PROPERTY LAW
Why do I need a Lawyer when buying or selling my home?For most, buying or selling your home is the largest financial investment you will make in your life. The transaction between buyer and seller is generally quite procedural; however, hiccups can and do often occur. Having a Lawyer on your side from beginning to end will ensure that your purchase or sale runs as smoothly as possible.
What sort of work will the Lawyer do for me?For a sale, the Lawyer will generally put together your contract, order your government required searches, liaise with your bank, real estate agent, and purchaser's solicitor to ensure you reach settlement problem-free.
What is Stamp Duty and why do I need to pay it?Stamp duty is a government tax on your property transaction which is generally unavoidable unless you fall within certain exemptions. Common exemptions include First Home Owners Buyers Assistance Scheme, Vacant Land Grants, and New Building Grants. This tax is burdened on the Purchaser of the property. Contact us to see if you fall within these exemptions.
Duty is calculated using thresholds based on the price of the transaction or the value of the property. The Duty calculator can be found here. https://www.apps08.osr.nsw.gov.au/erevenue/calculators/landsalesimple.php
What does "cooling off" mean?Cooling off is the period in the transaction where you can pull out of the Contract without penalty. For property, cooling off is generally 5 business days unless a longer time frame is agreed upon. However, if you purchase a property at auction there is no cooling off period. If you renege on the Contract after the cooling off period, you lose your deposit and may be subejct to further penalties.
What is exchange?Exchange is the term used when Contracts duly executed are passed from buyer to seller and seller to buyer; this initiates the transaction and is binding on both parties subject to any cooling off period.
What is Settlement?Settlement is the term used during the final stage of your transaction. This occurs when representatives of both parties meet and pass title of the property and funds to one another. Settlement generally occurs 6 weeks after the date of Exchange unless agreed otherwise.
What sort of work will the Lawyer do for me?For a sale, the Lawyer will generally put together your contract, order your government required searches, liaise with your bank, real estate agent, and purchaser's solicitor to ensure you reach settlement problem-free.
What is Stamp Duty and why do I need to pay it?Stamp duty is a government tax on your property transaction which is generally unavoidable unless you fall within certain exemptions. Common exemptions include First Home Owners Buyers Assistance Scheme, Vacant Land Grants, and New Building Grants. This tax is burdened on the Purchaser of the property. Contact us to see if you fall within these exemptions.
Duty is calculated using thresholds based on the price of the transaction or the value of the property. The Duty calculator can be found here. https://www.apps08.osr.nsw.gov.au/erevenue/calculators/landsalesimple.php
What does "cooling off" mean?Cooling off is the period in the transaction where you can pull out of the Contract without penalty. For property, cooling off is generally 5 business days unless a longer time frame is agreed upon. However, if you purchase a property at auction there is no cooling off period. If you renege on the Contract after the cooling off period, you lose your deposit and may be subejct to further penalties.
What is exchange?Exchange is the term used when Contracts duly executed are passed from buyer to seller and seller to buyer; this initiates the transaction and is binding on both parties subject to any cooling off period.
What is Settlement?Settlement is the term used during the final stage of your transaction. This occurs when representatives of both parties meet and pass title of the property and funds to one another. Settlement generally occurs 6 weeks after the date of Exchange unless agreed otherwise.