Conveyancing & Property Law
Property laws and regulations in New South Wales apply to various dealings concerning real estate, but most frequently to the sale, purchase, transfer and registration of interests over property. Conveyancing is a specific area of property law that involves a series of legal processes and obligations to ensure a smooth and lawful transfer of legal title in real estate from one party to another.
A property transaction, whether you are buying, selling, or leasing, is a significant commitment. Accordingly, it is important to have a professional on your side who can protect and explain your legal rights and provide the right guidance so you can make informed decisions. We act for a range of individuals and businesses, for all types of property transactions whether they involve residential, rural, strata or commercial property. We can help with:
- Preparing contracts for sale of land and obtaining disclosure material
- Auction sales and purchases
- Off-the-plan sales and purchasers
- Assistance for first home owners buying a new home or land
- Commercial and retail leasing
- Property developments and subdivisions
Conveyancing Process
The conveyancing process involves several stages, starting from the negotiation of the sale contract to the final settlement. In New South Wales, it is common for buyers and sellers to engage licensed conveyancers or solicitors to handle the conveyancing process on their behalf. Their role includes conducting property searches, reviewing and negotiating contracts, coordinating with lenders, and facilitating the settlement process.
A sound understanding of contract and property law, as well as knowledge of various statutes, regulations and processes is required to mitigate risk and complete a successful transaction.
Sale Contract
The contract for sale of land is a crucial document in conveyancing and property law. It outlines the terms and conditions of the property sale, including details of the property, parties, purchase price, deposit, settlement date, and any special conditions. When dealing with rural properties, additional considerations may arise, such as water rights, easements, or zoning restrictions.
It is essential for both buyers and sellers to thoroughly understand the terms of the sale contract and the effect of any cooling-off rights.
Property Searches and Disclosure Information
Disclosure material must be included with the contract when selling a residential property in New South Wales. Depending on the property, prescribed disclosure documents typically include (but are not limited to) a title search, details of any interests registered on the title, a plan of the land, and planning and zoning details.
Additional property searches are usually conducted during the conveyancing process to obtain further information about the property and its title, for example, council building certificates, and searches from government authorities to ascertain whether they have an interest in the property. Certificates from local council and water authorities will also be needed to provide details of outstanding charges so these can be accounted for on settlement. For rural properties, additional searches may be required, such as water rights searches, road access searches, or searches for encumbrances specific to rural land.
These searches help identify any potential issues or restrictions that may affect the property’s use or value.
Financing
Obtaining finance is usually a crucial aspect of a property transaction. Buyers often rely on mortgage lenders to finance their property purchase. In New South Wales, mortgage lenders typically require a valuation of the property before approving a loan. For rural properties, lenders may consider additional factors such as agricultural viability, land use restrictions, or environmental considerations. In such cases, it is advisable for buyers to engage with lenders familiar with rural property transactions to ensure a smooth financing process.
Stamp Duty
Stamp duty is a tax imposed on property transactions in New South Wales. The amount of stamp duty payable depends on the purchase price and property type. Rural properties may be subject to exemptions such as intergenerational transfer.
Additionally, land tax may apply to certain rural properties, depending on the property’s value and use. It is important to understand the applicable stamp duty and tax obligations when buying or selling a property.
Property Disputes
Disputes related to conveyancing and property transactions can arise. In New South Wales, options for resolving disputes include negotiation, mediation, arbitration, and litigation. Alternative dispute resolution methods such as mediation can provide a more cost-effective and timely resolution. However, if a resolution cannot be reached, parties may resort to litigation to protect their rights and interests.
Understanding the conveyancing process, reviewing sale contracts and conducting property searches are essential steps to ensure a smooth conveyancing transaction. Seeking professional legal advice from licensed conveyancers or solicitors with experience in a range of property transactions is recommended to navigate these complex areas of law effectively.
If you need help, contact of****@ge*************.au or call 02 4234 3033 for a no-obligation discussion and for expert legal advice.