Terms and Conditions

Our experienced property and conveyancing team can assist with a range of real estate and property transactions, including:

• Buying and selling residential property
• Commercial property transactions
• Auction sales and purchases
• Off-the-plan sales and purchases
• Commercial and retail leasing
• Interstate conveyancing

Buying and Selling Residential Property

Conveyancing is the process of transferring the legal title of property (real estate) from one party to another. Once you enter into a binding contract to buy or sell property there are strict deadlines and requirements to be met. While most conveyancing transactions conducted with the assistance of an experienced conveyancer or lawyer are uneventful, due diligence is key and it is important to read all the information provided and carry out any additional investigations.

If you fail to gain timely approval, give a required notice, or sign an essential document, you may find yourself in default as either a buyer or seller, and the consequences can be significant. We can help you understand your rights and obligations during the conveyancing process and will protect your interests throughout the transaction.

Purchasers

If you are buying, you need to do your research before contracts are binding. You need to have finance in place and know exactly what you are getting in terms of the property and its structures. While the contract will provide certain information about the title and property, some things may not be obvious from the contract and/or a physical inspection of the property. Obtaining pest and building inspection reports and investigating council records can help flag potential issues so you can make an informed decision before proceeding with your purchase.

Vendors

If you are selling residential property, you will have specific obligations as a vendor and will need a written contract for sale prepared with certain disclosure material attached. We can prepare your contract, explain your rights and responsibilities as a vendor, help you with any special conditions and liaise with your agent and the buyer’s legal representative.

Settling your Property Transaction Online

Most conveyancing transactions in New South Wales are now completed electronically through a system called PEXA. This allows a secure and timely transfer of ownership without the risk of a paper title, which could be lost or destroyed. An electronic settlement is a complex process which requires a thorough understanding of property law to ensure that nothing goes wrong. We are PEXA-certified and fully conversant with the online conveyancing platform.

Commercial Property Transactions

Businesses engaging in commercial property transactions require specialised guidance. We offer tailored legal advice for a range of commercial property transactions.

A commercial property is a property intended for a business purpose (as opposed to a residential property to be used as a dwelling). Commercial property may include office space, industrial buildings, warehouses, retail space or vacant land.

Acquiring or divesting a commercial property is similar to a residential property conveyance but with additional considerations and typically, greater risk. As part of the due diligence process, purchasers will be interested in matters such as zoning and permitted use for the property, existing tenancies and/or potential rental income, inclusions such as plant and equipment, and stamp duty. They will need to consider the right ownership structure before entering the contract. The application of Goods and Services Tax (GST), as relevant, must be addressed from both sides. Obtaining advice from an accountant before signing a contract is important to ensure the financial and taxation implications are considered.

Commercial Leases

Entering a lease is a significant step for any business. Whether it is to provide space for staff to work, a place for processing and production, or just for storage of stock, leasing commercial premises can contribute to a business’ efficiency and profitability. Conversely, the wrong lease can be a drain on business income and a burden to the business during periods of low profitability.

A lawyer can help a business that is entering into a lease by drafting the lease document or, more commonly, by reviewing a lease drafted by the landlord before the tenant signs. This is a critical stage because both parties are keen to reach an agreement, and amendments to the lease can be achieved based on this goodwill.

Similarly, if you are looking to lease commercial premises that you own, your agreement must provide some security in case the tenant breaches the lease. This may be in the form of a clause which allows you to seek damages, or a bank guarantee equal to a certain number of months’ rent which you can draw on if the tenant fails to pay rent. At this point, it is important to think about possible ‘what if’ scenarios and negotiate the lease to accommodate those events.

If the leased premises are defined as ‘retail’ under the relevant retail leasing legislation in your jurisdiction, the arrangements will be regulated. This includes compliance with specific disclosure requirements. We can check whether your proposed leasing arrangements fall under retail leasing legislation and ensure that the negotiations and lease documents are compliant with the relevant laws.

If you need assistance, contact one of our lawyers at [email protected] or call 02 9159 9084.