Conveyancing, Leases and Business

“ RevenueSA Australian Taxation Office ”

“ Companies, Trusts, Partnerships and Superannuation Papers and Articles – Conveyancing and Property ”

“ Taking good instructions The use of precedent Retainer Instructions ensures that all important issues are considered, instructions which cannot be contradicted later are recorded, costs discussed and the scope of the retainer clearly defined. ”

“ See the detailed commentary A brief explanation of the transition to E-conveyancing for information on transactions that must be completed electronically, transactions that can be completed electronically and the full timeline for implementation. See the PEXA Help Centre for detailed guidance on ... ”

“ The Real Estate Institute contract and the Law Society contract are both designed to be in two parts. The first part comprises the general conditions as set down by legislation. The second part provides all the requirements specific to the particular transaction. ”

“ Panels identifying the parties and their representatives are followed by the panel headed ‘land’, which makes it plain that all improvements and fixtures on the land are included in the sale. The ‘payment’ panel allows for details of the price and deposit to be specified. GST has its own panel. The ... ”

“ A vendor of land which is sold as an estate in fee simple or Crown leasehold must provide a disclosure statement as set out in s 7 of the Land and Business (Sale and Conveyancing) Act 1994. The vendor’s statement is commonly referred to as a ‘Form 1’. Such a statement is required when land is sold ... ”

“ Consideration of the purchasing entity is important. You may need to give advice on the best vehicle with which to purchase the property. If your client is an individual the matter will be simple, but if you act for a couple then the proportion in which each person owns the property needs to be ... ”

“ Title The property will almost always be a fee simple title that is registered or will be registered following a proposed subdivision. ”

“ It must be unambiguous whether or not GST is payable by the purchaser and whether or not it is included in the price. The standard residential contracts provide that the price includes GST. The commercial contract allows the parties to specify whether the price includes or excludes GST and whether ... ”

“ Although severely modified by the statutory warranty regime, this remains the guiding principle and the vendor has no general duty of disclosure to the purchaser. The purchaser should rely upon his own enquiry. ”

“ The finance approval will need to be satisfied prior to the expiration of the contract condition. Building and pest inspections will need to be complied with as per the contract. If the client is proceeding to exchange without loan approval then ensure you have the appropriate note on the Retainer ... ”

“ Special conditions need careful consideration as often they go beyond a balanced protection for both parties. It is not unusual to find significant penalties for failure of the purchaser to settle on the nominated day but none for failure of the vendor to do so. Interest clauses, which have ... ”

“ As well as satisfying all of the formal requirements the parties must have intended to be bound by the contract. It may be possible that, while all the formal elements exist, the parties will not be bound to proceed because one or both did not intend that contractual relations should arise. This ... ”

“ The signing of a contract is governed by common law in South Australia, which is different to other states that have legislative provisions. The common law position can be paraphrased as: once a party has signed a contract, then that contract becomes enforceable against them. This means that if the ... ”

“ When the contract is signed a deposit is usually specified and is held by the agent or vendor’s solicitor as stakeholder. There is no restriction on how small a deposit can be, but a deposit that is more than 10% of the total purchase price may be considered to be an instalment payment. Section 6 ... ”

“ The basic principle of contract law is that once a contract has been entered into it is binding on the parties. In relation to the sale of land there is the additional requirement that the contract must be in writing and signed by the parties, but once that formality has been achieved the contract ... ”

“ As soon as the purchaser enters into the contract they should make sure they have insurance on the property. Once the contract is signed the purchaser becomes the beneficial owner of the property and the vendor holds it in trust for them. Damage to the property in the interim period, which is not ... ”

“ Although the vendor has a duty to disclose in relation to the property there are a number of enquiries that should be undertaken by the purchaser or by a practitioner on the purchaser’s behalf. Pre contract ”

“ All major banks rely on the purchaser’s representative to complete the conveyancing task competently and ask for very little other than for the registrable documentation to transfer the title to the borrower and insurance. Banks do not ask for surveys, building certificates, land tax clearances or ... ”

“ The Stamp Duties Act 1923 creates and charges a number of duties. The Commissioner of State Taxation administers the Act. Duty is calculated on the sale price or value of real estate at the time of purchase, whichever is higher. In arm’s length transactions the price is accepted as the value, but ... ”

“ With the introduction of electronic conveyancing it is important to establish if there is a ‘paper’ certificate of title or an ‘electronic’ certificate of title. Electronic certificates will reflect the registered proprietor and you will be required to obtain right to deal documents from your ... ”

“ There is a difference between a ‘want of title’ as opposed to a ‘defect in title’. Occasionally matters arise between the signing of the contract and the settlement date which give rise to the termination or amendment of the arrangement. These can be broadly split into two categories; want of title ... ”

“ The vendor's solicitor will calculate any adjustments and confirm those figures with the purchaser's solicitor before proceeding. In making adjustments, care needs to be taken to identify the status of all rates and charges applicable to the property as fixing mistakes after settlement might find ... ”

“ In the normal course of events settlement will occur at 11.30 am, or any time prior to 5 pm on the day nominated for settlement if being transacted on PEXA, or pursuant to a notice given under a special condition relating to registration of a subdivision or other contingency. Under the standard ... ”

“ To some extent a conveyancing transaction culminates in settlement or completion. This is the event that has been eagerly awaited by vendor and purchaser and while there are still some matters to be attended to after settlement, this is the important event when the purchaser pays the balance due ... ”

“ The vendor's solicitor will calculate any adjustments and confirm those figures with the purchaser's solicitor before proceeding. In making adjustments, care needs to be taken to identify the status of all rates and charges applicable to the property as fixing mistakes after settlement might find ... ”

“ In the normal course of events settlement will occur at 11.30 am, or any time prior to 5 pm on the day nominated for settlement if being transacted on PEXA, or pursuant to a notice given under a special condition relating to registration of a subdivision or other contingency. Under the standard ... ”

“ In reporting and accounting to the client it is often difficult for them to understand how rate adjustments work. The precedent Explanatory Sheet in Relation to Settlement and Adjustments goes a long way to solving this problem. ”

“ When finalising a matter it is important to terminate the retainer. This informs the client in writing that all work on the matter is complete and that no further work will be undertaken unless the firm is otherwise instructed. If the matter is finalised in such a way that the client retains rights ... ”