Property transactions, like buying a house, can be complex and laborious with specific legal requirements and steps to go through. What’s more, the legalities can vary in each state and territory, making what is already a busy time even more stressful. Having an experienced property lawyer to guide you can be invaluable.
What is property law?
Property law covers all the legalities and regulatory compliance matters relating to property, including:
- Contracts of sale
- Caveats on property
- Swimming pool compliance
- Flood damage claims
- Boarding house regulations
- Transfer of property
What does a property lawyer do?
Depending on the type of property solicitor you engage, they might handle some or all of the following:
- Advise on transactions such as property acquisitions and disposals
- Legal and regulatory checks
- Drafting of property contracts
- Property disputes
- Property leasing
- Council and building restrictions
- Property tax implications
For matters relating to property development and/or commercial property, contact the property law team at Owen Hodge Lawyers and one of our experienced specialists will assist you.
Do I need a property lawyer?
It ultimately depends on your property matter. It is possible to do your own conveyancing, although due to the complexity of the property transfer process it is recommended that you engage a professional.
Property lawyer vs conveyancer
Conveyancers can handle all legalities in relation to conveyancing, which is the legal transfer of property from one party to another. Property lawyers, on the other hand, can handle a broader range of legal matters relating to property, including disputes.
Trust Owen Hodge Lawyers
At Owen Hodge Lawyers we have a number of qualified property solicitors and conveyancers that can assist you with your personal property matter.
Contact us today on 1800 770 780 to begin a conversation with one of our solicitors or licensed conveyancers. You can depend on us for any and all of your property needs.
Do I need financing to buy a property?
Before considering buying a property, it is a good idea to apply for pre-approval from a home loan provider or financial institution so you have an idea of how much you can spend. Your borrowing capacity will depend on many factors, including income, financial circumstances and the amount you have saved for a deposit.
What happens during the cooling-off period?
In NSW the standard cooling off period is five business days, starting from the date of exchange of contracts and ending at 5pm on the fifth business day. However, the cooling off period can be waived, reduced or extended if both the vendor and the purchaser agree to it.
During this time, you as the purchaser can obtain building and pest reports (highly recommended), arrange your finance approval and negotiate special terms and amendments to the contract if required.
How much stamp duty will I have to pay on my property?
In NSW, you must pay stamp duty based on the sale price of the property or the current market value of the property, whichever is higher. Revenue NSW charges a standard stamp duty rate, with a premium rate charged on high net worth properties.
Each year the threshold amounts for standard stamp duty and premium stamp duty are adjusted with CPI. In certain cases you may receive a concession or be exempt from paying stamp duty – such as if you are a first home buyer. To learn more about how much stamp duty you could be expected to pay, you can visit the Revenue NSW Website – https://www.revenue.nsw.gov.au/taxes-duties-levies-royalties/transfer-duty