Set out below are just some of the issues that should be addressed prior to placing your property on the market OR entering into a Contract of Sale. Time constraints imposed by a Contract of Sale and pending settlement date may result in a Contract being rescinded as parties are not able to meet their obligations. Parties may then seek recourse through litigation which is costly, time consuming and stressful. If you would like to know more, please feel free to contact us and request a meeting with one of our property law experts.
When considering the sale of your property please ask yourself:
Have any building works been conducted in the past 10 years?
Was a registered builder engaged or owner builder?
Were necessary permits and insurances obtained?
It may be necessary to obtain copies of permits/insurances. This can take time.
Where is the Certificate of Title?
If the Title is lost, a Lost Title Application will need to be submitted with the Land Titles Office. This is not a simple application. Depending on the circumstances it may take quite some time for a replacement title to be issued. Please note, the volume and folio number for the new title will be different to the lost one and therefore must be correctly recorded in the Contract of Sale.
Is there an Owners Corporation in place?
The days of “inactive” Owners Corporations have passed. If you intend to sell a property that is affected by common property, then it is imperative that the Owners Corporation is functioning correctly.
If the Owner’s Corporation is not “active”, then this needs to be addressed in order for an accurate Owners Corporation Certificate to be produced for the Section 32 Vendor’s Statement.
Ensuring compliance with the Owners Corporation Act requires the cooperation of other members of the Owners Corporation. This takes time. Failure to obtain and include accurate and complete Owners Corporation Certificates and attachments will leave a Contract voidable right up to when settlement is effected.
Is GST applicable to the transaction, have you consulted with your accountant in relation to this issue?
What is the appropriate GST scheme to be utilised?
Has an appropriate GST clause been drafted for the Contract of Sale?