Conveyancing & Property Law
Property law is complex and requires an understanding of the rules affecting the transfer of ownership rights, developments, subdivisions, and many other issues concerning what is often our most valuable asset.
We have significant experience in conveyancing and property law and can assist with a range of property matters.
Conveyancing
Conveyancing involves the transfer of real estate ownership from one person to another. Small mistakes or oversights during the conveyancing process can lead to significant problems in the future.
Buying a residential property
Before you place a holding deposit on a property or sign anything, you should ensure you understand your legal rights and obligations, the first being your right to a cooling off period.
Cooling off period
Generally, a cooling-off period of three business days applies to private sales of residential property in Victoria. The cooling-off period begins from the date you sign the contract. The only usual consequence for cancelling the purchase during the cooling off period is that $100 or 0.2% of the purchase price (whichever is greater) will be deducted from your deposit.
There are a few situations in which the cooling off period does not apply, for example, if the property is sold at a public auction, or your offer to purchase the property is accepted within three clear business days before or after the property’s auction date.
Review before you sign
To ensure you understand the terms and conditions in the contract and that it complies with all legal requirements, we recommend you speak to one of our lawyers. A contract of sale becomes legally binding once the vendor and purchaser have both signed it. The purchaser will need to pay a deposit of 10% of the purchase price to the vendor on signing the contract.
Selling your property
Most vendors will appoint a real estate agent to sell their property on their behalf. There are many functions an agent can undertake on your behalf, such as attract prospective buyers and organise property inspections.
Your rights and obligations when selling property
When selling property in Victoria, you should understand your rights and obligations in relation to things such as obtaining finance, planning and zoning restrictions, Section 32 (vendor’s statement) and your contract of sale.
Section 32 (vendor statement)
A vendor’s statement discloses information not readily found by inspecting the property and must include all relevant details which may affect the state of the property such as, certificate of title search, council planning and information certificates, contaminated land, amongst other things. This information helps the buyer make an informed decision as to whether they want to proceed with the purchase of your property. It is an essential part of the conveyancing process and discloses all information that isn’t on hand during an inspection.
Contract of sale drafted and on hand for potential buyers
There are two types of contracts for the sale of residential property in Victoria, a contract of sale, and an auction contract. You need to be sure you understand all the clauses in your contract.
The contract should include things such as details of the property, vendor and purchaser’s name and details of their respective lawyer/conveyancer and agreed purchase price.
The contract becomes legally binding once the vendor and purchaser have both signed it. The purchaser will need to pay a deposit of 10% of the purchase price to the vendor on signing the contract.
What happens once property has been sold?
The period between exchange and settlement of a property is usually between thirty to ninety days, however, you can try to negotiate a longer or shorter period if required.
Before settlement, all rates and other recurrent outgoings regarding the property are adjusted between the purchaser and vendor and the balance of the purchase price is paid in exchange for the transfer documents and the certificate of title.
When the change of ownership occurs, your lawyer or conveyancer will notify all relevant authorities on your behalf.
Commercial and retail leases
Commercial and retail leases set out the legal terms and conditions through which the business may occupy premises to run an enterprise. Whether you are a lessor or lessee, a lease agreement should be formally prepared and reviewed by an experienced lawyer to ensure a balance of rights between the parties. Disputes can usually be minimised with careful drafting to ensure all terms and conditions of the lease document are clear and complete.
There will almost always be a time limit on when a tenant can exercise an option to renew which is usually expressed in the commercial lease as a specific date or time period. The usual trend is to allow the tenant to exercise the option to renew from three to nine months before the end of the lease term.
It is important for a tenant not to miss the opportunity to exercise the renewal option as the landlord is under no obligation to offer the same renewal terms that were in the original lease.
If you need assistance, contact one of our lawyers at [email protected] or call 03 9338 8511 for expert legal advice.