PROPERTY & YOU – BY PAUL MCKENZIE, ABS CONVEYANCING
It’s a legal requirement by the conveyancer or solicitor to review the contract, on behalf of their residential property purchaser client, either prior to exchange, or during cooling off. This is to make sure all is in order, and to alert and advise the client on a number of elements of the property sale contract.
In summary, generally the residential property sale contract comprises of the contract front pages details, with the property features, inclusions, exclusion, together if land tax or GST applies or not. Then there are the contract standard clauses, special conditions, title search, plan (freehold or strata), property title dealings (such as an electrical or water drainage easement), planning certificate details and the water authority sewer drainage location point/diagram.
The planning certificate in the contract, from the local council, has key element information regarding any issues such as heritage, building orders/asbestos, flooding, bushfire, mine subsidence, coastal protection, seniors housing, affordable housing, site contamination and zoning information. If there is a tenant in the property, a copy of the tenancy agreement would be in the sale contract. If there is a swimming pool or outdoor fixed spa, then the registration and compliance/non-compliances certificates would be in the sale contract.
The job of the conveyancer or solicitor, after the contract review, is to alert and advise you of any thing in the contract, that would cause you concern or alarm, together with any questions you raise.
What property & conveyancing topics interests you? Email Paul on [email protected] for any ideas or suggestions for 2025 Dooral Roundup property articles.
