Buying your first home? Investing in real estate? Leasing premises for your business? Whatever your plans it is important to understand the different ways people interact with land.
Here are some of the most common dealings with land that you will encounter:
- Purchasing a property: Whether you are a first home buyer or you are an experienced investor it is important that you inform yourself about the property you are purchasing and protect yourself from any hidden defects. In conducting due diligence you are making sure that you know exactly what you are purchasing. This generally involves going further than reviewing the documents attached to a contract. A building report and pest inspection can reveal hidden defects, pests, and problems that may cost you money down the track. Once you are satisfied as to the condition and state of repair of the property, and once the contract has been reviewed, you may decide to sign and enter into the contract for sale.
- Selling a property: When preparing a contract for the sale of your property, your solicitor must include prescribed information relating to the property. A contract for sale should be drafted with a complete understanding of the property being sold, and all relevant information should be supplied to the purchaser so that, once exchanged, the matter can proceed smoothly to settlement. If not all the required information is disclosed it may leave it open for the purchaser to back out of the contract.
- Leasing: A lease sets out the legal terms and conditions through which a person or business may occupy premises. Whether you are a tenant or a landlord it is important to ensure the lease is clearly drafted and in accordance with the law and terms agreed by the parties. The parties should understand the rights and obligations under the lease and receive independent legal advice.
- Mortgages: A mortgage is an instrument recorded on the certificate of title which secures a loan. A mortgage is separate to the loan facility you have negotiated with your lender. While your mortgage documentation may appear dense and somewhat unreadable, it is important you understand your repayment obligations, and the consequences if you fail to repay, namely the Mortgagee (your lender) has the ability to sell your land to recover the debt owed to them.
- Subdivision: If you wish to divide your property into multiple lots this is called a subdivision. There are a number of processes and approvals which you must go through before lodging a subdivision including liaising with local councils and other bodies to ensure appropriate planning permits are obtained. This process can be complex and time consuming. Retaining experienced professionals to check off due diligence matters, liaise with authorities, prepare technical documentation, and explain titling and legal concepts is invaluable during this process.
We are experienced in both Victorian and New South Wales property law and can advise on all property law matters including:
- Preparation of the contract and transfer documents for the sale or purchase of residential, agricultural, industrial, and commercial property
- Commercial and residential leases
- Retirement village contracts
- Subdivisions, easements, and rights of way
- Stamp duty and GST issues
- Inter-family transactions
If you need any assistance, contact one of our lawyers at Seventh Street Legal, 158 Seventh Street, Mildura, Victoria, or call 03 5021 4276 for expert legal advice.