Whether you are selling or buying, a residential conveyance will likely involve the following steps:

• A review of the contract to advise of your obligations and rights and determine key dates. If you engage us before, we will review and provide advice on the contract and prudent changes to make to further strengthen your rights and obligations.
• Discuss searches and conduct searches.
• Liaise with third parties such as banks, brokers and the other party’s legal representative.
• Keep you informed throughout
• Calculate a final settlement adjusted figure to be paid
• Coordinate settlement.

‘Time is of the essence’ is a statement that requires parties to complete their obligations on time. In other words, it means that timing is material to performance. Most contracts include “time is of essence” by default.

For a majority of conditions in contracts, such as payment of the deposit, notification of finance or notification of building and pest, it means that these are required to be complied with by 5pm on their due date.

A ‘off-the-plan’ contract is a type of contract parties enter into when land (or a unit) does not exist.

Off-the-plan contracts are often bespoke contracts that differ from project to project and developer to developer. There are certain statutory requirements that govern off-the-plan contracts.

Careful consideration, and review of, off-the-plan’ contracts is required before executing.

It is a statutory consumer provided right of 5 business days in contracts for buying and selling residential property. This means if you’re not totally happy, you can cancel the contract during this period.

Certain instances can apply though where the cooling off period does not apply. It can also be shortened or waived by agreement.

More often than not, risk in a property under a contract will ‘transfer’ to the buyer immediately after the contract date. This means that a buyer needs to organise insurance for the property straight away even though the property may still be subject to conditions and not owned by the buyer yet.

Notwithstanding the ‘transfer’ of risk, a seller can still owe contractual responsibility and obligations to a buyer.

Transfer duty (or stamp duty) is a tax paid to the Government upon a transfer of ownership of a property. It is payable by a buyer and the amount to be paid is contingent upon the contract price and the buyer.

Bellco Law can assist in determining the amount of transfer duty to be paid and the applicability of any concessions or exemptions.

Insurance should be taken out by a buyer straightaway and despite any contract still being subject to conditions. Commonly, and as part of any finance application by a buyer, a bank will require a copy of the insurance policy for the full replacement value of the property.

This is a form that confirms a pool complies with the pool safety regulations. Pool safety certificates are valid for either 1 year (for shared pools) and 2 years (for non-shared pools).

Pool safety certificates are required when someone is selling a property, buying a property or renting (leasing) a property.

Sometimes referred to as guarantor advice certificate or legal advice certificate, a independent legal advice certificate is required by a Bank / Lender to confirm the borrower, or guarantor, to the loan has received independent legal advice and has understood the potential liabilities and risks involved.