Conveyancing 26041079 v1 National 19 08 15 Commercial in confidence 1
Conveyancing What is Conveyancing? Conveyancing refers to any transaction involving Property. Conveyancing can be a simple transfer of the family home from one family member to another or a complex hostile acquisition of commercial property subject to leases, licences with various incomings and outgoings to be adjusted. Who Can Do Conveyancing? In the ACT, conveyancing can only be undertaken by a Law firm. In NSW, licensed conveyancers can undertake the conveyance. Care should be taken in selecting the firm to undertake your conveyance. What appears to be a standard purchase of residential property can be fraught with danger for an inexperienced party. You should always seek advice and clarification before doing anything regarding property. After all, the family home is often the most valuable asset a person will own in their lifetime and dealing with such an asset should be entrusted to a person with adequate competence along with ample experience in the area. Auctions If you are interested in bidding for a property at auction, you should seek legal advice in relation to the contract prior to the auction. If you are the successful bidder you will be obliged to exchange contracts immediately after the auction. This locks you into the transaction; you do not get a cooling off period if you buy at auction. If you have not received legal advice in relation to the contract you may find that you have locked yourself in to buying a lemon. Finance You should not exchange contracts prior to receiving unconditional finance approval. Often buyers will receive preapproval for a loan to purchase a property with a maximum amount the lender will advance. This is not unconditional approval. A lender will usually require a valuation to be undertaken on the property to be purchased. If the valuation is less than expected, the lender may only lend you a lesser amount, or nothing at all. A lender may pre-approve you a loan of $800,000.00 but it will not lend you $500,000.00 for a property worth only $450,000.00. Unapproved Structures Properties in the ACT often have unapproved structures. The consequences of having an unapproved structure include that if the relevant authority becomes aware of the unapproved structure, it may require that the structure be approved or demolished. Obtaining approval for existing unapproved structures can be difficult and costly. Legal advice should always be sought in relation to purchasing a property with unapproved structures. Selling In the ACT, a property owner is legally obliged to compile a compliant contract before advertising or listing the property for sale. Criminal sanctions apply to a property owner that advertises a property where a compliant contract is not available for prospective buyers to inspect. Care must be taken to ensure that all required documents are contained in the contract, if one document is missing, the contract will not be compliant. 26041079 v1 National 19 08 15 Commercial in confidence 2
Handy Tip For a residential conveyance, make the most of your fixed fee. If you have any hesitations or questions, contact the lawyer responsible for your matter and seek clarification. First Home Buyers It is essential that First Home Buyers get competent advice in relation to property transactions. A competent lawyer should be consulted in regards to your entitlement to the stamp duty concession and first home owners grant. What We Can Do Our expert Property Team has the experience and knowledge to undertake any ACT or NSW property transaction on your behalf. Heading up the Property team is Ben Gulan, Partner. Ben has extensive experience in property and development transactions. Ben s Property Team comprises of solicitors, conveyancers, paralegals and assistants with a mountain of experience in ACT and NSW property transactions. We take on all types of property transactions, residential and commercial: Regardless of size we undertake hundreds of standard residential sales and purchases per year and undertake all types of transactions up to sales of multi-unit developments and purchases and sales of large commercial complexes. Regardless of complexity we deal with simple intra-family transfers to purchasing vacant blocks on which to build to complex matters such as Old System Dealings (eg Thredbo) or commercial transactions involving leases, licences, disputes, etc. Regardless of client experience from first home buyers with no experience in property to industry leaders such as builders, developers and government. 26041079 v1 National 19 08 15 Commercial in confidence 3
For more information, please contact: Ben Gulan Partner D +61 2 6201 7211 E ben.gulan@dibbsbarker.com John Buxton Partner D +61 2 6201 7260 M +61 417 211 329 E john.buxton@dibbsbarker.com Rachael Wood Associate D +61 2 6201 7280 E Rachael.wood@dibbsbarker.com Kate Russell Paralegal D +61 2 6201 7229 E kate.russell@dibbsbarker.com Shannon Watt Licensed Conveyancer NSW D +61 2 6201 7294 E Shannon.watt@dibbsbarker.com Ellen Farrell Conveyance Assistant D +61 2 6201 7206 E Ellen.farrell@dibbsbarker.com 26041079 v1 National 19 08 15 Commercial in confidence 4
Brisbane Level 23 66 Eagle Street Brisbane QLD 4000 DX 104 Brisbane T +61 7 3100 5000 F +61 7 3100 5001 Canberra Level 6 Canberra House 40 Marcus Clarke Street Canberra ACT 2600 Unit 6, 169 Newcastle Street Fyshwick ACT 2609 DX 5614 Canberra T +61 2 6201 7222 F +61 2 6257 4011 Sydney Level 8 Angel Place 123 Pitt Street Sydney NSW 2000 DX 101 Sydney T +61 2 8233 9500 F +61 2 8233 9555 www.dibbsbarker.com The information in this document, broadcast or communication is provided for general guidance only. It is not legal advice, and should not be used as a substitute for consultation with professional legal or other advisors. No warranty is given to the correctness of the information contained in this document, broadcast or communication or its suitability for use by you. To the fullest extent permitted by law, no liability is accepted by DibbsBarker for any statement or opinion, or for an error or omission or for any loss or damage suffered as a result of reliance on or use by any person of any material in the document, broadcast or communication. This publication is copyright. Apart from any use as permitted under the Copyright Act 1968, it may only be reproduced for internal business purposes, and may not otherwise be copied, adapted, amended, published, communicated or otherwise made available to third parties, in whole or in part, in any form or by any means, without the prior written consent of DibbsBarker. DibbsBarker 2014 26041079 v1 National 19 08 15 Commercial in confidence 5