All The Latest Conveyancing News

New Conveyancing Rules for Verification of Identity (VOI)

Posted on 29th August, 2016 | 0 comments

New Conveyancing Rules for Verification of Identity (VOI)

A prudent conveyancer would have always taken reasonable steps to verify the identity of the client and the client’s authority to deal in a transaction. New Conveyancing Rules have now been introduced by the NSW Government’s Land and Property Information (LPI) to mandate appropriate steps are taken, such that: • Every client (or person acting on behalf of the client) must have their identity and authority verified; • Evidence supporting the verification must be kept for at least 7 years. One of the drivers for this requirement is the introduction of electronic lodgements and settlements and the NSW Registrar...

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Agents Disclosure Requirement regarding Property Inspection Reports

Posted on 15th August, 2016 | 0 comments

Starting 15 August 2016, Real Estate Agents have disclosure requirements related to pre-purchase property inspection reports. The concept is for these requirements to make it easier, and potentially cheaper, for a prospective home buyer to obtain pre-purchase building and pest inspection reports, and strata, neighbourhood or community scheme reports. The agent is required to make a record of the following property inspection reports, but they only need to provide this information when the prospective buyer asks for the Sale Contract for the property. • a building inspection report • a pest inspection report • a strata/community/neighbourhood inspection report •...

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Swimming Pools

Posted on 24th April, 2013 | Comments Off on Swimming Pools

What you need to do if you own a Pool: Register it. This is now compulsory. Your pool can be registered online at www.swimmingpoolregister.nsw.gov.au. If your pool is not registered, you will be liable for a $220 penalty. From 29 April 2016, you will be required to provide a certificate of pool compliance when you sell your home (or even lease your home). You can find more information on what compliance means at: http://www.fairtrading.nsw.gov.au/ftw/Consumers/Product_and_service_safety/Pool_safety/Pool_fencing_requirements.page    ...

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Pre-Settlement Inspections

Posted on 7th November, 2012 | Comments Off on Pre-Settlement Inspections

The Importance of that Final Inspection: You are entitled to a final inspection of the property you are buying before you take possession of it. By this we mean that the Vendor cannot refuse you a final inspection within the last three days prior to settlement of your contract. This inspection is probably the most important one of all. The best time to do that inspection is after the property has been vacated by the previous occupants and as close to the time of settlement as possible. This narrows the window of opportunity for something to go wrong. Things...

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The Neighbourhood

Posted on 5th November, 2012 | 0 comments

You should ensure that the neighbourhood that you are buying into meets your expectations. Do your homework. Is the location suitable in terms of proximity to schools, parks, transport, medical facilities? You can find out these things through the council’s website and other on-line facilities if you are not in the area, Drive by the property at all times of the day and in all weather conditions to get a feel for the neighbourhood. Talk to neighbours about their own experiences. Do whatever you need to ensure that you are making a good choice not just in the house...

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Let the Buyer Beware

Posted on 25th October, 2011 | 0 comments

“CAVEAT EMPTOR” You’ve probably heard this term before but what does it mean to you. Well, it is latin for “Let the buyer beware”. This is a doctrine applying to property whereby the buyer cannot recover from the seller for defects on the improvements. One of the most important terms of the Contract is that you are purchasing the improvements and inclusions in their “current condition and state of repair”. Perhaps the most common issue arising at the time of settlement is that the buyer finds a fault with the building or one if the items included in the...

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Be Clear About WHY you are buying

Posted on 25th October, 2011 | 0 comments

There are many reasons why people select a particular property to purchase, including: a. Location b. Price c. Love of the Building d. An intention to further develop e. Proximity to friends and relatives Etc. What if you purchased a property with a particular intention in mind and then found out that what you intended to do with it was impossible? Here’s a few examples of what might go wrong: The building you liked so much has a demolition order from council, or You intend to demolish a building and construct an award winning design only to find that the existing house is heritage...

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Get the Right Advice

Posted on 20th October, 2011 | 0 comments

“GET THE RIGHT ADVICE” Most people don’t enter into the process of buying a home very often. When they do decide to buy, they probably have little idea of all the ins and outs of the entire process. It’s hard to know exactly where to turn for good sound advice. Most people will open a discussion with their parents, their friends, their work colleagues, etc, and while you may get some great ideas from talking to these people, they may not necessarily be as up to date or as well informed as others. Remember, this is probably the biggest...

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Where do I start

Posted on 19th October, 2011 | Comments Off on Where do I start

Conveyancing is the legal process of buying and selling property. There are lots of issues other than the legal ones for first home buyers, such as: –          securing the right loan (you need a mortgage broker) –          establishing your budget and saving the necessary deposit (a financial advisor may be able to assist with that) –          finding the right property (your real estate agent will help you do that, but you should have a clear idea of what you are looking for and why) This article addresses only the legal aspects of buying your first home.   Perhaps the...

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Introduction

Posted on 17th October, 2011 | Comments Off on Introduction

Hi I am Ken Bourke, proprietor of All About Conveyancing and welcome to our Conveyancing blog. It deals with NSW Property Law and processes only. What you read here may not apply in any other state of Australia. We will be updating our blog on a regular basis, so please check back soon. We invite you to ask us something and you will get a reply within 24 hours – it’s us giving something back to the market that supports...

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