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Before listing your property, you must have a contract of sale prepared by a solicitor or conveyancer. It must include a title search, zoning certificate, and any council approvals for past renovations or modifications.
Pool safety is acritical responsibility for property owners in New South Wales. The state has specific regulations and standards in place to protect residents, especially young children, from pool-related accidents. It’s important to understand the obligations that pool owners must adhere to, including obtaining necessary certificates, maintaining safety standards, and understanding the potential consequences of non-compliance. By familiarising yourself with these regulations, you can help ensure that your pool is both safe and legally compliant.
Some issues or search results affecting the Property may exist which you are unaware of, but be forced to accept, such as:
A property purchase transaction in Queensland generally involves some time critical issues that must be considered when the Contract is entered into or shortly after that time.
Time is of the essence of the Contract. This is a legal term that means you must perform your obligations strictly by the due date. For example, subject to any right of extension you may be entitled to exercise, you must be able to settle by 5pm on the settlement date; otherwise the Seller may issue the Buyer a Notice of Default requiring the Buyer to complete settlement within 14 days. If the Buyer fails to complete settlement within this period, the Seller may either terminate or seek to enforce the Contract. In both cases, the Seller may claim compensation from the Buyer, including charging you default interest on the unpaid balance due at settlement and passing on additional legal costs incurred by them to the Buyer due to their delay in completing settlement.
Usually, time is of the essence of the Contract which means that you must provide the Seller the balance of the purchase price strictly by the due date.
The Seller must allow the Buyer access to the Property once for the purpose of conducting a pre-settlement inspection to check on the condition of the Property.
If you are or become a foreign resident, you may not be eligible for the CGT main residence exemption. Additional taxes, such as AFAD, may also apply. Seek tax advice before selling.
Commonly in New South Wales, the Contract is not subject to finance. Before signing an unconditional contract or before the expiry of the cooling off period, if you are unable to obtain final finance approval for the transaction or otherwise do not have immediately available cleared funds (e.g. you are relying on an inheritance or property sale), you will have no right to rescind the Contract. You must proceed to settlement regardless, failure of which will entitle the Vendor to terminate the contract, keep the deposit and sue you for damages and any loss on resale if they sell the property for a lesser value within 12 months of the termination.
Understanding what items stay with a property and what can be taken by the Seller is a crucial aspect of any real estate transaction. The distinction between chattels and fixtures often leads to confusion, but it's a key factor that can significantly impact both the Buyer and Seller. Whether you're preparing to buy or sell a home, knowing the difference and ensuring clarity in the contract can prevent potential disputes and ensure a smoother transaction.