When buying real estate, purchasers generally focus on price and whether the property suits their personal needs. We certainly agree that price is important and that buying well can lead to sizeable gains in the future. However, it is also crucial to ensure that the property you think you are buying equates to what your contract says you are buying.

This is where we come in. Propertytransfers.com.au will check to make sure that the vendor has made appropriate disclosure in relation to the property you are buying. We will bring to your attention zoning and related issues which could ultimately prove expensive to you if not addressed and which could affect your future plans. Most importantly, we will ensure that clear title is obtained by you at settlement.

There are serious and potentially costly pitfalls that can occur during the process of purchasing a property. We can help you to avoid these. At propertytransfers.com.au we will treat your purchase as carefully as if it was our own.

Propertytransfers.com.au will protect your interests by performing the following tasks:

  • Checking the executed Contract of Sale and Section 32 Statement to ensure that adequate disclosure has been made by the vendor.
  • Answering any queries you may have regarding the Contract and Section 32 Statement.
  • Searching the title of the property to ensure that disclosed ownership details are correct and there are no charges on the land that could affect settlement.
  • Checking with rating authorities to make sure that any outstanding council rates, charges or land tax relating to the property are paid up by settlement.
  • Checking to ensure that permits relating to the property have received appropriate compliances from relevant authorities.
  • Where there has been recent construction, checking that the vendor has obtained appropriate insurance and/or made relevant disclosures.
  • Preparation of Transactional Documents including Transfer of Land.
  • Liaising with your lender/mortgagee to provide documents that it will require.
  • Arranging settlement with the vendor and your lender.
  • Attending settlement on your behalf.
  • Contacting relevant authorities after settlement to advise them of the change in ownership.

GENERAL INFORMATION FOR PURCHASERS

Payment of Deposit

Purchasers are liable to ensure that the deposit due under the contract is paid in full by the due date for such payment.

Failure to pay the deposit by the due date may cause the purchaser to be in default of the contract. This may entitle the vendor to charge penalty interest to the purchaser and to serve a rescission (default) notice on the vendor. Failure to comply with a rescission notice may allow the vendor to terminate the contract and keep any monies already paid under it.

Contracts that are 'subject to finance'

Contracts that are stated to be "subject to finance" or words to that effect enable purchasers to enter into contracts to purchase land before they have obtained confirmation from a lender that they will be able to borrow sufficient funds to complete the transaction. Under such contracts, if the purchaser cannot obtain finance, he/she may end the contract and obtain the return of any deposit already paid.

Such contracts usually stipulate a time limitation for approval of finance. Unless the purchaser notifies the vendor within the stipulated period that finance has been refused (and is able to provide evidence of this upon request) the contract may become unconditional.

If you are the purchaser under such a contract, it is essential that you keep propertytransfers.com.au informed of the progress of your finance application. If you need longer than the stipulated time to obtain approval, you must inform propertytransfers.com.au of this. When your finance has been approved, we recommend that you ask your lender for written confirmation of such approval.

Purchasers should remember that a failure to inform the vendor's representative within the stipulated time that finance is not approved will most likely result in the contract becoming unconditional. This would require a purchaser to complete the contract even if the finance is later refused, failing which he/she may forfeit any deposit already paid.

Structure of property ownership

Joint ownership of property can be structured in various ways. Unless you advise otherwise, propertytransfers.com.au will assume that married couples wish to be registered as joint proprietors. All other co-purchasers will be registered as tenants in common in equal shares (unless otherwise specified in the contract).

If you have any queries about the nature of 'joint proprietorship' and/or 'tenants in common' please ask us.

Purchaser's Caveat

Once you have signed a contract to purchase property, you are, in most instances, entitled to lodge a caveat over the title to protect your interest until settlement. Lodgement of such a caveat notifies any party who then wishes to deal in the property of your interest in it and means that your rights will come before theirs.

Lodgement of a purchaser's caveat is not included in our standard costs. Our charge for preparation of a purchaser's caveat is $55.00 and in addition to this, a fee of $69.40 will be incurred on Titles Office registration fees.

Whilst it is not compulsory to do so, we recommend that purchasers lodge a caveat in order to protect their investment in the property until settlement.

If you would like us to prepare and lodge such a caveat for you, please instruct us accordingly.

Stamp duty and Land Registry fees

After your purchase has settled, you will be required to pay stamp duty and land registry fees. These fees will often be deducted by your mortgagee at settlement. If you have any questions about these fees, please ask us.

Should you wish to speak to any of our conveyancing specialists, please feel free to call us on 1300 785 816.

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