Fast Facts on Conveyancing
- Peace of Mind – Whether selling or buying property, our fee includes checking that the contract terms and conditions correctly reflect the agreement before you sign the contract. Just ask the agent to email the contract to us first. We will call you to discuss the contract so that you can sign it knowing that it does contain acceptable terms and conditions.
- Remember that a binding contract to buy land only comes into being when your signed offer is accepted by the seller, and that fact is communicated back to you. Before then, you may withdraw your offer, which is then incapable of being accepted. You must email your withdrawal of offer to the seller’s agent.
- When buying a property subject to a satisfactory building and pest report, you as buyer should be in attendance when that inspection is conducted, as defects that your untrained eye missed should be noticed by the inspector, who often will comment on aspects of the property that should be further investigated.
- When buying an acreage property, it is important to have the agent provide you with a copy of the Registered Plan. This will show you where the boundaries are and whether there are any easements or other interests affecting the property prior to signing the contract. The Contract provides that it is the buyer’s responsibility to check and be satisfied as to the correct boundaries of land, and that the fences are on the boundaries.
- When buying a unit, check that the Disclosure Statement contains details of the Body Corporate levies, so that you can ensure they are as advised you by the agent.
- When buying a house or home unit, the price includes all improvements, defined in both REIQ and ADL contracts as including all fixed structures and all items fixed to those structures, and carpets, tiles, curtains, blinds and fittings, clothes lines, fixed satellite dishes and TV antennae, but not dishwashers, so always ensure a dishwasher to be included is specifically mentioned in the “Included Chattels” section.”
- When buying a house or unit, you must pay a deposit or part deposit on or before the due date. This is one of the “essential terms” of the contract, which means if you fail to comply with it, the seller may terminate the contract. Even if you do pay the deposit late, the seller’s right to terminate the contract still exists, since late payment does not remedy the default. You as buyer may therefore lose your deposit if a seller terminates and elects to forfeit your deposit because of your late payment. Always have your lawyer request an extension of time for you if payment of all or part of the deposit is going to be made after the due date for payment.
- For insurance of your house, remember it is only the value of the actual house constructions (above ground) that you insure. Please remember, the slab and land do not require insurance.