Let’s Talk Legal!
In this week’s blog, we speak with 3 property law experts and ask them – what do people need to know when buying and selling a property? Our thanks to Mick Mastromanno from Complete Conveyancing, Gary March from G M Legal and Mary Commisso from Indeed Convey for sharing their top tips below!
Top Tips when Buying –
Gary March: Every time you consider purchasing a property you should have the sale documentation reviewed by a legal representative prior to signing the contract of sale, and if your offer is dependent upon a certain event that could involve the sale of your existing property, ensure that special condition is added to the contract conditions.
Mary Commissio: A settlement period of not less than 30 days is advisable to allow all stakeholders time to have everything in order for your settlement big day – and finance pre-approval is essential, so be sure to speak with your finance broker or banker prior to making an offer or attending an auction to bid.
Mick Mastromanno: Ensure that the property is zoned for its intended use (residential, commercial, etc.). Zoning issues can affect future renovations, construction, or business use. And also check if any recent renovations or additions to the property were done with the proper permits and in compliance with local building codes.
Top Tips when Selling –
Mick Mastromanno: The seller is required to disclose various information to purchasers so that they can make an informed decision about the property. This can include the rates and outgoings, any Notices or legal disputes, planning information, leases, connections to services, Building Permits and Owner Builder Works. It is vital that a licensed, experienced and reputable legal representative is engaged to produce the Contract of Sale and Section 32 Vendors Statement.
Mary Commissio: Allow at least 2 weeks for your legal representative to prepare the Contract of Sale and Section 32 Statement before launching your marketing campaign. That way your agent is fully equipped with all the information to provide to any prospective buyers.
Gary March: Ensure that any special items, that could be considered a fixture and you wish to retain, are listed as excluded from the property being sold.
To ensure you are properly equipped and advised during your next property sale or purchase, we would recommend reaching out to Mary, Gary or Mick for further advice – and thanks to all three for generously sharing some of their tips with us in the blog this week!
https://www.completeconveyancing.com.au/