Buying and selling land can be fraught with difficulties and there are constantly changing laws.
The vendor (seller) needs to have:
• All swimming pool owners are required to have a Certificate of Registration of compliance from the local council attached to the contract.
• The Federal Government requires owners selling property for $750,000 or more need a Foreign Investment Clearance Certificate from the ATO whether you are a foreigner or not.
• The Land Registry Services now require most conveyancing transactions to settle via electronic settlements (i.e. PEXA).
• The law requires all auctions of land and all sales of a house and residential blocks of land (even by private sale) to have pre- prepared contracts for sale of land, re- quiring inclusions of searches, Land Tax Certificates, zoning certificates, sewage diagrams or particulars of registration of septic services, plus more depending on the type of land to be sold.
• Residences need to have a smoke alarm, plus more…
The purchaser (buyer) needs to have:
• Finance: sufficient money in the bank or an organised loan, plus a deposit (usually 10% of the purchase price).
• A pest and building inspection prior to entering a contract, plus a survey of the land in some circumstances.
• Check what chattels (moveables) the vendor is including in the contract.
• Check whether the purchase price includes GST or not. Most house and farm sales are exempt from GST, but still check.
It is almost impossible to conduct conveyancing without a solicitor. We at Matthews Williams are available to help you.