Buying or selling your home or other real estate isn’t something you do everyday, so there is a lot of merit in getting legal advice before you sign the Contract of Sale. There are certain enquiries you should make about the property as these may reveal restrictions on the use or development of the land, which could conflict with your plans.
When selling a property to buy a new one, the Contract should include special clauses to make the proposed purchase conditional on the sale and settlement of your existing property.
Clauses could also include structural inspections, electrical reports and termite reports which are all strongly recommended before purchase.
Once the Contract has been signed, you may be legally obligated to settle. You may not be able to do anything about an electrical problem, if the clause requiring a satisfactory report was not included in the Contract.
When selling land you need to know there aren’t any caveats on the title or other interests, which may cause problems or delays when completing the settlement.
Kroon Legal has experienced lawyers able to settle on the sale or purchase of land or other real estate. We will:
- Advise generally on the Contract or other matters associated with settlement;
- Liaise with your bank regarding any discharge of existing mortgage or preparation of a new mortgage;
- When acting for the buyer, investigate any conditions included in the Contract and discuss any interests or claims concerning the property;
- Contact rating authorities and confirm there are no orders or requisitions that might affect the property;
- Attend settlement and check all relevant documents before and at settlement to ensure it goes ahead on the due date and is not delayed because of document problems; and
- After settlement, provide a booklet containing all relevant documents as your record of the transaction.
If you have problems with the other party concerning the Contract or settlement, a settlement agent cannot give you legal advice. If we are settling for you, we can provide legal advice straight away. If extensive advice is required additional costs may be charged. This will be discussed before taking your instructions.
Lawyers can prepare Contracts of Sale and you don’t need to use a real estate or settlement agent in a private sale, or in a transfer of land between family members.