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Legal Responsibilities When Buying and Selling

Real Estate

LEGAL RESPONSIBILITIES

Are you considering purchasing your dream home? Or are you considering selling to take advantage of this current market?  There are many complex legal responsibilities you should be aware of when buying and selling property.

As such, it is always important to be well prepared and to understand the legal process prior to initiating a purchase or sale. We recently met with Jon Irwin from John Irwin Legal, to discuss these responsibilities. 

Selling your home

If you are considering selling your home, you will need to engage with a conveyancer, or a solicitor, to prepare a vendor statement for you. The vendor statement, also known as a Section 32, is a legal document that contains important information about your property. Some of the information contained within the vendor statement includes:

  1. A statement of the land title and a copy of the plan.
  2. Information about any easements or covenants.
  3. The services that are connected and supplied to the property.
  4. If relevant, information about an owners corporation.

When a property is sold, a written contract of sale is used to formalise the sale between vendor and purchaser. The contract of sale will include:

  1. The terms, details of the purchase, and details of both parties.
  2. A description of the property.
  3. Any additional terms or special conditions that the vendor and buyer have agreed to.

Having an experienced conveyancer, or solicitor, handle the transfer of ownership is essential. They’ll provide you with advice around the sale of a property and help you navigate the legal documentation and settlement process. Your conveyancer, or solicitor, will complete the following for you:

  1. Prepare, review and lodge all the required legal documentation. For example, the section 32 and contract of sale.
  2. Conduct a title and certificates search of the property to ensure everything is in order.
  3. Arrange settlement with all parties (note – all settlements will be completed via PEXA). 

While a solicitor plays a similar role to a conveyancer, a solicitor has broader knowledge and experience of the law, and could potentially advise on issues that are more complex and fall outside of a typical conveyancing transaction. If you’d like to learn more about working with a solicitor, please speak with Jon Irwin from John Irwin Legal. 

Purchasing a home

As a purchaser, before you make an offer on a property or bid at an auction, ensure that you have a conveyancer, or solicitor, carefully check the vendor statement. Ensure that you are informed of any easements, covenants and other important information about the property. 

You should also consider obtaining a building inspection report from a qualified building inspector. This will allow to understand any minor, major or structural issues with the home. 

When you’ve finally identified your dream home it’s time to submit an offer. When buying property, there are two types of offers you can submit: conditional and unconditional. A conditional offer is one that is subject to one or more conditions. A condition may be “subject to finance” or “subject to a building inspection”.  Once the offer is accepted, and both parties agree to the price, you will sign the final contract of sale. This is also when the deposit is paid to the vendor.  

Buying a property via an auction is an exciting and fast-paced experience. If you’ve never been to an auction before, ensure you attend a few to get an understanding of how the process works. Remember, sales by auction are unconditional. So be sure your finances are in order and your deposit is ready to go.

Seek advice from a trusted professional

Remember to always speak with experienced professionals who can provide you with an unbiased opinion. 

If you have any legal or conveyancing questions, speak with John from John Irwin Legal. He’d be delighted to assist you with your needs. 

Buying or selling a home is a process that takes time. A trusted real estate agent will always listen to your wishes and needs, and act purely in your best interests.  If you are finding it difficult to know where to start with searching for a property, or selling your existing property, speak with Mark who can help with timely market information. 

With Mark being one of Mildura’s most trusted real estate agents, he is well placed to provide you with his view of the current market from both a buyer’s and vendor’s perspective.

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