Our solicitor, Nancy Wang, recently attended RayWhite Rochedale to deliver a comprehensive legal awareness workshop tailored for elite sales agents.
The session provided in-depth insights into various aspects of conveyancing, including:
- Power of Attorney:
Understanding the differences between General (POA) and Enduring power of attorney (EPOA).
- Click here to download a copy of EPOA short form
- Click here to download a copy of EPOA long form
- Click here to download a copy of EPOA explanatory guide
- Contractual Documents:
- Sometimes, a buyer may need to change the purchaser’s name, add additional buyers, or transfer the property to another party before settlement. In such cases, double stamp duty may apply. However, with careful handling and the appropriate legal documentation, clients may be able to minimize costs.
- Our property expert Solicitor Wang provided an overview of Deed of Rescission, Deed of Novation, and Assignment of Contract, which are commonly used legal documents for these occassions.
- Contract Dates & Timing:
- Time is of the essence.
- Failure to comply with deadlines may result in contract termination or default, leading to significant financial loss and potential contractual claims.
- Special Conditions:
- Special conditions are additional terms added to the standard contract to address specific circumstances of the transaction. These conditions supplement or modify the standard contract terms and must be carefully drafted to protect the interests of the parties involved.
- Common suitations requiring special conditions include: Due Diligence Period, Early Possession or Access, Licence to Occupy, Seller to Remedy Defects Before Settlement, Subject to sale of a property, Subject to termination of a prior contract, Foreign Investment Review Board (FIRB) Approval.
- Stamp Duty/Transfer Duty:
- Clarifying when stamp duty is due—specifically, whether it falls on the property settlement date.
- Legal Representation:
- Determining who is the legal representative
- the requirements for lodging a Notice of Death on Title, and
- understanding how a Seller’s right to sell may be affected by Probate or Letters of Administration.
- Title Searches:
- A title search is a legal investigation of a property’s ownership history and associated interests, conducted through the relevant land registry. It is an essential step in property transactions to verify ownership, identify encumbrances, and ensure a clear title before settlement.
- Nancy revealed the wealth of information available through an easy title search.
- Dealing with Caveats and Charges:
- People are often immediately alerted when they see a caveat on a title search and may hesitate to buy or sell the property, fearing that settlement could be delayed or uncertain.
- When a real estate agent encounters a property with a caveat, they should seek legal advice to understand its implications. In some cases, an incorrectly lodged caveat may not actually prevent the sale of the property.
- Our solicitor, Wang, has successfully filed an originating application in the Supreme Court to remove a lapsing caveat (Caveator refuse to withdraw), ensuring that the client was able to sell their property on time.
- A lapsing caveat refers to a caveat that is removed or expires after a certain period unless the caveator (the person who lodged the caveat) takes further legal action to maintain it.
- Settlement Challenges:
- Settlement challenges can arise due to legal, financial, or administrative issues that delay or prevent the completion of a property transaction. For example, there isn’t sufficient money at settlement to discharge the mortgage, pay rates and taxes.
- When setttlement doesn’t occur, how agents can secure their commission through special contract conditions and deposit payments.
- Brianstorm key strategies agents can use to ensure a smooth settlement process.
The workshop was very well received by the agents, and we look forward to working together on future conveyancing projects for our mutual clients.
About W &G Lawyers:
W & G Lawyers offers expert conveyancing services to both local and international investors across Australia. With extensive experience in handling complex property transactions, we are dedicated to ensuring a seamless, secure, and efficient settlement process.
We welcome clients to seek tailored legal advice from our experienced team. For assistance, contact us at 0466 923 441 or email info@wglawyers.com.au.
Disclaimer: This information is for general purposes only and does not constitute legal advice. Property transactions involve legal and financial risks, and outcomes may vary based on individual circumstances.