Our experienced conveyancing team takes pride in providing
you with the best service, whether buying or selling.
In addition to our experienced Lawyers we have sourced the
best conveyancing staff from the Real estate and Finance
industries to make sure they can deal with whatever problems
may be thrown at them.
Contact Sue for
a quote or email here.
Whether your conveyance involves land, a house, a farm
or a business we aim to provide you with the certainty
that any pitfalls
will be avoided before they materialise.
Our solicitors will happily check your contract at no charge,
BEFORE you sign, to protect your rights.
You may have seen our editorials in the local property guide
with relevant information for both buyers and sellers. If
not check them
out here.
Your Mortgage
- Don't get caught short!
With so many Mortgage packages
available from a variety of
lending institutions,
borrowers these days have the ability to carefully choose the package that
best suit their needs
when buying a home or land.
Just as there are so many mortgage
packages available, so too are there differences between
lenders in the way fees and charges on
a loan are calculated
and ultimately “billed” to the borrower.
Many
first time borrowers do not take into account that valuation
charges, mortgage insurance premiums and other
fees are required
to be paid before loan funds can be drawn down. Sometimes
these charges are included in the total loan amount which
on occasion
leads to the borrower finding themselves with
less on the day of settlement than they thought they were
receiving from their lender. The borrower must then make
up an unexpected shortfall, usually at the last minute.
Purchasing
property these days is not a simple task. The saying
“
read
before you sign” does not just
apply to an actual contract to purchase property. It applies
equally to the many documents associated with the purchase of
a property.
Loan and mortgage documents invariably have conditions
that
must be met before the loan funds can be drawn and the
care taken in reading or seeking advice on these documents
should not be regarded as any less important than reading
and seeking advice on contracts.
As with many day to day transactions,
a small amount of time and care with the “homework” prior
to committing oneself can eliminate any unwelcome
surprises. When
reading your mortgage documents you should at least ensure
that you fully understand
what is being financed within the
loan amount, how much will be available at settlement, what
needs to be paid to your lender up front, what other conditions
are to be met before your lender will advance your loan and
what your obligations are for the term of the loan. If you
have doubts, ask your lender or seek legal advice.
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Electrical
Safety Switches and Your New Home
Some readers may
have heard about the recent changes to the Electricity
Act which make it mandatory for electrical
safety switches to be installed in houses sold after 1st
September, 2002. These laws aim to ensure the safety of
occupants of a home in the case of electrical fault or
short.
The laws impose obligations on the parties
to a contract for the sale of a residential home only and
do not apply
to commercial premises.
In a contract signed after 1st September,
2002, a seller must
provide written notice to the buyer
telling them whether
there is an electrical safety switch fitted to the power
outlets of the power board of the home. This is a mandatory
obligation on all sellers where the house being sold
was constructed before 1st July, 1992.
As a buyer, if you
receive notice from the seller that there is not a safety
switch on the property, you have
three months
from the date of settlement of the contract to have
a safety switch installed. Obviously if the seller advises
there
is a safety switch then there is
no other obligation
on the
buyer to do anything as the legislation
will have been
complied with.
The safety switch must be connected to
all power outlets for the home. If you have any doubts
you should be
prepared to spend the money on an electrician to
make sure you
are complying with your legal obligations.
The legislation
imposes significant fines on a defaulting party and a system
of audits or spot checks will
be implemented.
If you are buying or selling a home
always seek legal advice about your obligations, not only
under
the
contract, but
under other laws.
^ TOP
Cooling
Off Periods in Residential Contracts
With the implementation
of the Property Agents and Motor
Dealers Act 2001 commencing on 1st
July, 2001 came the
introduction of important
consumer protection changes to conveyancing in
Queensland.
On the front of all contracts for
the sale of residential property (including units)
there
is now to be a warning statement outlining a
consumer’s right to seek independent legal
advice about a contract before signing it. The
current warning statement also clearly indicates
there is no cooling off period governing the
contract.
A common complaint of buyers of
property is that they are not aware of the exact
legal
implications
of the contract they have already signed. Of
course, once a contract is signed a buyer cannot
change the conditions without the seller’s
consent.
A cooling off period will allow a buyer to terminate a contract
within five (5) business days of the date they
receive
it. A termination fee
will be payable calculated as a small percentage
of the contract price.
The legislation allows for the statutory cooling
off period to be waived or shortened provided
the appropriate notices are signed by the buyer
indicating their wishes in that regard.
Cooling
off periods will not apply to contracts formed
on a sale by auction as an auction sale
contract is generally required to be unconditional
and it is expected that bidders at auctions
have made all necessary inquiries regarding
the property
before the auction.
The legislation serves
to remind consumers to seek appropriate advice
before signing
the contract.
Suthers Lawyers offer a service of checking
contracts for free to ensure that you,
the customer (either
as seller or buyer) are signing a document
which properly reflects your intentions
and wishes. ^
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