Our Areas of Expertise
Property Law
When you're in the process of buying, selling, or leasing a property, it's important to have a law firm with the necessary experience to guide you in the right direction. To help you navigate through the legal aspects of buying or selling a home, we have prepared a detailed guide that addresses frequently asked questions. This guide aims to provide you with the information you need to make informed decisions during the property transaction.
WHAT IS CONVEYANCING, AND WHAT IS THE LAWYER'S ROLE IN THE PROCESS?
In simple terms, conveyancing refers to the legal steps involved in transferring ownership of real estate from one party to another.
When it comes to conveyancing, a lawyer’s role is to provide you with advice regarding your rights and responsibilities in property transactions and transfers. They can assist with various aspects, such as:
- Facilitating commercial and industrial property transactions.
- Guiding clients on commercial and retail leases.
- Reviewing contracts for buying or selling businesses.
- Handling subdivisions and creating new property titles.
IS IT RECOMMENDED TO HAVE A CONTRACT OF SALE AND SECTION 32 CHECKED BEFORE BUYING?
Definitely. Seeking legal advice before signing any agreements can help you understand the terms, negotiate better terms if needed, and prevent any potential issues after the sale. Remember, if it’s not in writing or signed by the other party, it may not hold up.
We provide a valuable pre-purchase advisory service to our extensive client base. Our team will carefully review the sale documentation, including the Contract of Sale and Section 32 (vendors) statement, and provide you with a detailed written review before you proceed with the purchase.
WHAT DOES "COOLING OFF" MEAN AND WHO CAN EXERCISE THIS RIGHT?
“Cooling off” refers to the ability of a real estate purchaser to cancel a contract and withdraw from the purchase within a specified timeframe, without having to provide a specific reason.
In Victoria, a purchaser has a period of three clear business days, starting from the day they sign an offer to purchase, to exercise their cooling-off right. However, there are certain exceptions to this right, which include:
- Sales near a publicly advertised auction.
- Properties used primarily for commercial or industrial purposes.
- Properties larger than 20 hectares used primarily for farming.
WHAT IS AN "OFF-THE-PLAN" PURCHASE AND
HOW DOES IT DIFFER FROM A STANDARD PURCHASE?
An “off-the-plan” purchase refers to buying a property, such as land or an apartment, that is not yet physically built but exists only as a proposed plan or drawing.
In such cases, owners can sell these properties before construction begins or is completed, and before any subdivision takes place. Contracts are entered into with potential buyers, with the understanding that the owner will carry out the necessary construction, completion works, and plan registration. There is a specific timeframe within which the owner must complete the works. If they fail to do so as specified in the contracts, the transaction can be canceled, and the deposit paid by the purchaser will be refunded.
