Company Directorship Changes

The Settlement Period Isn’t The Time To Make This Simple Mistake.

The period between finance and settlement isn’t the time to make changes to the directorship of a company buying a property. That’s the lesson a director learned the hard way recently. Having purchased a property in the name of his company – of which he was sole director – he signed the Transfer of Land …

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Granting Possession Prior: The good, the bad and the ugly.

Granting Possession Prior: The good, the bad and the ugly.

In recent years we have seen an increase in the number of requests from buyers for possession to a property prior to settlement. If everything goes to plan, this is a harmless option for the seller and a great opportunity for the buyer. Where multiple subject sales have caused a settlement log jam or where …

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The REIWA Seller’s Disclosure Statement: A vital tool for agents.

The REIWA Seller’s Disclosure Statement: A vital tool for agents.

A recent settlement case has highlighted the importance of using the REIWA Seller’s Disclosure Statement as a tool to gain assurances from sellers and provide protections for both buyers and agents during settlement. In this instance, a dispute over the functionality of a bore on a seller’s property threatened to adversely impact the sale and …

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I want to buy property from a family member. Do I need a contract?

I want to buy property from a family member. Do I need a contract?

One question we hear from clients is “I want to buy property from a family member. Do I need a contract?” Here I’ll explain the answer. The short answer is that it’s your choice. Many people choose not to go to the trouble of writing up an Offer and Acceptance when buying property from a …

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Joint Tenants or Tenants in Common: why it's important to get it right

Joint Tenants or Tenants in Common: why it’s important to get it right

When more than one buyer is involved, choosing between Joint Tenants and Tenants in Common is an important part of the home buying process. Ideally, buyers should choose a tenancy when completing the Offer and Acceptance, rather than waiting until the settlement process begins. However, even if a tenancy is not specified in the Offer …

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A marriage certificate is vital for identification before settlement.

How a lost marriage certificate can cost a seller thousands

A recent settlement case has underscored the importance of having the appropriate identification documents ready before settlement. In this case, a lost marriage certificate has threatened to cost a seller thousands in penalty interest. Eva Spritz (name changed) bought property before marrying overseas and changing her name to Eva Lancaster. Since marrying, she obtained a …

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The $10,000 First Home Owner Grant applies to some renovated properties.

The $10,000 First Home Owner Grant is only for new properties – or is it?

As you may know, the First Home Owner Grant changed last year to provide just $3,000 to buyers of established homes, while raising the grant to $10,000 for buyers of new homes. But did you know that brand new homes aren’t the only ones that allow buyers to apply for the $10,000 grant? Buyers of …

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It's risky to make a cash offer when cash is not available.

How a cash offer led to a contract fallover – and how to avoid it

A recent settlement case has shown just how risky it can be to make a cash offer when cash is not available. Our client, a buyer, signed a contract to buy a deceased estate with a deposit of around $25,000. He signed a cash offer – ie. the contract was not conditional upon finance being approved …

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