10 Tips for Property Buyers and Sellers this Spring

Do you know how to protect your legal rights as a property owner, investor or first home buyer?

These tips will give you the peace of mind you need.

1. Consider asset protection from the start: If you do not carefully consider who will legally own the property, you may incur tax unnecessarily.

2. First Home Buyer: Are you clear on those grants, duty concessions, exemptions and reductions you may be able to receive as a first home buyer?

3. Understand the conditions of a ‘cooling-off’ period: The cooling-off period lasts for three business days after the purchaser signs and not when the vendor countersigns. As a purchaser are you aware of the ‘cooling-off’ fee which you may incur?

4. Carefully review Owners Corporation obligations: You may be liable for inherited repair and maintenance costs, legal issues and levies as soon as you sign the Contract. Also, be sure to carefully review the Owners Corporation Certificate and AGM minutes.

5. Consider a caveat: By lodging a caveat after you sign the Contract, you will be informed of any attempt (typically made by the vendor) to deal with the property’s legal title before you are registered on the title.

6. Consider adding special conditions into your contract: Legally watertight special conditions in your contract could save you thousands. And needless stress at settlement. Do you understand the need for a well drafted building & pest inspection clause?

7. Don’t rely on the finance clause: Do you understand the relevance of the ‘grace period’ for finance conditions? Did you know that a finance clause within an off-the-plan contract is, in practical terms, irrelevant?

8. Find the right agent to sell your property: Choose an agent with extensive experience, local knowledge, proven results and integrity.

9. Seek early access to your deposit: Did you know that as a vendor, you may access your deposit after you sign a contract? To be eligible, you must have at least 80% equity in your property and no defaults against your mortgage.

10. Don’t forget fixtures remain and chattels generally pass: Are you clear on what chattels are to be included or excluded within the sale? Are they in a reasonable working condition prior to you signing your property Contract?

For more information on selling or buying a property, contact the Dangerfield Exley team for a confidential conversation.

*Please note the 10 factors above are not an exhaustive list.

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