What can cause delayed settlement? The property purchase process involves various legal, financial and administrative tasks with all parties involved, such as agents, property lawyers/conveyancers and banks working hard to ensure a smooth property transaction. Unfortunately, issues can arise that prevent settlement from taking place on time.   The most common causes of delayed settlement, can include: Banking complications: In instances where a purchaser is obtaining a home loan to purchase a property, settlement cannot occur until the bank is ready. The reasons why the bank may not be ..read more

What is the final pre-settlement inspection? The final inspection of the property is your last chance to make sure that everything in the property that was listed in the contract is in good working condition and the property is in the same state as it was when contracts were exchanged. If settlement is conditional upon certain events taking place (such as the vendor replacing or repairing an item in the property), the final inspection also gives you a chance to ensure that this has been done in accordance with the contract.   How do I arrange a pre-settlement inspection? If a real es ..read more

What are special conditions? Special conditions in a property contract are additional conditions attached to the sale of the property outside of the standard conditions you would normally see in the contract. It is common practice to include special conditions, but they may differ from contract to contract, or may be worded slightly differently in each contract. Special conditions provide that extra layer of protection to the vendor (and in some cases, the buyer) to account for extenuating circumstances where the sale may not go according to plan. Given the way in which special conditions ar ..read more

What does 100% eConveyancing mean? eConveyancing replaces the paper and manual processes that were traditionally involved in property transactions, with a completely electronic process. Parties involved in purchasing or selling a property can now conduct settlements and lodge any land dealing online.   The move to 100% eConveyancing means that only subscribers to an Electronic Lodgement Network Operator can lodge land dealings and conduct property settlements online. This requires the assistance of a property lawyer or licensed conveyancer, who must verify the identity of their client a ..read more

What does buying off-the-plan mean? Buying a property off-the-plan means you are purchasing an apartment or house that is yet to be constructed or is in the process of being constructed. Since there is no existing property to inspect, prospective purchasers will base their decision on building plans, designs and specifications. What can you negotiate? Depending how far along the developer is in the construction process, purchasers can provide input into the location and finishes of the property. For new houses, purchasers may have a say on the location and design. For new apartments, p ..read more