Other than the financial importance of it, the significance of home ownership itself cannot be under estimated. The opportunity to participate in home ownership and property investment can be both exciting and rewarding.
For a good overview of how property conveyancing works, see the information on this linked site:
In New South Wales, it is good to know that property sales whether of residential or commercial property, follow a standard process.
The fundamental terms and conditions of the contracts are usually always the same, particularly for residential purchases and sales.
The first point of selling a property is usually the selection of a selling mechanism. Often this would be a specialist real estate agent. The estate agent requires a formal Contract for Sale for the property to be prepared before they are able to market the property.
The Contract for Sale contains important information about the property. When the property is sold the price and the buyer’s details are usually completed by the selling agent.
Thomas Adams Solicitors can prepare a Contract for Sale on your behalf.
Once the property is sold you are obliged by the contract to do a number of things. Firstly you agree to sell the property for the agreed price. Part of this requires you normally to vacate the property by the end of the contracted time. The contract has a time limit, often 42 days.
From the contract date to the end (the settlement) you remain the legal owner of the property. So you must keep the property insured. You continue to have some obligations to maintain the property. You generally must leave the property empty of your possessions and particularly of any refuse.
Of course you must be in a position to transfer the legal title to the buyer. If you have a lender who holds a mortgage over the property, they should be notified as they usually need to give their consent to the sale and to attend the settlement to pass over title documents.
The entire process of the transfer of the property to the buyer is handled by Thomas Adams Solicitors. This extends to arranging and facilitating the settlement or handover of the property to the buyer and of course the receipt of sale proceeds.
If you are interested in the detailed steps involved in selling a property, have a look at our Property Sales information page.
A critical factor to bear in mind when you are purchasing a property, is the rule ‘buyer beware’.
The seller does not guarantee all of the things a buyer would usually care about. For example they do not give any warranties about the condition of any building, and they do not promise that the buildings have all been approved by the Local Council.
For that reason it is sensible to consider what pre-purchase inspections you can obtain, and where you think it appropriate, obtain those inspections. You can never have too much information about a major purchase, but often too little information can cost a lot of money down the track.
At Thomas Adams Solicitors we undertake two fundamental aspects of a purchase transaction. The first is to advise you on the terms of the Contract for Sale and to advise generally as to the purchase transaction.
The second aspect is to undertake the entirety of the process from the signing of contracts, to the final settlement or handover. This includes undertaking pre-purchase inquiries, contractual negotiations, and arranging the final settlement.
A purchase usually begins when you locate a property that you want to purchase. This is generally the end of a long-term process of selection for you. You will be presented with a Contract for Sale often by the seller’s estate agent, and asked to sign on the dotted line, and hand over some deposit monies. Alternatively you come to an agreed price and the Contract is signed with your solicitor.
At the time the Contract for Sale is exchanged and the deposit is paid, you are committed to the purchase. It can cost a lot of money to get out of a purchase and so it is always wise to undertake any inspections of the property and other inquiries before you are committed to the deal.
The Contract for Sale sets out a lot of key information about the property. You must be in a position to pay the purchase price in full at the hand-over, which is the settlement of the purchase. For that reason it is always important to be certain that your funds are going to be available.
Upon settlement, the legal title is transferred to you. You are now the owner!
If you are interesting in the detailed steps involved in buying a property, have a look at our Property Purchase information page.
Often family members decide to have property arrangements that benefit the family.
This can involve parents going on the title of properties to help their children make a purchase, or it can involve the transfer of properties between family members.
An inter-family transfer is a little like a property purchase, but it is not always necessary to go through all of the formalities. At Thomas Adams Solicitors we can help you with every aspect of an inter-family transfer.
Refinancing can be as simple as upgrading your loan.
Often this can all be handled in house with the lender. There is not always a need for legal assistance.
But if the new loan is complicated, or the lender requires you to obtain legal advice, then Thomas Adams Solicitors can assist.
Granny Flat Interest Agreements
A Granny Flat Interest Agreement is an agreement usually where an older family member gives a sum of money to a younger family member.
This is in return for some form of enforceable right to remain living in a particular property for life. Often this is in a dedicated ‘granny flat’, with the other family member residing in the main dwelling. Sometimes however it is in the main dwelling.
This encompasses people buying a house that already has a granny flat built, or building a granny flat at an existing property.
It is always important when considering such arrangements to ensure that the person paying the money first consults with Centrelink to ensure that the effects on any pension entitlements are fully understood.
It is also prudent to sit down and write out in detail the basis of the agreement. The benefits of a written Granny Flat Interest Agreement are more than simply satisfying the requirements of Centrelink. They extend to making the arrangements as a whole safer for both the home owner, and the Granny Flat resident.
And if you need advice about Granny Flat Interest Agreements, or assistance in preparing one, we can help.
For some helpful information about these agreements, see:
How Can We Help?
At Thomas Adams Solicitors we treat each transaction with particular care because we understand how important it is to you.
If you have any queries, contact us to get a quote or just to talk about where you are at and what you want to achieve. We can help you get the most out of it.