Argent Law’s property conveyancing lawyers Melbourne have the ability to assist in regards to all property law matters. We have many years of experience and expertise to make your property goals a reality.
We are here to help you with the ever-evolving changes to the law. For example, in the past two years alone, the following items have been implemented and must be adhered too:
• Foreign Capital Gains Withholding Clearance certificate;
• Verification of identity;
• Additional Stamp Duty for Foreign purchasers of property;
• Client Authorisations; and
• Transition to electronic conveyancing (compulsory as of 1 August 2019)
As a Vendor you must ensure that you adhere to the Sale of Land Act 1962 (Victoria). If you do not, the Purchaser may be able to rescind your Contract of Sale and cancel the transaction.
At Argent Law we ensure that the sale of your property is not jeopardised by defective documentation namely the Contract of Sale and Section 32 Statement (also called a Vendors Statement).
Buying a property is a big investment. It is vital to ensure that you know exactly what you are buying. Or, if there are any items such as easements or other encumbrances that you should be aware of.
As the Purchaser, if you do not settle on the settlement date you are liable to pay penalties to the Vendor. It may include penalty interest on the balance of purchase monies, the Vendor’s legal fees and sometimes the Vendor’s mortgage and accommodation costs! A very costly exercise!
With Argent Law guiding you through the process, your exposure to a delayed settlement is significantly mitigated as we can identify when we think there will be a delay – (a popular reason being due to loan documentation!)
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If you are in the process of buying or selling a property contact our conveyancing lawyers Melbourne today! We also provide some other legal services such as Family Law, Conveyancing, Property Law, etc.
Fill out the form provided and our property conveyancers or conveyancing lawyers in Melbourne CBD will contact you and discuss your situation, your options and give you an idea of costs.
Getting your contract reviewed by your Conveyancer or Solicitor is the most affordable and safest process to take prior to signing as it may prevent possible further issues that may arise You should get your contract reviewed primarily to make sure you know exactly what you are signing, and that you understand all of the information provided in the Vendor’s Statement.. By doing this, you may find yourself having the option to negotiate on any terms you that may be one-sided and undertake reports to ensure you can use the property in the way you intended to ie, renovation or development.
It is recommended that anyone considering purchasing a property would undertake a Building and Pest Inspection prior to signing any Contract of Sale. This ensures that the property you intend to purchase is in good order. The report may identify issues that could potentially cost you thousands of dollars in the short term to long term. Having these reports undertaken prior to signing may be crucial for identifying any issues prior to negotiating purchase terms. We further recommend that should you have any queries regarding the property boundaries, if your inspection of the site and the plans don’t seem to match, undertaking a survey report is your best option. Remember, once you sign that dotted line, you are deemed to have accepted the property in its current condition, a few expert reports may the difference between a good or bad purchase.
Stamp Duty is a tax charged to a purchaser when a property is transferred. The amount of Stamp Duty payable is based on many factors and varies from state to state.
In Victoria, Stamp Duty is payable around 30 days from the time of settlement. The rate of Stamp Duty charged is based on the value of the property, reason for the transfer, whether it is your principal place of residence, you are foreign or your edibility for approved concessions ie. first home buyers or pensioner concessions. It is important to speak to your Conveyancer or Property Lawyer about your situation and possible concessions you may be eligible for.
A cooling of period is a small period of time after the Contract of Sale has been signed that a purchaser may end the contract. The cooling off period for a property purchase in Victoria is 3 clear business days after the contract has been signed by all parties. During this period, you may cancel the contract by notifying the Vendor or the Vendor’s Estate Agent in writing. Once cancelled, the estate agent/vendor’s legal representative must refund all deposit monies except for $100 or 0.02% of the contract price (whichever is more). It is important to note that there are instances which purchaser’s are exempt from a cooling off period, such as if the land is primarily used for commercial purposes, if the purchaser has previously signed a contract of sale for the same land for similar terms, or if the purchaser is an Estate Agent.
The difference between exchange and settlement is that ‘exchange’ is the signing of all contracts by all parties, and the parties each receiving an original copy of that contract. This exchange of contracts makes the sale/purchase legally binding by all parties. Settlement is the date the contract is finalised and legal ownership of the property is transferred to the new owner.