Residential Property Law

See Also: Commercial Property Law

The purchase and sale of a residential property (usually a family home) is often the most important and significant transaction in which the parties may have been involved.

We therefore pride ourselves on taking particular care in paying detailed attention to residential transactions. We are conscious of the need to ensure that nothing unexpected arises and that the transaction is completed efficiently and at an acceptable cost.

Importantly, the partner or associate responsible for handling your file will be available throughout the process to answer any queries that you might have or address any concerns that arise.

• Reviewing/ Drafting Agreements for Sale and Purchase
• Reviewing Title Documentation
• Due Diligence Investigations
• Financial/ Funding Assistance
• Investment Advice – LAQC
• Ownership Structure/ Property Planning Agreements
• Compliance issues – Code Compliance/ Building Act
• Unit Title Cross Leasing Issues
• Preparation of Financial Documentation
• Title transfers – Settlement

Reviewing/ Drafting Agreements for Sale and Purchase

A large number of residential Agreements for Sale and Purchase are prepared by Real Estate Agents. We strongly recommend that our clients arrange to have sent to us the draft Agreement for review before signing. This would be for both Vendor and Purchaser.

We are also aware of the growing trend where Agreements are now completed by private arrangement. We can assist both our Vendor client and Purchasing client to draft the Agreements and put in place the necessary conditions for either the sale or purchase.

Reviewing Title Documentation

As part of the residential property transaction, we have experience in reviewing title documentation including freehold titles, cross lease titles, unit titles and flat owning company titles.

Due Diligence Investigations

We can assist our clients in carrying out a due diligence investigation of the property. This may include working with building inspectors, valuers and other professional advisors.

Financial/ Funding Assistance

We can work with the clients to obtain the necessary finance for their purchase and also, obviously, assist in the release of any mortgages or other charges against a property to complete a sale.

Investment advice – Loss Attributing Qualifying Companies (LAQC)

We have experience in working with clients who wish to buy residential property as an investment. This may include advising on the set up of a LAQC and working with the client’s accountants to ensure the structure for such a transaction is correctly put in place. We can, where necessary, help incorporate the company for such structure and advise on how the purchase of a residential property through such a vehicle should be structured financially.

Ownership Structure/ Property Planning Agreements

We are able to assist our clients in advising on how they should own a residential property and, if required, assist in putting together a Property Sharing Agreement.

Compliance Issues – Code Compliance/ Building Act

We can work with our clients if they have compliance issues in relation to a property they are selling or there are compliance issues relating to a property they are purchasing.

We can liaise with the client and with the Local Authority to assist in clarifying issues that there may be with the property sold or a property being purchased.

Unit Title Cross Leasing Issues

As part of assisting clients in purchasing or selling properties, we can deal with Unit Title matters as well as Cross Lease matters. We can advise Purchasers on the form of title they may be purchasing which includes a Unit Title, pursuant to the Unit Titles Act or a Cross Lease title.

Preparation of Financial Documentation

We have experience in dealing with most of the trading banks and other lending institutions in preparing their finance and security documentation. We will co-ordinate with the client execution of these documents and prepare the necessary security documentation. We will work with the client to obtain the necessary documentation from them to complete such matters including insurance certificate and, if a Unit Title, a Section 36 Certificate.

Title Transfers – Settlement

We are fully eDealing compliant and can complete electronic settlements on behalf of our clients. Both property partners are Conveyancing Professionals and entitled to complete registration of electronic dealings. We work with our clients to complete the financial settlement of their transaction as well as the legal transfer and settlement.

See Also: Commercial Property Law

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