Text Box: Services—Conveyancing

Thinking of selling or buying?

 

Lewis & Weir offers a comprehensive property service from preparation of contracts for auctions or private sale, Section 32 Statements, investigation of titles, preparation of transfer documentation for the Titles Office and State Revenue Office, liaison with Mortgagees to effect settlement together with preparation for and attending to settlement.

 

If you are selling, you will need a Section 32 Statement prior to a Contract being signed.  This is a disclosure statement required by Section 32 of the Sale of Land Act.  Without it, there is no proper contract.  It gives various details in relation to the Property being sold such as copy title (so you know the Vendor is able to sell) the cost of rates and taxes applicable, in the case of Strata Title, the Owners Corporation charges, levies and insurances, the services available and any special issues as to building.

 

The Contract for Sale of Land must be in writing.  It should identify the Vendor and Purchaser by name and address, the Price and how and when it is to be paid (amount, deposit and balance) and the Property.  If the sale is to be subject to finance, the Contract should say so,  It should identify the institution or type of institution from whom the Purchaser intends to borrow, the amount required and when approval is to be obtained.  The date of approval should be at least 21 days and should not be allowed to become unconditional without an unconditional letter of offer from the relevant institution.

 

On a private sale (not an auction) there is a cooling off period for Properties.  That is, a purchaser has the right to change his, her or its mind and resile from the Contract, so long as it is done within three clear business days from signing of the Contract by the Purchaser.  There is a procedure to follow in doing so, and it must be done within those three clear business days.  The cost of “cooling off” is $100.00 or .2% of the Purchase Price, whichever is the higher.

 

There is a lot to know in property law.  Don’t be taken advantage of by others, involve your lawyer even before signing so you can ensure all is done if selling and all conditions are met if buying.

To contact us:

Lewis & Weir

11 Coolac Street

Cheltenham  3192

 

Phone:    03 9584 7066

Fax:        03 9583 4045

Email:  lawyers@lewisandweir.com.au

 

 

Postal Address

PO Box 55

Southland Centre  3192

Lewis & Weir

Text Box: L & W
Lewis & Weir