Buyers | Sellers | Real Estate Agents

Real Estate Agents

• Always obtain a full title search and strata plan for strata titled properties.
• Establish who is the registered proprietor and who has authority to sell the property. Should the seller differ from the registered proprietor obtain evidence to support authority to sell eg grant of probate, power of attorney.
• Advise your seller to seek advice as to whether GST is payable upon the supply of the property. If GST is payable a suitable condition should be included on the contract.
• For strata titled properties always provide purchasers with a copy of the strata plan, management statement and/or change of by-laws registered on the strata plan.
• Search all encumbrances that are to remain on the title following settlement. The purchaser must acknowledge their existence on the Offer and Acceptance.
• Complete your settlement instructions fully to make the settlement process easier.
• Offer and Acceptance forms to be completed fully and form 28 disclosure statements for all strata titled properties.
• Full legal names to be used for purchasers. Should the purchaser wish to purchase in the name of a trust or superannuation fund, you must show the full legal name. Eg John Citizen as Trustee for the John Citizen Family Trust.
• If a buyer is purchasing on behalf of another party who is not present, a suitable 'agency' clause is to be used eg.John Smith as agent for John Smith and Mary Smith in a situation where Mary Smith was not present and it is intended to purchase in both names. Nominee clauses must NOT be used.
• If the property is awaiting issue of title, note the proposed lot number if available. A plan noting the proposed lot being purchased should be included as an annexure to the contract.
• Use realistic time frames when setting settlement dates and finance approval dates. We currently recommend 21 days when finance is a condition of purchase, and a further 21 days for settlement. If finance is not required, a minimum of 30 days is required for settlement. Don't be fooled that a "cash" offer never involves lending. Should either party reside overseas you should add an extra 14 days to the entire process. By setting realistic dates you are minimising the stress to all parties involved and reducing the possibility of disgruntled sellers and buyers come settlement time, and penalty interest implications to both parties.
• Monitor the progress of all special conditions and arrange completion of any relevant extensions/waivers on the day they fall due.
• Always use the latest edition of Offer and Acceptance and Joint Form of General Conditions for the Sale of Land.
• In situations where a tenant occupies the property subject to a lease agreement, this must be stated on the contract. A copy of the lease is also to be provided to the purchaser. In the absence of such a condition, it is assumed vacant possession will be provided at settlement.