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Buying Property

Asset Conveyancing provides property and conveyancing services in South Australia, Victoria, New South Wales, Queensland, Western Australia, and Tasmania. Our experienced professionals have a wealth of knowledge and are ready to assist with a range of property transactions.

Whether you are a first-time buyer, selling the family home, or a seasoned investor, your conveyancing transaction will be managed by a delegated qualified professional from the beginning through to completion.

We can help you with:

  • Buying residential property / rural property / vacant land
  • Buying commercial and industrial property
  • Strata title and community title purchases
  • Buying off the plan
  • Auction sales and purchases
  • Reviewing and negotiating contracts for sale of land
  • Property due diligence
  • First Home-Owners Scheme
  • Mortgages and refinancing
  • Settlement agency

Reviewing your contract for sale of land

Different standard form contracts and processes are used for property transactions for each jurisdiction in Australia. We have a deep understanding of the rules and regulations for each state and can help you, no matter where you are buying or are located. We can review your contract, explain your legal and cooling-off rights, and help you make informed decisions.

Reviewing the contract for your purchase forms an essential part of your due diligence. You need to know exactly what you are getting and understand your legal rights and obligations before you enter a binding transaction.

Some things may not be apparent by physically inspecting the property but can impact its use. For example, the contract (or attached documents) should show any encumbrances registered over the title of the property, such as:

  • Mortgages which must be removed from the title before settlement.
  • Easements running through, under or over the property which may impact your future plans.
  • Covenants which affect how the property may be used or developed, for example, restrictions on building size, material type, and design requirements.

You will need to ensure that buildings are compliant and there are no outstanding notices from a local authority. Pre-purchase building and pest inspection reports from a qualified expert are useful to comment on the condition of any structures on the property. These reports can flag significant defects and may sometimes be used to negotiate a reduction in purchase price.

Vendors generally have mandatory disclosure requirements in certain states, however, depending on the location of the property and the material already available, you may need to carry out further investigations to protect your interests.

Completing your purchase

Once contracts are legally binding, there are a number of tasks to complete to ensure you receive clear title to the property and that completion of your purchase proceeds as smoothly as possible. Some of these tasks include:

  • Ordering any additional searches from government authorities to ascertain if they have an interest in the property
  • Verifying your identity as required by legislation for all parties involved in a property transaction
  • Arranging for the payment of stamp duty or assisting with an application for first home-owner’s grant or transfer duty concession
  • Providing information to your lender so they can prepare the loan agreement and mortgage and liaising with them to coordinate settlement
  • Dealing with the agent and seller’s conveyancer or lawyer
  • Obtaining rates certificates and preparing settlement figures to submit to the seller’s conveyancer or lawyer
  • Preparing documents required to transfer ownership of the property
  • Preparing for online settlement through PEXA

Buying property off the plan

Buying “off the plan” means purchasing a property that has not yet been registered as a single lot with the relevant land titles registry. It may involve a house and land package, a unit, or a parcel of vacant land being created in a subdivision. Once the development is completed and the plan registered, the actual settlement date is triggered and purchasers will need to be ready to settle, usually within a few weeks.

Off-the-plan contracts are typically more complex than contracts for existing residential property. The completion date will not be definite at the time of entering the contract and there are usually provisions allowing variances in design, size and finishes, subject to permissible limits.

As with any large financial transaction, there are pros and cons to consider when purchasing off the plan and our property team can provide expert advice and guidance in this area.

Not “just” conveyancing…

Conveyancing is often considered a “routine” area of law and while it does account for a large portion of legal services in Australia, the stakes are high. Buying property is likely one of the biggest financial transactions you will undertake. There are strict timelines and the penalties for default or failing to complete a binding contract can be significant.

A conveyancing transaction requires an understanding of complex property and contract laws, and the processes involved to transfer title from one party to another.
There are different laws applicable in each jurisdiction, which can be confusing to navigate. We are property professionals with a deep understanding of the laws and processes across all states. We utilise specialist conveyancing software to deliver seamless transactions nationally with all settlements completed electronically through Australia’s online platform, PEXA.

If you need assistance, contact [email protected] or call (08) 8232 8446 for professional Australia wide conveyancing and property services.