Are you buying your first property or feel under pressure about the sale or purchase of a property?
Buying or selling a residential or commercial property is a big decision and can be an emotionally high and stressful process where you could make some costly mistakes if you do not correctly interpret the terms and conditions of sale.
The specialised team of property lawyers at CPC Lawyers can work with you to ensure you are fully informed when it comes to negotiating the terms and conditions for the sale or purchase of your property and any other contract issues you may experience.
CPC Lawyers can represent both buyers and sellers of property for legal matters.
Did you know that you should seek legal advice before purchasing a property?
By having your Form 1 and purchase contract reviewed by a lawyer you can be advised on any potential pitfalls or concerns, and avoid any costly surprises.
Our property lawyers can help make sure you are fully informed when it comes to negotiating the terms and conditions for the sale or purchase of your property.
Buying & Selling Advice
Helping you understand what is involved in purchasing or selling a property by:
Advice on your contract of sale.
‘Cooling-off periods’ rights
Advice on waiver of ‘Cooling-off periods’ (Form 3)
Advice for meeting lender requirements.
Advice with regard to building contracts
Purchase or Sale
Whether you are buying or selling a home, unit, vacant block, strata title, commercial real estate or rural property, our team specialises in all areas of conveyancing for both vendors and purchasers.
We canhelp with:
Arrange title searches and land enquiries.
Settlement and exchange.
Frequently Asked Questions
Inspections, can I make the contract subject to this?
When purchasing property in South Australia, it is important to be aware that the caveator emptor or ‘buyer beware’, the principle applies. This means that, as a Purchaser, you are responsible for taking the necessary steps to ensure you are satisfied as to the quality of the property prior to the cooling-off period expiring.
Recommended inspections include a Building Inspection, Pest Inspection and/or a Survey Report. You may consider negotiating the inclusion of a Special Condition to the Contract of Sale, which will make the transaction conditional upon an inspection report to your satisfaction.
What is a survey report?
A survey report provides details as to the precise boundaries of the property you are purchasing, as well as the positioning of different structures and fences. A survey report is also useful in identifying any encroachments on the land, particularly on any neighbouring properties.
Do I need a lawyer to review my property contracts?
Having a lawyer review documents such as a Contract of Sale and Form 1 is not required, however, it can provide peace of mind when making such a critical financial decision. An experienced solicitor specialising in Property Law matters can identify both areas of concern and benefit to you as Purchaser. It is also recommended that you seek legal advice regarding the level of protection offered to you under the Contract of Sale, for example, whether it is (or should be) conditional upon you obtaining financial approval.
What happens after contracts have exchanged?
Once contracts have been exchanged, it is important to ensure you take the necessary steps to arrange your finances. If you will be obtaining a loan for the purchase, discuss the necessary steps to obtain finance approval with your broker. It is also an opportune time to conduct any pre-settlement searches on the property. This includes arranging any building or pest inspections.
What is "Form 1"?
Pursuant to Section 7 of the Land and Business (Sale and Conveyancing) Act 1994, the Vendor is required to provide the Purchaser with a Form 1 Vendor’s Statement 10 clear days before settlement. The Form 1 notifies the Purchaser of all dealings currently affecting the title, including any mortgages (registered or unregistered), encumbrances, easements, restrictive covenants, leases, dealings relating to the Development Act and any outstanding rates on the property.
If there are any matters of concern arising from Form 1, it is important to query these and, if appropriate, exercise your rights to cool off prior to the expiration of the cooling period. It is appropriate to seek legal advice and have Form 1 reviewed by a solicitor prior to the expiration of the cooling-off period.
What is a Form 3 Waiver?
Also known as a waiver of cooling-off rights, you can choose for your cooling-off rights to be waived before or at the time of executing a Contract of Sale. In order to do so, you are required to obtain independent legal advice to ensure you are fully aware of the consequences of doing so. A Form 3 Waiver is most commonly required where a property is listed for auction in the near future, however, the Vendor wishes to accept an offer prior to the auction taking place.
When should I take out insurance?
It is important to be aware that from the date of the contract the property will, as a Purchaser, become your risk. Therefore, insurance on the property should be arranged immediately upon full execution of the contract.
What are my purchasing rights at an auction?
In a private sale, you may negotiate the terms of the contract with the Vendor, for example, to include the ‘Subject to Finance’ condition. However, auction contracts are generally unconditional and will bind you to complete the purchase by the contracted settlement date. It is therefore important to be aware that an auction contract will not offer protection in the event your finance is declined.
Subject to finance, what does this mean?
If a contract of sale is subject to finance, the transaction is conditional upon the Purchaser being granted finance approval from their lender. In the event the Purchaser’s loan is not approved, they will generally be able to terminate the contract and have their deposit refunded upon presenting a formal letter of Finance Decline to the real estate agent. It is important not to over-look negotiating a ‘Subject to Finance’ Special Condition into the contract of sale despite being in the pre-approval stage. Unfortunately, pre-approval offers insufficient protection to proceed with an unconditional contract.
I've signed a contract - can I get out of it?
Under Section 5 of the Land and Business (Sale and Conveyancing) Act 1994, a Purchaser may terminate a contract of sale by providing the Vendor with written notice of their intention to do so within two clear business days following the execution of the contract. Methods of service for a cooling-off notice can be found under Part B of the Form 1 document, and usually involves giving the notice to the Vendor personally, posting it by registered post to the Vendor’s last known address, or providing it to the Vendor’s agent or legal representative.
A Purchaser may also be able to terminate the contract and retain their deposit pursuant to any relevant special conditions.