Buying a Property

Buying a property is one of the biggest outlays you will ever make so it pays to get good advice from the outset.  We recommend seeing us before you sign your contract to discuss the important legal aspects of the transaction including:-

  1. Ensuring that you consider whether you are buying the property in the right entity.  If you are investing, we can work with you and your accountant to discuss alternative entities such as companies and trusts that you may be able to use to maximise the return on your property investment.
  2. Compliance with statutory requirements. Contracts must be issued in accordance with the Property Agents and Motor Dealers Act.  We will review your contract to ensure that the Act has been complied with and that if it has not, you know what options are available to you.
  3. Explaining your rights during the cooling off period.  Many people do not realise that there is a penalty if you use your rights during the cooling off provisions of 5 business days to terminate the contract.  We can help you avoid such pitfalls.
  4. Calculating the stamp duty that you will need to pay on your purchase and advising you of what options may be available to you to reduce stamp duty liability if you are a first home owner, buying vacant land as you first home, or buying a principal place of residence.
  5. Advising you of the impact of any encumbrances over the property such as easements, building covenants and caveats that may affect your title.
  6. Letting you know the rules and regulations governing the purchase of a tenanted property.
  7. Explaining your rights and obligations regarding building, pest and finance clauses and giving you advice about what a reasonable period within which to satisfy each of these will be in your particular circumstances.
  8. Ensuring that the property will be compliant with pool safety, smoke alarm and electrical safety switch legislation.
  9. Drafting any special conditions that you may need such as making the purchase subject to the sale of another property or giving you additional rights to conduct due diligence enquiries before you are bound by the contract.
  10. Reviewing the standard conditions with you to explain in easy to understand language what the “small print” at the back of the contract means and draw your attention to any pitfalls that you might otherwise miss.
  11. Advising you of what searches are essential to protect your interests and ensure that you don’t get any nasty surprises.
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