FAQ
I have never purchased property before – what do I do next?
It can be daunting buying your first property. Let us help guide you through the process. With experienced staff who have purchased and sold their own properties we know the process from both sides and will assist you to navigate the process from signing the contract through to settlement. Don’t hesitate to speak with one of our friendly staff members today.
What is a conveyancer?
A conveyancer is a professional trained specifically in the area of property law. Conveyancers are responsible for preparing documents in relation to the transfer of property, checking the land registers and ensuring clear title to complete the settlement process. Conveyancers also prepare other legal documents relating to property law including contracts, form 1 statements, land divisions documents, family transfers, applications, mortgages, leases … the list goes on.
Do I need a conveyancer?
Conveyancers are vital for the smooth transition of property from one owner to the next. We highly recommend you speak with a conveyancer about your next property transaction.
What is a Vendor?
A Vendor is a person or entity (company etc) who owns the property which is being sold.
What is a Purchaser?
A Purchaser is a person or entity (company etc) who is buying the property.
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Letter of Offer
A letter of offer or sometimes referred to as your best offer. It is a document provided to the Vendor by the Purchaser proposing terms on which the Purchaser would like to buy property (ie how much for, whether any finance is involved or subject to the sale of property etc). A real estate agent may present offers from various parties to the Vendors for their consideration.
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Contract for Sale and Purchase of Land
Provided by the Purchaser to the Vendor finalising the offer including any special conditions to purchase the Vendor’s property. Once all parties have agreed and signed this document it becomes legally binding.
What is a Form 1 Statement?
A Form 1 (previously known as a Section 7 Statement) is a disclosure document detailing particulars about the Vendor’s property. It is provided by the Vendor to the Purchaser prior to the finalising of the cooling-off period. The Form 1 is prepared on information provided by the Vendor, relevant government departments and other information providers. A property interest report, council search and other related searches are required to prepare the Form 1.
Do Perfectly Conveyed prepare Form 1 Statements?
Yes, we do, in the case of a private sale/purchase of a property.
If you have a real estate agent selling your property we are able to order the property searches on your behalf so the real estate agent may prepare the Form 1 Statement.
If your real estate agent does not wish to prepare the Form 1 statement then we outsource the preparation of the Form 1 to a specialist company and request your real estate agent to authorise the preparation and signing of the Form 1 on their behalf.
Cooling-off period
For a residential property, once the contract has been signed and the Form 1 statement served the cooling-off period starts. Under a standard contract, you may cool-off or cancel the contract prior to midnight within 2 business days after receiving the documents. However, not every transaction is subject to a Cooling-off period, so make sure you contact us for advice that is applicable to you.
Can I cancel the contract?
If you are within your cooling-off period the Purchaser may cancel the contract by providing notice as described in the contract for no particular reason. It may just be you changed your mind. After this time, there may be options to cancel the contract but you would need to seek advice from your conveyancer who may refer you to a legal practitioner.
What is a private contract?
A private contact is where the Vendor and Purchaser have decided to sell and buy property without using the services of a real estate agent. Once the Vendor and Purchaser have agreed to proceed at Perfectly Conveyed we are able to assist you in formalising the paperwork by preparing the contract. Contact us today about our Private Contract and Form 1 Package Deal.
How much is stamp duty?
Stamp duty is a percentage of the purchase price, and varies from property to property. This handy stamp duty calculator will give you an estimate of how much you need to budget, whilst looking for your new home.
What is Land Tax?
Land Tax is calculated on the basis of the total taxable site value of all land owned (by an owner or group of owners) other than their principal place of residence. To get in indication of the Land Tax you may be required to pay, then use the link below.