In November 2017, the total worth of the Australian real estate market was estimated to reach a whopping $7.4 trillion.
The real estate market is constantly evolving and highly dynamic. Such volatilizes in the real estate market can leave prospective home buyers and sellers with a long list of queries that might affect their decision to buy or sell.
The property market is a powerful and dynamic entity, and it is best to understand its ins and outs before taking action.
The real estate brokers and property lawyers in Sydney can help you make the best decision when buying and selling your property.
So, what happens during a simultaneous settlement? What is the time frame for moving out from the sold property and moving in into the newly acquired property?
● Settlement can be defined as the completion of the sale process when the title to the real estate property changes hands in exchange for money.
● When selling a property, the owner ceases to have any rights to the property once the settlement is completed.
● Similarly, when you purchase a property, you become the owner after the settlement.
● Selling your property with "vacant possession" means that you will need to vacate your former property by the time of settlement. This means any personal furniture, clothing, or other items including rubbish should be removed from the property before settlement.
● If your personal items remain on property premises (if you're selling the property) or if the seller (if you're purchasing a property) you are entitled to delay settlement until this is addressed. Similarly, if you have not moved out, you are not allowing "vacant possession", the purchaser have the right to postpone settlement until this occurs.
A simultaneous settlement can create additional pressure for both sellers and buyers as one family will be moving out, waiting in their removalist van until settlement of their separate purchase. This may occur several times with the separate parties having their own transactions to both sell and purchase conditional on the outcome of other transactions in the chain of sales.
Thankfully, in the era of digital conveyancing, electronic settlements can usually be completed within half an hour which is faster than paper settlements and with less errors arising. If there is a problem, it can usually be resolved before the end of the day as this is now dealt with electronically.
A qualified conveyancing lawyer can make your simultaneous property settlement process seamless.
What are the financial elements associated with purchasing a residential property?
● Stamp duty and state tax such as GST or withholding tax
● Deposit payments and mortgage repayments
● Bank and valuation fees
● Fees to the Bank and to Land Titles on discharge of the mortgage
● Legal and conveyancing fees
● Removal and cleaning costs
● Connecting gas, electricity, and phone lines
● Home insurance
● Adjustments on settlement ranging from land tax to Council & water rates
What question should you ask while purchasing a home?
If you're a first-time home buyer, you will generally have several questions. Legal experts from the best law firms in Australia can help you formulate specific legal questions for the seller or property broker before purchasing a property.
Here are some of them:
● It is important to request a recent property valuation report to show how much the residential property is worth.
● Why is the owner selling?
● How long have the owners lived there?
● For how long has the property been advertised on the market?
● Disclosure: Are there any known legal, health-related, building or maintenance issues with the property, land, or neighbour properties?
● Exactly what items are included in the sale?
● Does the property have the required legal paperwork?
● Is the property listed? If so, what grade is it? And is it in a conservation area?
● What are the applicable council rates/strata fees?
● What are the associated costs and are you eligible for any stamp duty exemptions or benefits
Final Word
Selling or purchasing a property can be a complex affair, especially if it is your first time doing so. Accordingly, it is essential to consider several financial and legal factors. Hiring a real estate broker and an experienced property lawyer in Sydney can save you from legal complications and can also help you save a significant amount of money.
Sydun & Co Solicitors
Website: https://www.sydunco.com.au/
Location: level 6/162 Goulburn Street, Surry Hills NSW 2010, Australia
Phone: (02) 9283 2355
Facebook: facebook.com/SydunCo/