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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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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Stamp duty applies to most real estate transactions.

The main types of stamp duty and how they affect your transaction

Buyers are always keen to find out how much stamp duty they will be paying – after all, stamp duty is often one of the biggest costs of buying a home. Here, I’ll list the three main rates of stamp duty (also known as Transfer Duty), and explain how they may affect buyers*. 1. Residential …

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Every superannuation fund purchase is a little bit different. Image by Alex Proimos.

How self-managed super funds impact settlement

Buying property though a self-managed superannuation fund is not as straightforward as buying in an individual’s name. Because of this, it’s wise to allow extra time for settlement. When buying property through a super fund, the fund’s trust deed must allow for borrowing money inside of the super fund. Some banks have specific requirements for …

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The time needed for booking can cause settlement delays.

Small banks and settlement delays: what you need to know

Due to the time needed for booking, clients of small banks could experience settlement delays. These delays aren’t experienced by all clients of small banks: if everything in a settlement goes to plan, the use of a smaller lender generally doesn’t cause any issues. However, if for some reason the bank isn’t ready to book …

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As with passports, real estate contracts must have the full legal name.

Is that contract in the wrong name? How to avoid identification mistakes

When writing contracts, ensure you use the buyer’s and seller’s full legal names as per their passports and/or birth certificates. A recent case study has shown that driver’s licenses don’t always have the client’s full legal name. Our client, Michaelo (name changed), is currently in the process of settling the purchase of his new home. …

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Final inspections shouldn't be a full house.

How many people can attend the final inspection?

The final inspection is the buyer’s chance to ensure that the property is in the condition promised by the Offer and Acceptance before the transaction is finalised on settlement date. From electrical sockets to floor coverings, there are several things to check during a final inspection – so as a buyer, you may be tempted …

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