Selling Residential Property
Kathy asked us if we knew an experienced and proven agent to sell her house in St Lucia. She was so pleased with the sale price and the service from our referral that she bought them a bottle of champagne after the sale.
Kathy appreciated our feedback when the price negotiations were taking place and was happy to sign the contractSets out everything the parties have agreed to when our reviewtook about five minutes over the telephone to check if the contract seemed balanced and reasonable confirmed that there were no uncertain or unusual terms. It was good that she sent the Discharge Authoritycritical bank form for owner to complete, sign and send to bank straight away to tell her bank to release the mortgage because the bank took just over two weeks to process it.
We confirmed that it wasn’t unusual that the buyer wanted two items attended to from the Building and Pest report and that they wanted a seven day extension for their Finance condition.
We talked through the settlement figures together when the contract was unconditional and Kathy had a good picture early on of how much she would end up with in her pocket at settlement.
We met with Kathy to formally identify her in the week before settlement. She was happy to settle through the PEXA electronic settlement portal and everything went smoothly on her settlement day. Once that step was completed the next step was to help both her and her partner George with their Wills.
Buying a House
Anna called Clearman Lawyers to ask how much a conveyancetransfer property from seller to buyer costs. I said that if she gave me some information about the property, including whether it was an apartment, a house, a country pub or a commercial warehouse for example, and also told me how she was fundinga bank or cash or a combination of the two the deal we could then talk about costs if that suited her.
She said she was buying a heavily renovated house in St Lucia and wanted to be sure that all council approvals were in place. It was the biggest purchase of her life and she wanted to make sure she got what she thought she was paying for. Anna was paying about $1,400,000, half in cash from an inheritance and had to find a finance brokerwe’re happy to share the amazing community of business professionals we know and trust for the rest of the funds.
Because she was happy with our fee estimate, Anna emailed us the draftunsigned contract while we were talkingwe reviewed it while we were talking on the phone. Based on her concerns for the renovationssome renovations without council approval can affect property values and ease of sale, we recommended a Due Diligence condition in addition to Building and Pest and Finance to check all council approvals / final inspection certificates were in place. The seller accepted Anna’s offer and we immediately carried out a search of the approvals position with Brisbane City Council.
Later that day Anna had a chat with our recommended broker and was surprised that the interest rate available was better than she could find herself. The seller agreed to a $935.00 Building and Pest adjustment because there were some cracked tiles on the roof.
Happily, the seller had done a good job on the renovations. All the final inspection certificates were in place and Anna knew that one day, when she came to sell, that would be good for the property’s value.
Once finance was confirmed we confirmed Anna was happy for us to carry out the conveyancing searches to make sure the seller didn’t owe any money to council, the Office of State Revenue or Queensland Urban UtilitiesBrisbane water company at settlement.
Clearman Lawyers helped Anna to make sure funds were in the right place at the right time in advance and that the electronic PEXA settlement went through smoothly.
Buying an Off-The-Plan Apartment
Andrew is a great client with a good business. He and his wife had decided to by an apartment off-the-plan to celebrate a business milestone. The plans looked great but the builders were only pouring the concrete for the car park level when Andrew first discovered the development.
Andrew and Leigh sent the agent the completed Expression of Interest form and paid a $1,000.00 deposit because they wanted the developer to hold the top floor apartment for them. The agent sent the 145 page draft contract and disclosure statement to Clearman Lawyers to review. The contract included a disclosure statement, plans, finishes and all of the legal conditions for the purchase.
We reviewed the contract, drafted some recommended special conditions and answered Andrew and Leigh’s questions. They know that the stage they were buying probably wouldn’t be ready to settle before two years had passed and because the developer agreed to their special conditions, decided to sign the contract.
Once we received the fully signed contract we sent Andrew and Leigh an email noting important dates and the next steps for them to take.
They spoke with the broker recommended by Clearman Lawyers and understood that although the finance condition was 21 days, most lenders’ finance offer expires after 90 days. After discussing the finance condition in detail with us and the broker, they were comfortable enough with their financial position to confirm finance.
Then 20 months went by quickly and we received a notice from the seller that the apartment was built and ready to settle in 21 days. The broker helped them to make an updated application for finance and we helped them to make sure that funds were ready from their bank and their own contribution to settle.
Buying Vacant Residential Land
Chris and Patricia had been talking about building their own home in Cannon Hill for their growing family for more than six months. As Chris was driving to work one morning he saw three lots for sale right near their local shops. They called the agent that evening and then called Clearman Lawyers when the agent asked them to complete an Expression of Interest form and pay some money.
They then asked the agent to send through the draft contract so we could help them review it. We strongly recommended a soil test special condition to make sure they were in control of the process just in case engineering works were needed because of unstable soil.
Patricia was pleased with the choices that our recommended broker provided because they needed a flexible package to work well with their other investment properties.
Once the soil test came back we helped them with the negotiations with the seller to make sure everyone got a fair deal. 30 days later they were the owners of the land and were talking to an excellent builder recommended by our business network.
This page is not intended to provide legal advice and does not create a client-lawyer relationship. This post is provided for general information purposes and should not be relied upon as a substitute for legal advice. If you need help with legal advice for your particular situation, please contact our office (details below or on ‘Contact’ page) and we’ll be happy to assist you.