Conveyancing & Property

Most of us will be involved in a property transaction at some point in time, whether that be buying or selling a house, renting a home, or leasing commercial premises for a business. A “routine” property transaction, however, can be fraught with complexity and it pays to have an experienced professional on hand to explain your rights, protect your interests and help you navigate the process. We regularly deal with a range of conveyancing and property transactions, and can help with:

Sale and purchase of residential, commercial, retail, and rural property
Auction sales and purchases
Off-the-plan sales and purchases
Family transfers in property
Loan agreements and mortgages over property
Commercial and retail leasing
Property development
Disputes between property co-owners

Conveyancing services

Conveyancing is the process of transferring the legal ownership (title) of land from one party to another. The process moves quickly and involves strict deadlines, with high penalties for non-compliance.

Many buyers are unaware of the level of due diligence they should undertake to ensure the property will meet their needs and do not realise that they can be penalised for not settling on the completion date provided in the contract, even if the delay was beyond their control (for example if their lender was not ready to settle). If you are purchasing, we can assist with your due diligence, explain your obligations under the contract, and ensure that you receive clear title to the property you are buying.

If you are selling, we will explain your obligations, ensure that a compliant contract is in place with prescribed disclosure material, and include any special conditions to fit your circumstances.

Buying property off the plan

As with any property transaction, there are pros and cons to consider when buying property off the plan, which is a bit different to buying an existing dwelling. Buying “off the plan” means purchasing a property that has not yet been completed or registered as a single lot with the land titles registry. An off-the-plan purchase might comprise a house and land package, a unit in a strata scheme, or a parcel of vacant land to be developed in a subdivision.

Off-the-plan contracts typically have more provisions than standard contracts. The exact completion date will be unknown at the time of signing the contract, and there will likely be terms that allow variances in design, size and finishes, subject to permissible limits. Once the development is completed and the plan is registered, the actual settlement date is triggered and purchasers will need to be ready to settle, usually within a few weeks.

Because the actual settlement date is unknown at the time of entering the contract for your off-the-plan purchase, you need to have a contingency plan to cover potential delays. Importantly, if you are getting finance for your purchase, you will need to keep in contact with your lender to ensure loan funds will be available come settlement time.

Family and other transfers

Shares or interests in real estate are sometimes transferred in the absence of a typical sale/purchase transaction. Examples include when a property owner dies, and their share is transmitted to a surviving joint owner or a beneficiary; or when an interest in the family home is transferred pursuant to a family law property settlement. Shares in property may also be transferred for asset protection or when they are gifted to children or other family members.

While the idea of transferring the whole or a share in property might seem simple, there are financial and legal implications to consider. The transfer of property can trigger tax and duty liabilities, so it is essential to get professional advice on your proposed transaction and understand how it will affect you financially and legally.

We can prepare the necessary documents for the assessment of transfer duty (or duty concession) and attend to registering the transfer. If necessary, we can work with your tax accountant to structure the transaction to suit your financial needs and objectives and to avoid triggering unintentional tax liabilities.

Commercial and retail leases

Many businesses require a physical space to carry out their operations, whether this is a retail shop, commercial office, or a storage area to house excess stock. A commercial lease governs the relationship between the lessor and lessee regarding the occupation of these premises.

A commercial lease is not only a serious financial undertaking, but the terms of a lease may restrict how you run your business. As a lessee, you should never sign a commercial lease without having it reviewed by your lawyer who can identify areas where the lease may be too restrictive or punitive and may be able to negotiate fairer terms with the landlord.

If the premises is defined as “retail”, certain aspects of your arrangements will be regulated under the relevant retail leasing legislation in your jurisdiction, and the lessor will have specific disclosure obligations. Typically, premises located in a shopping centre that are predominantly used for selling goods or services will be classified as retail, however your lawyer can confirm this with you.

Many leasing disputes arise because the lease agreement is ambiguous or does not contain provisions to deal with the many contingencies that can arise during the term of the lease. In other cases, the parties simply don’t understand their rights and responsibilities under their agreement. Having an experienced lawyer draft, review and negotiate a lease agreement, and explain key terms and conditions helps put the parties on the same page from the start of their relationship and minimise costly disputes down the track.

If you need assistance, contact [email protected] or call 02 9269 0662 for expert legal advice.