How much does it cost?
We can quote estimated professional costs and disbursements for most common matters.
I am selling my house. What information do you need to prepare sale documentation?
We initially have to prepare a Section 32 Vendors Statement (commonly called either a Section 32” or a “Vendors Statement”) in accordance with the Sale of Land Act which requires a Vendor (person selling land) to provide the Vendors Statement to a Purchaser prior to selling land.
The Sale of Land Act also provides for a fine of up to $5,000.00 if a Vendor provides incomplete or false information knowingly and recklessly.
We rely on your instructions to prepare the Vendors Statement but we should also be in possession of all necessary Certificates and other material before completing the Vendors Statement. We therefore obtain a Title Search and apply for various rate, zoning, planning and other necessary certificates to be incorporated into the Vendors Statement.
We need your advice if you are or become aware of any unusual matters or features associated with the property or receive or have received or are aware of any notices or proposals from your local council, neighbours or other persons, bodies or authorities.
In particular, we need the following information :
details & copies of any Notices, Building Approvals or Building Guarantees. If you have applied for any Building Approvals as an Owner-Builder it is absolutely vital that you contact us urgently as an Inspection Report and Warranty Insurance may have to be obtained and attached to the Vendors Statement before any sale can proceed;
copy Rate Notices (Council & Water);
details of services connected or available and names of the service providers
(i.e. electricity, gas, water and telephone);
details of any Tenant (including copy Lease);
copy Levy Notice, latest AGM Minutes, details of Strata Insurance and any other Notices received in the last 12 months if the property is part of an Owners Corporation (formerly known as Body Corporate);
details of any Mortgage loan including name of the Mortgagee Bank,
Loan Number(s)and best contact details at your Bank. This information will assist us in advising your Bank of any sale to arrange the discharge documentation and also the preparation of a s27 Deposit Statement (to enable early release of the deposit)
Please note that the early release of deposit is not automatic. A s27 Deposit Statement has to be served on the Purchaser who then has 28 days in which to either sign and return it enabling the early release or to object to the early release.
I am purchasing a property. What do you need from me?
If you have not already purchased the property, we are happy to check and advise upon the sale documents (i.e. Section 32 Vendors Statement and Contract).
If you have already purchased a property, we need to review the Contract and s32 Vendors Statement as soon as possible (even if it is sometime before settlement) as there may be investigations or actions which we need to ensure are carried out within 14 or 21 days of the date of sale (ie. the date the Contract was signed by the parties).
When do I need to insure the property purchased by me?
Unless the property is a Strata Title property you have an insurable interest from the date of sale and should immediately insure the property upon signing the Contract - do not wait for settlement..
If the property is a Strata Title property (with an Owners Corporation) there should already be Strata Insurance but proof of that insurance must be checked.
I cannot attend the Auction and need someone else to sign on my behalf
A Power of Attorney wherein you appoint an Attorney to act on your behalf is one method and we can help you by preparing that document.
Alternatively, there are some circumstances where a person can sign the Contract and later nominate another person or Company as the substitute purchaser.
Sometimes this nomination has to be made shortly after the date of sale (ie when the Contract is signed) and sometimes 14-21 days prior to the settlement date.
It is important that the agency arrangement or other circumstances allowing the nomination are in place or have been checked to be allowable BEFORE THE PURCHASE.
These rules are administered by the State Revenue Office under the Duties Act and failure to follow them could result in considerable extra or penalty stamp duty (or double stamp duty).