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, requiring 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.