sale or purchase or can assist with the transaction as part of a purchase or sale of a business.
Retail and commercial leasing
Retail leasing is governed by the Retail Leases Act. There are a list of businesses in the Act which are determined as retail shops.
A retail lease does not include a lease for 6 months or less or a lease for 25 years or more.
Shops with a floor space exceeding 1000 square metres are not retail shops.
Commercial leases are generally speaking leases for businesses that are not retail.
The Law Society of NSW provides a pro forma commercial lease that can be used and adapted for most situations.
Get in Touch
Contact us today by phone or email to discuss your conveyancing or property-related requirements.