The process of buying a property is known as conveyancing. Whether it be your principle place of residence or a residential or commercial investment, it can be a difficult and stressful experience as there can be a lot of things going on at once. Dealing with the property agent, obtaining finance, obtaining quotes for works that may be required, relocating… it can leave you overwhelmed.
We know doctors love property and we share this passion. The following information will explain some key concepts and identify important issues to look out for when buying real property.
There are usually several parties involved when purchasing property.
First there is the agent. This is the person advertising and showing the property to you. The agent acts for the vendor and any information or statement they provide you must be verified.
Then there is the vendor (or seller). This is the person who currently owns the property and is disposing of their interest in it.
Finally there is the purchaser (or buyer) of the property. As the purchaser you must obtain a transfer of the title and become the registered proprietor in order for the conveyance to be complete.
There may also be lenders, tenants and property managers but we can explain all of this to you.
Everyone has a favourite suburb or place to in mind when they think of buying property. Once you have identified an area or perhaps the property you want to buy, there are some key things you need to consider.
What is the current zoning? What developments are going on nearby? Are these likely to increase or decrease the value of this property in the future? Are there any pubs or clubs nearby that might operate late at night? Does your car fit in the garage? How is the phone signal? NBN? Are there proposals in place to install new telecommunications equipment that might interfere with your enjoyment of the property? Are there schools and transport hubs nearby?
We recommend thoroughly researching your preferred location and to visit at different times of the day. Take a look at other FAQ, “What searches do I need in a conveyance” where we explain in more detail the searches that can help answer some of these questions.
Once you have agreed on a price with the vendor, they will present you with the contract for sale. This is the document that sets out all the terms and special conditions of your purchase.
Before signing the contract for sale please contact us so that we can review it for you and make sure it contains nothing detrimental.
There are a number of key terms to consider:
Buying a property can be a stressful process, but at Avant Law we have experts in this field who can guide you the entire way. We aim to make things easy for you. We can help with all the points described above and more. We can also help advise on and negotiate a contract on balanced terms that protect your best interests. This will make the settlement process simple and get you, or your proposed tenants, into the property as quickly as possible.
Buying a property does not need to be difficult. We suggest you engage Avant Law early in the piece so that we can help identify the key risks and ensure you have a smooth transaction. As a doctor-focused law firm that provides a wide range of legal services to medical practitioners and their practices, we have a deep understanding of the medical profession and understand your time is valuable. Let us make this process as simple as possible to ensure you have time to do what you do best.
Lindsay McGregor is a lawyer and the Head of Property in our Avant Law team. He has been working in property related matters for almost 20 years. He was previously a partner at a highly regarded, national firm and has considerable experience in property transactions across Australia. He has previously acted for some of the Country’s biggest property investors and developers and can use this experience to your advantage.
Disclaimer: The information in this article is general in nature and is current to 15 July. It does not take into account individual circumstances and is not professional legal, financial or taxation advice. Avant Law provides legal services. It does not provide taxation or financial advisory services.
Liability limited by a scheme approved under Professional Standards Legislation. Legal practitioners employed by Avant Law Pty Limited are members of the scheme.