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Buying or selling a property is likely one of the biggest and most important financial decisions you will make. Therefore, we are experienced conveyancing and property lawyers in Adelaide, committed to ensuring that your property experience is seamless and stress-free from start to finish. Our property lawyers handle a range of conveyancing, commercial, and property transactions, including:
- Residential sales and purchases
- Contract review and Form 1s
- Commercial conveyancing
- Commercial leasing
- Family transfers (husband and wife/de facto transfers)
- Change of name and interests in property
- Transmission Applications / Applications to Register Death
- Land and community subdivisions
- Business sales and purchases
- Partnership agreements
- Mortgages, loan agreements and vendor finance
- Caveats
Buying and selling residential property
A conveyancing transaction concerns transferring legal title in property from one party to another. Although this is often seen as a ‘routine’ process, there are many considerations. Signing a contract to buy or sell property creates binding legal obligations, and therefore, the penalties for default can be significant.
If you are buying property, it is important to understand the legal implications before entering a contract. Additionally, you should gather all necessary information to ensure that your investment is appropriate. Although the law requires a vendor to disclose certain information when selling residential property, you remain responsible for researching other matters. We can review your contract and recommend due diligence searches and enquiries that protect your interests. Moreover, our Adelaide property lawyers explain your rights and obligations under the contract, including any cooling-off rights.
Selling your property may not necessarily result from a desire to upsize, and we understand that this process can be stressful. Importantly, you must prepare a compliant contract that includes any prescribed documentation and is tailored to your circumstances. You also need to negotiate with proposed buyers, liaise with your lender to discharge any mortgage, and settle your sale on the nominated completion date.
Whether you are buying or selling property, we manage all aspects of your conveyancing transaction. This approach ensures your rights are protected, your decisions are informed, and you avoid last-minute surprises or concerns.
Completing your property transaction using e-conveyancing
As most matters in South Australia are now conducted digitally, we can service clients state-wide efficiently and at competitive rates. Consequently, we conduct numerous conveyancing and property-related matters for a range of clients and are fully conversant with e-conveyancing processes.
Traditionally, property settlements involved lawyers and bankers meeting physically to check and swap documents and bank cheques. Then, they lodged the documents with government authorities to transfer the title and change ownership details.
However, e-conveyancing has transformed this process through an electronic platform. It allows lawyers, conveyancers, and financial institutions to transact online. Online settlements remove the location and time barriers of physical settlements and provide faster access to sales funds. Additionally, each stage of a transaction can be visually tracked, and documents lodged online with land registries.
Commercial and retail leasing
A commercial lease governs the relationship between a landlord and tenant regarding the tenant’s right to occupy premises owned by the landlord.
Commercial leasing disputes usually arise because of poorly drafted, ambiguous, or non-existent lease agreements, or when the parties fail to fully understand their obligations. Therefore, landlords and tenants should obtain legal advice to ensure their negotiations are accurately reflected in a formal lease agreement. Additionally, the provisions must comply with any specific legislation such as retail leasing laws.
Retail leases are commercial leases regulated by legislation, typically applying to premises within shopping centres or predominantly used for conducting a retail business. The legislation enhances consumer protection by stipulating terms that must be included in a lease and prohibiting provisions deemed unreasonable for a tenant. It also imposes disclosure obligations on landlords, and therefore, it is crucial for landlords to comply with these requirements in the lease agreement and during negotiations.
Subdivisions
A subdivision involves partitioning land into smaller parcels that are then registered as separate titles and sold individually. Subdivisions may range from dividing a single lot into two, to creating numerous lots in a large residential or strata development.
Land subdivision is governed by legislation, regulations, and planning instruments administered by local councils and other government bodies. The interplay of these laws is complex. Therefore, it is essential to understand the correct processes to develop property successfully and minimise costly mistakes.
Collaborating with an experienced property lawyer and other professionals allows you to check due diligence matters, liaise with authorities, and prepare documents. Moreover, we explain titling and legal concepts throughout this process to help you make informed decisions.
Buying or selling a business
Negotiations for the sale or purchase of a business should be formalised in a written agreement, with each party independently advised. Additionally, we often recommend seeking financial advice from your accountant. Your professional team can help structure the transaction for an optimum outcome and to protect your interests. Considerations when buying/selling a business include:
- the breakdown of the purchase price, including apportionment of goodwill, stock, plant, equipment, and inventory
- the treatment of Goods and Services Tax (GST) and other taxation implications arising from the transaction
- reviewing contracts that form part of the business operations, such as commercial leases and service agreements, and transferring them to the new owner
- provisions for the transfer of intellectual property including business names, trademarks, and domain names
- arrangements for any existing employees – transfers, offers, redundancies, and calculation of leave and other entitlements
- restraint of trade provisions, confidentiality concerns, and training periods
- representations and warranties
Speak to Our Adelaide Property Lawyers Today
As a boutique law firm, we are well-resourced to handle all your conveyancing needs and a range of other property-related and commercial matters. Additionally, our Adelaide property lawyers use state-of-the-art technology and software to ensure that you remain informed throughout your entire transaction.
If you need assistance, contact one of our lawyers at [email protected] or call 08 8155 5322 for expert legal advice.
FAQs
What does conveyancing involve?
Conveyancing is the process of transferring legal title in a property from one party to another. It is often seen as routine, but signing a contract to buy or sell creates binding legal obligations and the penalties for default can be significant. On a sale it covers preparing a compliant contract with the prescribed documentation, negotiating with proposed buyers, liaising with a lender to discharge any mortgage, and settling on the nominated completion date.
What should be checked before signing a contract to buy property?
It is important to understand the legal implications before entering a contract and to gather the information that confirms the purchase is appropriate. The law requires a vendor to disclose certain information when selling residential property, but a buyer remains responsible for researching other matters. A contract review identifies the due diligence searches and enquiries worth making, and clarifies rights and obligations under the contract, including any cooling-off rights.
How does settlement work under e-conveyancing?
Property settlements traditionally involved lawyers and bankers meeting physically to check and swap documents and bank cheques, then lodging those documents with government authorities to transfer the title. E-conveyancing moves that onto an electronic platform where lawyers, conveyancers and financial institutions transact online. Online settlements remove the location and time barriers of physical settlements and provide faster access to sale funds, and each stage can be tracked visually with documents lodged online with land registries.
What is the difference between a commercial lease and a retail lease?
A commercial lease governs a tenant’s right to occupy premises owned by a landlord. Retail leases are commercial leases regulated by legislation, typically covering premises in shopping centres or used predominantly for a retail business. That legislation sets terms a lease must include, prohibits provisions deemed unreasonable for a tenant, and imposes disclosure obligations on landlords. Disputes usually arise from poorly drafted or ambiguous agreements, or where the parties do not fully understand their obligations.
What is involved in subdividing land?
A subdivision involves partitioning land into smaller parcels that are then registered as separate titles and sold individually, ranging from dividing a single lot into two through to creating numerous lots in a large residential or strata development. Subdivision is governed by legislation, regulations and planning instruments administered by local councils and other government bodies, and the interplay of these laws is complex. Understanding the correct processes is essential to develop property successfully and to minimise costly mistakes.