Adelta Legal assists purchasers in the conveyancing of a purchase and guides purchasers through the process.
When do I get advice?
We would recommend that you obtain advice on the contract and Form 1 documentation either before the contract is signed (or before an auction) or at least during the cooling-off period. This is to ensure there are no hidden surprises and if there are any issues we might highlight you have the opportunity to deal with it before becoming bound to buy.
We often find that people do not get advice early enough in the process and by the time we have indicated an issue, there is no ability to easily fix it without the co-operation of the vendor which is not always forthcoming.
To download our useful checklist for moving house click here.
How should I structure the ownership of my new property?
When there is more than one person named as the owner of land then it is held either as joint tenants or tenants in common. The difference lies in the manner in which the property is dealt with if one of the owners dies. Make an informed choice when buying property about the way in which it should be owned and Adelta Legal will provide advice as to what is the best option in your situation taking into account and family or estate planning issues or concerns.
If you wish your property to pass automatically to the remaining owner named on the title upon your death then you should register your ownership as joint tenants. Most commonly, married couples hold as joint tenants so that on the death of one party the property passes automatically to the other without the need for the unnecessary cost of obtaining a grant of probate in order to deal with the deceased’s asset.
Alternatively, if you prefer your ownership to pass to a beneficiary nominated in your will, who is not the other registered proprietor, the property should be registered as tenants in common. For example, unrelated purchasers, de facto couples and in some second marriage situations, holding as tenants in common is the most appropriate. Holdings can also be held in different percentages reflecting the percentage contributions of each owner or for asset protection purposes.
What is a cooling off period?
If you have signed a contract to purchase land you are entitled to a cooling-off period of two clear business days, commencing from the date that you were served with the Form 1 document. During the cooling-off period you can give notice to the vendor that you wish to rescind the contract and not proceed with the purchase. No reason is required and it could be that you have just changed your mind. Many purchasers use the cooling-off period to obtain a property inspection report to ensure there are no concerns about the property and to enable them to cool off if something unexpected is discovered. There is no cooling-off period when buying a property at auction so any building inspections should be done before auction.
To be valid a cooling-off notice must be completed and served in accordance with the Form 1 process and will be invalid and ineffective if this process is not undertaken.
In some circumstances, such as purchasing a property prior to auction, you may be requested to waive your cooling-off rights. If this is the case, then you will be required to obtain independent legal advice and both you and your solicitor are to sign a waiver certificate known as a Form 3. Adelta Legal can advise you of your rights and the implications of signing the Form 3 and sign all necessary documents required to satisfy the waiver.
To download information about purchasing property click here.
We have offices in the city, at Tea Tree Gully and Morphett Vale for the convenience of clients. In addition, for the elderly or infirm, visits can be made to clients at home or in hospital.
Call us on 08 8415 5000 or send an email to make an appointment.