Under the Property Agents and Motor Dealers Act when a person signs a contact to buy residential property that person will have a cooling off period of five business days. The cooling off period commences from the day (or the next business day if it is a holiday) the buyer or his solicitor receives a…Read More→
Any furniture, equipment or other belongings that are not physically attached to the property which are left on the property after settlement are transferred to the buyers automatically. The buyer does not have to accept these items and can instead insist that the seller remove them or pay the cost of removing them. Therefore, if…Read More→
The seller must leave all fixtures with the property unless specifically stated otherwise in the contract. This will include, but is not limited to stoves, hot water systems, fixed carpets, curtains, blinds and the fittings, clothes lines, fixed satellite dishes, television antenna and in-ground plants. If you have any doubts as to whether something should…Read More→
The seller must leave all fixtures with the property unless specifically stated otherwise in the contract. This will include, but is not limited to stoves, hot water systems, fixed carpets, curtains, blinds and the fittings, clothes lines, fixed satellite dishes, television antenna and in-ground plants. If you have any doubts as to whether something should…Read More→
In addition to the usual particulars such as the names of the buyers and sellers, purchase price and any special conditions, you need to insert the details of anything, which may affect the property. The two most common examples of this are the names of tenants if the tenants will remain in the property after…Read More→
Occasionally after signing a contract, a buyer will realise that he or she wants to either add or delete his or her partner from the contract. This is not normally a problem providing the seller agrees. The seller will normally agree as their rights under the contract are not normally affected and there is more…Read More→
This is where the solicitors for the seller and buyer work out what proportion of the rates each of the parties pay. The normal procedure is that if a rates notice has been issued then the rates will be paid using the purchase monies with the purchase price increasing by the buyer’s share of the…Read More→
The buyer is generally entitled to a reduction in the amount of stamp duty payable on the purchase of a property where the buyer is going to reside in the property after settlement. The buyer must reside in the property within twelve months from the date of settlement to be entitled to the reduction. If…Read More→
An encumbrance is quite simply a legal claim on an estate. The most common types are mortgages, easements, warrants of execution and caveats. On the standard REIQ Contract there is a section in the schedule for the seller to insert the details of any encumbrances which will remain on the property after the property is…Read More→
If this is discovered after the contract was signed then the buyer is responsible for obtaining the necessary council approval. If council became aware of this prior to the contract being signed and had previously issued a notice, then the seller must obtain the council approval. If the seller does not then the buyer may…Read More→
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