Are you buying property?

Buying a property is never easy. The process could be confusing and daunting, no matter if you are a first home buyer or a seasoned investor, and you would need legal assistance from a lawyer or a conveyancer.

Are you buying a property?

Although buying property is an exciting time, it can be a daunting task. The process could be confusing and complex, no matter if you are a first home buyer or a seasoned investor, and you would need legal assistance from a lawyer or a conveyancer.

It is critical that your legal representation is absolutely sure about the process, documentation and any risks involved. Nothing could be worse than entering into a Contract with implications oppressive to your interest.

We, Sharma Solicitors and Conveyancers, are a team of Lawyers and Conveyancers who have years of experience on top of an abundance of knowledge, skills and proper qualification.  We know how to hold the hand of the first home buyers, who are not only emotional but have plenty of innocent questions. We are extremely committed to provide accurate clarification to most of the advanced questions raised by the seasoned investors.

Some Frequently Asked Questions about Buying Property

A Contract of Sale is an enforceable agreement, containing / defining various legal and binding obligations. Reviewing a contract before it is executed/signed is important to protect one’s own interest under the contract.

A Contract is considered conditional provided it is subject to Finance, Building inspection and Pest inspection. Once all these conditions are satisfied, the Contract becomes unconditional. Once the Contract is unconditional, it is not possible to end the contract without incurring certain penalties.

A friendly member of Sharma Solicitors and Conveyancers will provide you with all important information and explain to you all your obligations under the Contract.

A Caveat is used to protect the interest of a Purchaser. It acts as notice to any party searching the Register that there is an existing contract relating to that particular piece of land. Any person claiming any estate or interest in land is entitled under section 89 of the

Transfer of Land Act to lodge a caveat on the title for that land.
In simple words, it is a warning attached to the Title document of a property informing that there is an interest of another party attached to this property. This will safeguard you and provide protection against the property being sold to another purchaser.

When buying a property there are many inherent risks which may cause loss or affect ownership. Title insurance provides buyers with protection against certain unknown and hidden risks which may exist at the time of purchase. It can also protect purchasers against risks that don’t relate to title, such as illegal structures, incorrect measurements, etc.

Please contact Sharma Solicitors and Conveyancers to provide you more details so that you can take an informed decision.

If the parties are not able to reach to an agreement, the matter proceeds to the Court for a hearing. During the hearing, both the parties present their case, and attempt to justify the same, by providing evidence to support, how in their opinion the deserve what they seek.

After hearing all the arguments, and verifying the evidence, the Court issues orders, which are final and must be honoured by all the parties.

If you buy or acquire a property, you pay land transfer duty, commonly known as stamp duty. It is calculated on the dutiable value of your property. This is the price you paid for the property or its market value, whichever is greater. Duty is calculated on a sliding scale, starting at 1.4% for properties valued at $25,000, and rising to 6.5% depending on the value of your property. There may be certain Stamp duty concessions / waiver that you may be eligible for.

We, Sharma Solicitors and Conveyancers, ensure that the purchaser is informed about the details of the conditions applicable for possible concessions, waiver, or grant.

List of few Concessions:

  • Principal place of residence concession
  • First Home Buyer exemption, concession or reduction
  • First Home Owners Grant, etc
  1. Please contact Sharma Solicitors and Conveyancers team to obtain advice about Contract of Sale and Vendors Statement before the contract is signed or as soon as you have decided to buy a property on the market through a Real Estate Agent. Please note that Sharma Solicitors and Conveyancers also assist the clients who have already finalised the property to purchase.
  2. A friendly member of Sharma Solicitors and Conveyancers team will provide you with our full and frank Costs Disclosure, citing all the applicable fees. To ensure that you are fully aware of the costs involved, we even inform you of the fees charged by other relevant parties such as PEXA (mandatory electronic platform for conveyancing settlement), land use Victoria fees, loan discharge fees, and the expected range of disbursements i.e., costs of certificates, etc.
  3. With all the fees and charges up front, you can proceed with confidence. Rest assured, there are no hidden fees ever charged by the professionals at Sharma Solicitors and Conveyancers.
  4. Once engaged, we will assign a dedicated team member to your file, as a single point of contact for all your future correspondence and communication. The team member will set a meeting or send a detailed email, listing all the information post review of contract. We will also suggest changes that can be incorporated in contract to protect you interest, so that there is no legal issue later.
  5. Post review, we wait for the fully executed / signed Contract of sale to be received with all the required information regarding conditions and sale price.
  6. If the contract is subject to any condition, such as finance or building and pest inspection, we assist you with the process and documentation required to meet the conditions. Once conditions are satisfactorily completed, from this point onwards, the contract is called to be proceedings Unconditionally.
  7. Conveyancing practitioner provides advice to purchaser in relation to insurance, measurements, Caveat, etc. If Deposit release statement received from vendor, then the same is sent to purchasers with advice.
  8. Documents like Stamp Duty form, Transfer of land & Notice of Acquisition form are prepared through the electronic portal and the same are shared with you as well as the necessary document with vendor too.
  9. Statement of adjustments is prepared and sent to the vendor. We share with you the final payment figures by sending you a document called Statement of Adjustment and where necessary inform you about any addition funds required to balance the settlement transactions. Settlement arrangements are made.
  10. On the day of Settlement, you will receive settlement completion confirmation along with relevant documents. Also, Relevant authorities are notified about the change of ownership.

Want to know more about our Conveyancing Services?

About our Conveyancing Services

We offer the best of both worlds. We have qualified lawyers and a team of experienced conveyancers. We have one dedicated Conveyancer for each matter to ensure you are well looked after.

Are you selling a property?

Selling your property can be an overwhelming job, and you would like to keep the most critical aspect, the legal work, in the hands of qualified professionals to make this daunting task very easy.