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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.

Why is it important to review the Reference Schedule of the Contract?

The Reference Schedule of the Contract contains important details specific to your agreement. It's important to review it carefully to ensure all information is correct and if you notice any inaccuracies, inform relevant parties as soon as possible.

When purchasing a property with an existing tenant, it's essential to understand the rights and responsibilities that transfer to you as the new owner. The presence of a tenant impacts various aspects of property ownership, from when you can take possession to how rental agreements are managed. Properly navigating these factors can help ensure a smooth transition and avoid potential legal or financial issues after settlement.

Transfer duty, previously known as Stamp Duty, is a crucial tax to understand when purchasing property in New South Wales. This state tax applies to various property transactions and can significantly impact the overall cost of buying a property. In this article, we'll explore what Transfer Duty is, how it's calculated, and the key considerations for Purchasers, including potential exemptions, concessions, and additional duties for foreign Purchasers and high-valued properties. Understanding these factors can help you navigate the property market more effectively and avoid unexpected costs.

What are contract conditions?

Steps that must be taken in relation to conditions to which the Contract is subject (such as a finance condition or a building and pest inspection report condition) and the exercise of rights of termination that may arise.

What are contract conditions?

If the contract is subject to certain conditions (such as the Purchaser obtaining finance approval or a satisfactory building and pest inspection report, or the Vendor becoming the legal owner of the property) by certain deadlines, actions must be taken to satisfy the conditions, otherwise, one or both parties can exercise their rights of rescission by the relevant deadlines.

Securing finance approval is a critical step for Buyers when entering into a property contract subject to finance. This article outlines the key responsibilities and considerations for Buyers, including the necessity of timely applications, diligent follow-up, and clear communication with the Seller to ensure compliance with the contract terms.

What should I check in the Reference Schedule of the contract?

Ensure all details in the Reference Schedule, such as names, property description, and dates, are accurate. Notify your conveyancer immediately if you find any errors.

When purchasing a property, it is important that the Purchaser investigates the property's condition.