Buying a Property

Whether you purchase your first home or investment property, you should be aware of the terms and conditions of the agreement before signing the contract including the transfer duty payable and whether the purchase is subject to Goods and Services (GST) tax.

Most contract provides a clause that you purchase the property “as is” and the property is subject to latent or patent defects. Hence, it is advisable that before you purchase the property, that you conduct a building and pest inspection to check if the property is structurally sound and whether there are no defects on the property. Pest inspection is recommended on old dwelling to check if there is pest infestation. For off the plan purchase, it is important to check the registration date and whether the zoning by Council conforms to your building requirement. If you purchase an unregistered property, it is advisable to check the plans and items included your purchase.

Purchasing an old or existing property can be problematic at times, especially if no survey report is ordered as you might end up knowing later that there is an encroachment of the land boundary or there are improvements which are not council approved, if no property inspection has been ordered.

Conveyancing transaction at present is done electronically through PEXA (Property Exchange Australia) and you need a property solicitor or conveyancer who is familiar with electronic conveyancing as transaction is now conducted through the internet including payments of money during exchange of contract and settlement. It is imperative for your lawyer to check by phone and email the correct account of the vendor given the scams and hacking of email happening in electronic transaction.

Jessie Icao Solicitors has the experience will to assist you in your purchase or sale of property to have a smooth transaction and where the property will be registered in your name on settlement. Please ring us on (02) 96356500.