Section 27
Section 27 of the Sale of Land Act 1962 allows the Vendor to access the deposit after a contract is signed less any selling costs (RealEstate Commission & Advertising Costs) if all conditions of the contract have been fulfilled. Accessing the deposit prior to settlement involves requesting a Section 27 Letter from your bank with details of any mortgage or caveats affecting the property so that Purchasers can be satisfied that the amount owing against the property is low enough to be covered by the balance of funds payable at settlement. Upon receipt of the letter from your bank, we can draft a Section 27 Form for a Vendor to sign and return to then send to the Purchaser to authorise the release of the deposit. Upon sending the Section 27 to the Purchaser, the Purchaser has 28-days to either object or release the deposit and if the Section 27 has not been objected to after 28 days it can be released to the Vendor. Please be aware that this is not an immediate process, but Vendors can speed up the process by registering the Mortgage Discharge with their bank and request a Section 27 Form prior to seeling property.
Caveats
A caveat is a legal notice registered on a property title that prevents dealings, like a sale or refinance, without the caveator's knowledge. Caveats can protect a buyer's interest before settlement or signal a dispute over ownership. Understanding what a caveat means for your transaction is essential before proceeding.
Easements
An easement grants someone the legal right to use part of a property for a specific purpose, such as accessing a driveway or running utility services. Easements are recorded on the title and remain even after a sale. Reviewing easements before buying helps you understand any restrictions on land use.
Covenants
A covenant is a legal restriction on how land can be used, often relating to building design, materials, or setbacks. Covenants are usually registered on title and bind future owners, not just the original buyer. Understanding covenants before purchasing helps ensure your renovation or building plans remain compliant.
Owners Corporations
An owners corporation manages shared property, like common areas, in units, apartments, or townhouses. Owners pay fees toward maintenance and must follow the corporation's rules. Before buying, reviewing owners corporation records and finances helps you understand ongoing costs and any disputes affecting the property you're considering.
Company Title
Company title is an older ownership structure where you buy shares in a company that owns the building, rather than holding a standard land title. It requires board approval and specific transfer documents to sell or buy. Because financing and resale can be more complex, expert conveyancing guidance is essential.
Off-the-Plan
Buying off-the-plan means purchasing a property before it's built, based on plans and specifications. Contracts often include sunset clauses, staged payments, and variation rights for the developer. Understanding these terms protects you from delays or changes, so review your contract carefully with a conveyancer before signing.
Family Transfers
Transferring property between family members, such as parent to child, still requires a formal legal process, including a contract and potential stamp duty considerations. Some transfers qualify for exemptions or concessions depending on circumstances. A conveyancer ensures the transfer is documented correctly and any available concessions are properly applied.
Subdivisions
Subdividing land involves dividing one title into multiple titles, requiring council approval, surveying, and updated planning permits. The process can affect existing mortgages, easements, and services. A conveyancer manages the legal steps and title amendments, ensuring your subdivision is registered correctly and each new lot is ready for sale or transfer.
Commercial Conveyancing
Commercial conveyancing covers the purchase or sale of business premises, retail spaces, or industrial properties, often involving leases, GST considerations, and due diligence beyond typical residential transactions. These deals carry added complexity and risk, so experienced conveyancing support ensures contracts protect your commercial interests through to settlement.
Property Transfers Between Related Parties
Transferring property between related parties, such as siblings or business partners, still requires a legally compliant contract and accurate valuation. Stamp duty and tax implications may differ from an arm's-length sale. A conveyancer ensures the transfer is properly documented, protecting all parties from future disputes or complications.
