PROPERTY

Sale & Purchase of land
Mortgages
Retirement Village Agreements
Retail & Commercial Leases

PROPERTY

Sale and Purchase of Land

For most people, the sale or purchase of land is the most significant and most important transaction they will make in their life. We can help make sure that your sale or purchase (conveyance) of land is risk-free.

A conveyance of land will include:

  • Changing or transferring legal ownership of the land;
  • Changing the names on the original Certificate of Title which is the legal identifier of the land;
  • Making sure the land is transferred as “Clear Title,” i.e. free of any encumbrances or debt;
  • Fittings and fixtures included in the contract of sale;
  • Cooling off provisions.

Sale of Land

The sale of property involves the preparation of a sale contract ready for marketing. Your role in the sale of a property is referred to as the “vendor”. The sale contract will include the terms and conditions of the sale plus disclosures that are required by law. Once contracts are exchanged, we will deal with the purchaser’s representative until settlement. Essentially, you hand over the title to the land in exchange for payment.

At Elocin Legal, we provide complimentary standard Wills for all registered proprietors selling land.

Purchase of Land

The purchase of property or land involves the review of the marketed contract. Your role in the purchase of land or property is referred to as the “purchaser”. It is important that you are aware of specific terms and conditions that are not standard. We will go through such terms and conditions and ensure you understand your rights and obligations as well as ask for changes if needed. The result is making payment in exchange for title to the land.

As a purchaser, it is a legal requirement to verify your identity. Click here for further information on verifying your identity.

As a vendor, if you have a mortgage over the property, your discharging mortgagee will be required to participate in the transaction in order to release the title to the land.

As a purchaser, if you wish to obtain a mortgage over the property, the incoming mortgagee will be required to participate in the transaction in order to provide loan proceeds.


Click here for further information on mortgages or to request a chat with us, go to our contacts page.

PROPERTY

Mortgages

When you are looking to purchase property, your mortgagee may ask you to obtain legal advice before signing any loan documents. As legal practitioners, we are obliged to comply with Rule 11 of the Legal Profession Uniform Legal Practice (Solicitors) Rules 2015 (NSW). This rule requires certificates to be provided.

We will review your mortgage documentation and advise you on the lender’s right to:

  • Repayment of the Principal amount borrowed or loaned;
  • Charge interest, the applicable rates, how interest accrues and when it is payable;
  • Exercise many powers on default;
  • Possession of the security property;
  • Recover legal and other enforcement costs;
  • Appoint a Receiver to the security property.

To request a chat with us, go to our contact page.

PROPERTY

Retirement Village Agreements

Making the decision to move into a retirement village is one of the most important decisions you will make in your life. There are many different types of Retirement Village Agreements including:

  • Licence – which is mainly offered by non-profit organisations such as church or charity operators and this arrangement allows you to live in the unit, but you do not own it;
  • Leasehold – where the village operator owns the units and each resident signs a lease;
  • Strata – where you purchase the unit under a sale of land contract which makes you the owner;
  • Company Title – where the retirement village is owned by a company and you buy shares in that company at market value which gives you the right to occupy the unit.

We can help you understand and protect your rights and obligations under a Retirement Village Agreement, ensuring you have considered and carefully catered for risks and financial implications such as:

  • Relevant rights and obligations under the retirement village By-laws;
  • Exit fees, if you want to leave the retirement village;
  • What happens if you die;
  • Whether you can be moved from the retirement village without your consent and if so,
  • What restrictions exist on any persons to whom you may sell your unit to;
  • What happens if the village operator goes out of business;
  • The mechanism for increase of fees;
  • Pets, visitor and parking restrictions.

To request a chat with us, go to our contact page.

PROPERTY

Retail and Commercial Leases

Whether you are thinking about entering into a lease or leasing out your retain or commercial property, we can help you ensure that:

  • your rights are protected as a tenant or landlord;
  • you understand your obligations as a tenant or landlord;
  • the lease complies with the relevant legislation, rules and regulations.

Most importantly, we ensure you understand that the legal obligations under Commercial and Retail Leases are different to those under a standard Residential Lease.

A Commercial Lease involves commercial property leased to a tenant intending to conduct a business at that property.

A Retail Lease is a type of Commercial Lease that is wholly or predominantly used to conduct a retail shop business. Compared to Commercial Leases, Retail Leases impose more rules regarding how the lease works and more protection for tenants.

We can help you understand and protect your interests, as a tenant or landlord, ensuring you consider leasing requirements such as:

  • Permitted use of the property and its facilities;
  • Ability to assign or sublease the property;
  • Lease renewal options;
  • Methods to review and increase the rent.

To request a chat with us, go to our contact page.

LEGAL SERVICES DELIVERED DIFFERENTLY

Delivering positive outcomes with care and passion

CONTACT US