What is 'Conveyancing'? Why do you need to know about it and how does it apply to you?
Find out here, in the Mortgage Choice 'Conveyancing Process Explained'.
Law faculty would hugely benefit by suitable adoption of various modes for teaching ADR to the students, both at undergraduate and postgraduate levels. This presentation would provide a road map in that direction.
An agency agreement is a legal contract creating a fiduciary relationship whereby the first party ("the principal") agrees that the actions of a second party ("the agent") binds the principal to later agreements made by the agent as if the principal had himself personally made the later agreements. The power of the agent to bind the principal is usually legally referred to as an authority. Agency created via an agreement may be a form of implied authority, such as when a person gives their credit card to a close relative, the cardholder may be required to pay for purchases made by the relative with their credit card.
Many states employ the equal dignity rule whereby the agency agreement must be in writing if the later agreement would also necessarily be written, such as a contract to buy thousands of dollars worth of goods.
An example of the existence of an agency agreement at issue in a 2006 court case arose when a tennis tournament sponsor sued Venus and Serena Williams for not participating. The sponsor argued that their father, Richard Williams, had committed to their participation in the tournament. The Williams sisters argued that their father did not have the authority to bind them to such an agreement. If their father did commit the sisters to play, the issue for the court to decide is whether a valid agency agreement existed between the Williams sisters and their father. If not, then they likely were not bound to his agreement under the law of agency.
Manufacturers and suppliers of goods frequently appoint agents to act on their behalf in promoting sales, both in the home country of the manufacturer as well as overseas. A formal agreement is usually signed setting out the commission the agent will receive, the territory, duration and other terms on which the principal and agent will do business together.
Within the European Union, there is legislation designed to give some protection to agents, in particular, the right to compensation in certain circumstances when an agency is terminated. The same applies to other parts of the world and in some countries, it is necessary for a foreign manufacturer to appoint as agent an individual or company that is a national of the country where the agency will operate.
An agent should be distinguished from a distributor – in commercial parlance, a distributor will buy stock from the supplier or principal and then sell it on to his customers at a markup, whereas an agent will find customers for the principal who then sells direct to the customers and pays commission to the agent.
Law faculty would hugely benefit by suitable adoption of various modes for teaching ADR to the students, both at undergraduate and postgraduate levels. This presentation would provide a road map in that direction.
An agency agreement is a legal contract creating a fiduciary relationship whereby the first party ("the principal") agrees that the actions of a second party ("the agent") binds the principal to later agreements made by the agent as if the principal had himself personally made the later agreements. The power of the agent to bind the principal is usually legally referred to as an authority. Agency created via an agreement may be a form of implied authority, such as when a person gives their credit card to a close relative, the cardholder may be required to pay for purchases made by the relative with their credit card.
Many states employ the equal dignity rule whereby the agency agreement must be in writing if the later agreement would also necessarily be written, such as a contract to buy thousands of dollars worth of goods.
An example of the existence of an agency agreement at issue in a 2006 court case arose when a tennis tournament sponsor sued Venus and Serena Williams for not participating. The sponsor argued that their father, Richard Williams, had committed to their participation in the tournament. The Williams sisters argued that their father did not have the authority to bind them to such an agreement. If their father did commit the sisters to play, the issue for the court to decide is whether a valid agency agreement existed between the Williams sisters and their father. If not, then they likely were not bound to his agreement under the law of agency.
Manufacturers and suppliers of goods frequently appoint agents to act on their behalf in promoting sales, both in the home country of the manufacturer as well as overseas. A formal agreement is usually signed setting out the commission the agent will receive, the territory, duration and other terms on which the principal and agent will do business together.
Within the European Union, there is legislation designed to give some protection to agents, in particular, the right to compensation in certain circumstances when an agency is terminated. The same applies to other parts of the world and in some countries, it is necessary for a foreign manufacturer to appoint as agent an individual or company that is a national of the country where the agency will operate.
An agent should be distinguished from a distributor – in commercial parlance, a distributor will buy stock from the supplier or principal and then sell it on to his customers at a markup, whereas an agent will find customers for the principal who then sells direct to the customers and pays commission to the agent.
Complete Notes on Companies Ordinance, Paper LL.B. Part II.
.....................All students are advised to download and Prepare yourself. Shah Muhammad Zarkoon.
University Law College Quetta.
Definition:-
A bailment is the delivery of goods by one person to another for some purpose upon the understanding that good shall be returned when the purpose is completed.
The procedure for firm registration under partnership actbernojebin
Under the partnership Act, firm registration is optional, and not essential. This is clear from the plan of section 58 and 59. A suit by one partner to exact other partners to join in registration of the partnership is maintainable. The contract of partnership does not cancel a partnership of non registration it affects the right of a partnership registration is to make the third parties for recovery amounts due from them to the partnership. A partnership in a firm is called partnership at-will.
The name of partnership in a firm
The partners may select any firm name which will dishonestly mention that their business in the same as some other competing concerns. They cannot use words like president and royal, etc... which will mention that the firm is enjoying the help of the state. The names of all the partners may be used together as the firm name or the name of any particular partner may be used.
It may happen that the name of a partner is used as the firm name, but the name is exactly with the firm name of a competitor’s mark. A man is allowed to use his own name for carrying on a business even though it is identical with the name of another person carrying on a similar business.
Firm Registration in Chennai
The Effect of Firm Registration
The firm registration may be affected at any time by post or by sending to the locality of the recorder of firms. The recommended fees followed by the statement in the duty, the following details are declaring
The name of firm registration
The field of business of the firm or the principal part
Where the firm delivers on business names to any other places
The date when each partner combined in the firm
The address and names of the partners
The term of a firm
All the partners of the firm shall be verified and signed the report behalf of the authorized agents.On receipt of the statement and the fees, the registrar records an access to the reports in the secretary of firms is considered to be registered in Chennai. The register of firms can be inspected and copies of entries taken by on payment by any person to necessary fees.
The Classes Of Partners in a firm
The partners can be classified as below :
Active Partner :
An active partner is the one who actually participates in the firm of business. An agreement is only to becomes a person is partner of the firm
Nominal Partner :
These partners join the firm by agreement but do not take any effective side in the business. Their liabilities are same as of active partners.
Sub- Partner :
The transfer of a share of a partner’s interest in a firm is called a sub partner. The rights and liabilities are limited.
Law students need to be suitably trained to acquire proficiency in advocacy skills that would be required by them while appearing in the Courts of Law. This presentation is an effort in that direction, and would be useful to the students and faculty alike.
The presentation TRANSFER OF PROPERTY ACT, 1882 includes the object of the Act, property, transfer, nature of transfer, kinds of transfer, the difference between movable and immovable property etc.
Conveyancing could be said as the process of property’s title transformation collected from one of person to another and the person who is performing this task is termed conveyancer.
We offers the entire range of services that belong to the heading known as conveyancing process. Thus, if you are intending to buy a property it can be imperative that you take a look at the various facilities we offer. Only low-priced it with some other such facilities being offered in the market, would be you be able to find out the worthiness of our solutions.
Complete Notes on Companies Ordinance, Paper LL.B. Part II.
.....................All students are advised to download and Prepare yourself. Shah Muhammad Zarkoon.
University Law College Quetta.
Definition:-
A bailment is the delivery of goods by one person to another for some purpose upon the understanding that good shall be returned when the purpose is completed.
The procedure for firm registration under partnership actbernojebin
Under the partnership Act, firm registration is optional, and not essential. This is clear from the plan of section 58 and 59. A suit by one partner to exact other partners to join in registration of the partnership is maintainable. The contract of partnership does not cancel a partnership of non registration it affects the right of a partnership registration is to make the third parties for recovery amounts due from them to the partnership. A partnership in a firm is called partnership at-will.
The name of partnership in a firm
The partners may select any firm name which will dishonestly mention that their business in the same as some other competing concerns. They cannot use words like president and royal, etc... which will mention that the firm is enjoying the help of the state. The names of all the partners may be used together as the firm name or the name of any particular partner may be used.
It may happen that the name of a partner is used as the firm name, but the name is exactly with the firm name of a competitor’s mark. A man is allowed to use his own name for carrying on a business even though it is identical with the name of another person carrying on a similar business.
Firm Registration in Chennai
The Effect of Firm Registration
The firm registration may be affected at any time by post or by sending to the locality of the recorder of firms. The recommended fees followed by the statement in the duty, the following details are declaring
The name of firm registration
The field of business of the firm or the principal part
Where the firm delivers on business names to any other places
The date when each partner combined in the firm
The address and names of the partners
The term of a firm
All the partners of the firm shall be verified and signed the report behalf of the authorized agents.On receipt of the statement and the fees, the registrar records an access to the reports in the secretary of firms is considered to be registered in Chennai. The register of firms can be inspected and copies of entries taken by on payment by any person to necessary fees.
The Classes Of Partners in a firm
The partners can be classified as below :
Active Partner :
An active partner is the one who actually participates in the firm of business. An agreement is only to becomes a person is partner of the firm
Nominal Partner :
These partners join the firm by agreement but do not take any effective side in the business. Their liabilities are same as of active partners.
Sub- Partner :
The transfer of a share of a partner’s interest in a firm is called a sub partner. The rights and liabilities are limited.
Law students need to be suitably trained to acquire proficiency in advocacy skills that would be required by them while appearing in the Courts of Law. This presentation is an effort in that direction, and would be useful to the students and faculty alike.
The presentation TRANSFER OF PROPERTY ACT, 1882 includes the object of the Act, property, transfer, nature of transfer, kinds of transfer, the difference between movable and immovable property etc.
Conveyancing could be said as the process of property’s title transformation collected from one of person to another and the person who is performing this task is termed conveyancer.
We offers the entire range of services that belong to the heading known as conveyancing process. Thus, if you are intending to buy a property it can be imperative that you take a look at the various facilities we offer. Only low-priced it with some other such facilities being offered in the market, would be you be able to find out the worthiness of our solutions.
Criminal Procedure Code 1898, { Arrest -Warrant and Mode of Production}ShahMuhammad55
Notes for students of LL.B. Part III, year 2016.
Particular hoping they will have brilliant marks after studying these notes.
Wish you all best of luck. SM ZarKOON.
What happens when someone reneges on a crypto blockchain business deal? How can such problems be resolved or mediated? What rules could or should apply when problems arise? A question at the bottom of this issue is this. Are smart contracts legal?
https://youtu.be/q8tsUwaHsdo
The basics of the loan purchase and sale process is relatively straight forward, but like any transaction, the devil is in the details. Following are eight steps involved in the purchase and sale of loan assets followed by a discussion of the most common pitfalls to avoid throughout the transaction.
Key & Common Negotiated Provisions - Part 2 (Series: PRIVATE COMPANY M&A BOOT...Financial Poise
Although every deal is different, understanding any purchase/sale agreement will help you understand other purchase sale agreements. Stated another way, most M&A documents include a similar set of sections and use a similar vocabulary. Episodes 3 and 4 of this series explain specific, common provisions and discuss how buyers and sellers approach these provisions differently, particularly in light of situational differences (e.g. whether the assets being bought and sold are equity of a company or the assets of a company; whether the seller is going to cease to exists or not). Between Episodes 3 and 4, topics covered will include tax issues; corporate governance; closing conditions; representations and warranties; indemnification provisions; earn-outs; restrictive covenants; antitrust; intellectual property; and employment issues.
To view the accompanying webinar, go to: https://www.financialpoise.com/financialpoisewebinars/on_demand_webinars/common-negotiated-provisions-part-2/
Selling and buying real estate, guide in 5 key stepsGroupe Althémis
The purpose of this guide is to set out the five keys steps to be followed when selling and buying real estate, in other words what buyers and sellers need to know in order to be fully prepared and understand the work carried out “behind the scenes” by Notaires for the completion of the transaction.
step 1: the decision to sell or buy // step 2: the pre-contract // step 3: between the pre-contract and the sale // step 4: the signature of the sale // step 5: after the signature
The best way to prepare for the contract phase of the transaction as a buyer is to review a blank copy of the purchase contract. Reading the contract prior to making an offer will make you much more comfortable during the negotiation phase.
Legal & Compliance, LLC- Whitepaper- Mergers And Acquisitions; Types of Trans...Laura Anthony, Esq.
Mergers And Acquisitions; Types of Transactions- As
merger and acquisition(M&A) transactions completed its most active year since the financial crisis, it is helpful to go back to basics. Activity has been prevalent in all market sectors, including large, mid and small cap and across all industries, including biotech, financial services, technology, consumer goods and services, food and beverage and healthcare, among others...
Torun Center Residences Istanbul - Listing TurkeyListing Turkey
THERE IS LIFE IN ITS CENTER!
The most energetic spot of the city that will add utterly different pleasures to your life, with a park that will make Istanbul breathe, delighting indoor and outdoor bistros, cafes, restaurants, the brand-new Food Hall concept, where dozens of unique tastes are served together, market area, cinema, theater, fitness club, SPA and event venue...
All the pleasures that will enrich your lives are awaiting you on the most beautiful side of the city, at Torun Center Residences. In Mecidiyeköy, where the heart of Istanbul beats, business, life and entertainment opportunities are located at the exact center, at Torun Center, the most beautiful side of the city.
Penthouse apartments and different styles of flats from 1 + 1 to 4 + 1, from 100 to 425 square meters in a 42-story residence tower, have been designed for those who want to live in the center of magnificence. Torun Center is the redefinition of a better life with specially landscaped floor gardens, apartment options with private balconies, and automatic glass systems equipped with Trickle Ventilation that offers clean air comfort.
Business and life in the same place
Excellent service
Torun Center has many delightful details, from a swimming pool to sunbathing and resting terrace. With 24/7 concierge services, 24/7 security, valet, technical service, closed-circuit camera system (CCTV), central heating and cooling system, it makes your life easier.
Delightful details
The two-story Torun Center Lounge, with its indoor and outdoor seating areas, children's playroom, private dining and TV lounge, promises unforgettable memories to you and your loved ones with its unique Istanbul view.
Neighboring to the most pleasant square of Istanbul
A few steps from the Torun Center Residences, you can reach the city's most modern city square and open the doors of a quality city life. Torun Center Residences brings together on the same project the long-awaited city life for Istanbul and gourmet restaurants, cafes, gym and SPA, and state-of-the-art cinema and Artı Stage, hosting the most famous plays of the season.
Located at the intersection of alternative public transportation options such as the metro and Metrobus, Torun Center comes to the fore as the most accessible office for both sides of Istanbul. With a central location and rich transportation lines, Torun Center offices make life easier for employees and increase productivity.
Elegant Evergreen Homes - Luxury Apartments Redefining Comfort in Yelahanka, ...JagadishKR1
Experience unmatched luxury at Elegant Evergreen Homes, offering exquisite 2, 3, and 4 BHK apartments in the serene locality of Yelahanka, Bangalore. These meticulously crafted homes blend modern design with timeless elegance, providing a harmonious living environment. Enjoy top-tier amenities and a prime location, making Elegant Evergreen Homes the ideal choice for discerning homeowners.
Simpolo Tiles & Bathware
Tile ho,
toh Simpolo.
Since the first steps were taken in 1977, Simpolo Ceramics has carved its niche as a consistently growing organisation with unparalleled innovation and passion rooted in simplicity.
We endure gratification for every experience we offer, created to share something meaningful. It may not resonate with the majority, but that makes us a class apart. If only a handful were to understand the purpose of our existence, we would be proud to have found our believers. Rather, people with whom we can share our beliefs.
VISUALIZER
Design your space in your style with our very own Visualizer. Now, you can choose the tiles of your liking from our wide selection and see how they would look in a space. Select the tile from the multiple options and the visualiser will replace the surfaces in the image with the selected tiles. This way, instead of just your imagination, you can choose the tiles for your place by getting an actual picture of how they would look in a space. So, design your space the way you desire digitally and implement it in real life to get the best results!
You can also share this visualiser with others to help them design their space.
Committed to delighting customers with world-class ceramic products and services. Make Simpolo synonymous with the best quality and set new benchmarks of excellence for all stakeholders. Pursue best business practices with utmost integrity to make Simpolo an exciting organisation to work with, for vendors, channel partners, investors and employees alike.
Gain worldwide recognition in the field of ceramic building products through Research and Innovation and bring an enhanced lifestyle within reach for every household.
500 acres of brilliance await you here at Riverview City which offers modern living, effortless convenience, and a beautiful natural setting. It is a mega township by Magarpatta City in Loni Kalbhor, Pune. Enjoy easy access to work, schools, and fun while experiencing a perfect work-life balance.
Visit - magarpattacity.developerprojects.in
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus o...Joseph Lewis Aguirre
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus on Public Safety as Job #1, Engagement, Wealth of HOA, Branding, Communication, Culture, Civic Responsibility
Keep Your Home Naturally Cool and Warm Out Change in Seasons
Vinra Construction is a private limited company registered under the ROC. The management has an experience of over 15 years of understanding the needs and delivering apt solutions to the end users We are providing turnkey solutions in construction fields. like Construction, Interior Designing Facility Management, Plantation Management, etc..
Vinra Construction Tech Enabled Company for Eco-Friendly Home Construction
Contact With Vinra for a Greener Future >>> Call us @ 888 4898 765
The KA Housing - Catalogue - Listing TurkeyListing Turkey
Welcome to KA Housing, a distinguished real estate development nestled in the heart of Eyüpsultan, one of Istanbul’s most promising districts.
Just 10 minutes from the bustling city center, Eyüpsultan offers a serene escape with the convenience of urban living. The direct metro line ensures seamless connectivity to all parts of Istanbul, making it an ideal location for residents who seek both tranquility and vibrancy.
KA Housing boasts unparalleled accessibility, with proximity to Istanbul Airport only 30 minutes away, facilitating easy international travel. Effortless city access is guaranteed by direct metro and transportation links to Istanbul’s cultural and commercial hubs. Quick access to key metro lines connects you to every corner of the city within minutes, making commuting and exploring the city hassle-free.
The development offers luxurious living spaces with a range of unit layouts from 1+1 to 4+1, designed with meticulous attention to detail. Each unit features balconies or terraces, providing stunning vistas of Istanbul and enhancing the living experience. High-quality materials and superior craftsmanship ensure durability and elegance, while sound-proof insulation and high ceilings (2.95 m) offer comfort and sophistication.
Residents of KA Housing enjoy exclusive on-site amenities, including a state-of-the-art gym, outdoor swimming pool, yoga area, and walking paths. Entertainment options abound with a private cinema, children’s playground, and a variety of dining options including a café and restaurant. Security and convenience are paramount with 24/7 security, a dedicated carpark garage, and an IP intercom system.
KA Housing represents a prime investment opportunity with limited availability in a high-demand area, ensuring enduring value and potential for lucrative returns. Homes in this development provide exceptional value without compromising on quality, offering affordable luxury for discerning buyers. The construction is of the highest quality, built to the latest seismic and disaster resistance standards, ensuring safety and resilience.
The community and surroundings of KA Housing are enriched by close proximity to prestigious universities such as Haliç University, Bilgi University, and Istanbul Ticaret University, making it an ideal location for students and academics. The development is adjacent to the Alibeyköy stream leading into the Halic waters, offering serene natural escapes amidst lush greenery. Residents can enjoy the cultural richness of the area, surrounded by historical and cultural landmarks that blend leisure, nature, and culture seamlessly.
https://listingturkey.com/property/the-ka-housing/
Total Environment Tangled Up In The Green - Residential Plots Where Nature an...JagadishKR1
Embark on a journey where lush landscapes and contemporary living converge at Total Environment's Tangled Up In The Green Residential Plots in Devanahalli, Bangalore. Surrounded by verdant expanses, these plots offer an idyllic setting for your dream home. Immerse yourself in the serenity of nature while enjoying the finest amenities and design, where every moment is a harmonious blend of luxury and tranquility.
Discover Yeni Eyup Evleri 2, nestled among the rising values of Eyupsultan, offering the epitome of modern living in Istanbul.
With its spacious living areas, contemporary architecture, and meticulous details, Yeni Eyup Evleri 2 is poised to be the star of your happiest moments. Situated in the new favorite district of Eyupsultan, claim your spot and unlock the doors to a peaceful life alongside your loved ones. Nestled next to the historical and natural beauties of Eyupsultan, embrace the comfort of modern living and rediscover life.
Social Amenities:
Yeni Eyup 2 offers a life filled with joy with its green landscaping areas, gym, sauna, children’s play areas, café, outdoor pool, and basketball court. Reserve your place for unforgettable moments!
Reliable Structure:
With 1+1, 2+1, and 3+1 apartment options, Yeni Eyup Evleri 2 is designed with first-class materials and craftsmanship. The doors to a safe and comfortable life are here! Choose the option that suits you best and step into your dream home.
Project:
Yeni Eyup 2 is conveniently located, with Istanbul Airport just 26 minutes away, the Mecidiyeköy Metro Line 4 minutes away, and the Tram Stop 5 minutes away, making your life easier with its central location.
Location:
Your home is positioned in a privileged location, providing easy access to the city center, shopping malls, restaurants, schools, and other important places.
Yeni Eyup 2 offers 1+1, 2+1, and 3+1 apartment options designed to meet different needs. Find an option suitable for every lifestyle and open the doors to a comfortable life in your dream home.
https://listingturkey.com/property/yeni-eyup-evleri-2/
Need MCA leads? No sweat! MCAs are great for small biz funding. Learn how to snag top-notch leads: businesses needing cash, with repayment ability, decision-makers, and accurate contacts. Use content, social ads, lead platforms, partnerships, and capture processes for quality leads.
https://www.leadgeneration.media/blog/b/streamline-your-mca-sales-process-with-pre-qualified-leads
Rams Garden Bahcelievler - Istanbul - ListingTurkeyListing Turkey
Implemented by Rams Global in Bahcelievler, the Rams Garden Bahcelievler Apartments includes 796 residences of different types from 2+1 to 5+1.
Next to the project, which will have 33 thousand square meters of green area, there will be 42 thousand 300 square meters of woodland. There will also be a 210-meter-long pond in the landscape of the project. There are 94.5 square meters of green space per flat.
Rams Garden Bahcelievler Apartments, which has 8 times more green space than the average of Istanbul with its 33 thousand square meters of green area located within a total of 75 thousand square meters, offers various housing options from 2+1 to 5+1.RAMS Garden has brought a lifeline to the construction industry.
Rams Global, which has signed projects in many places from Dubai to Phuket and delivered more than 20 thousand residences, is now starting new projects in Istanbul.
Rams Garden Bahcelievler is located 9 minutes from Metroport AVM, 5 minutes from Marmara Forum AVM, 12 minutes from Kazlıçeşme beach, 9 minutes from Yıldız Technical University, 7 minutes from Istinye University, 9 minutes from Ramada Hotel and Medicana Hospital.
https://listingturkey.com/property/rams-garden-bahcelievler-apartments/
Omaxe Sports City Dwarka stands out as a premier residential and recreational destination, offering a blend of luxury and sports-centric living. Located in the thriving area of Dwarka, this project by Omaxe Limited is designed to cater to modern lifestyle needs while promoting a healthy, active living environment.
Rixos Tersane Istanbul Residences Brochure_May2024_ENG.pdfListing Turkey
Tersane Suites Residences is a luxurious real estate project located in the heart of Istanbul, next to the beautiful Golden Horn. This unique development offers hotel concept residences with Rixos management, making it the perfect choice for both homeowners and investors.
The Tersane Suites Residences offers a wide range of options, from studio apartments to spacious four-bedroom units, all designed to the highest standard. The suites are finished with high-quality materials and feature modern, open-plan living spaces, fully-equipped kitchens, and large balconies with stunning views of the city and sea.
One of the standout features of Tersane Suites Residences is the Rixos management, which provides a truly exclusive and upscale living experience. Residents will have access to a range of luxury amenities, including a fitness center, spa, and indoor and outdoor swimming pools. Plus, the on-site restaurants and cafes provide a taste of the local and international cuisine.
The Tersane Suites Residences also offers a great opportunity for investors, as it provides a rental guarantee program. This means that investors can enjoy a steady income stream, with the peace of mind that their property is being managed by a reputable and experienced team.
The location of Tersane Suites Residences is also unbeatable, with easy access to the city’s main transportation links and within close proximity to the historic center, making it the perfect base for exploring all that Istanbul has to offer.
Are you searching for your dream home? Finding the perfect house involves more than just browsing listings; it’s about discovering a space that fits your lifestyle and needs. Whether you’re looking for a cozy suburban home, a chic urban apartment, or a spacious rural property, the right real estate can transform your life. Consider the location, amenities, and potential for future growth. Think about the community, nearby schools, and the convenience of shopping and transportation. A good real estate agent can guide you through the process, from identifying suitable properties to negotiating the best deal. Your dream home is out there, waiting to be found – let’s embark on this journey together!
Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szet...Volition Properties
=== Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szeto) ===
Ever been curious about Real Estate Investing in the US?? At Volition, for the past 14 years, we have been focused on helping investors invest in over $250M of real estate and generate $100M of wealth in the Toronto market, but we are always open to learning more about other business models and learning from other investors.
The US has always been an intriguing market to invest in. But the US is a big place… if you’re interested in investing in the US, you probably have a lot of questions, like:
☑️ Specifically WHERE should you invest?
☑️ What are the best markets to invest in and why?
☑️ How much are property prices there?
☑️ What are the returns like?
☑️ What is cashflow like?
☑️ Compared to investing in Toronto or other cities in Ontario, what are the benefits / tradeoffs?
☑️ What ownership structure should I use?
☑️ What are the tax implications?
☑️ Can I get financing?
☑️ What are tenants like?
Enter Erwin Szeto, a longtime friend of Volition. Since 2005, Erwin Szeto and his team have navigated the challenging landscape of being landlords in Ontario. Now, they are shifting their focus and guiding their clients' investments toward the more landlord-friendly environment of the USA. This decision comes after assisting Canadian clients in transacting over $440,000,000 in income properties. Faced with issues like affordability constraints, tenant-friendly laws, rent control, and rental licensing in Canada, Erwin sees a clear opportunity in the U.S. Here, there is a significant influx of investments leading to the creation of high-paying manufacturing jobs. Erwin and his clients are poised to capitalize on these opportunities where landlord rights are stronger and there is no rent control.
To facilitate this transition, Erwin has partnered with and become a client of SHARE, a one-stop-shop U.S. Asset Manager. Founded by Canadians for Canadians, SHARE enables as passive an ownership experience as possible for landlords in the U.S., while still maintaining direct, 100% ownership.
Erwin is “Making Real Estate Investing Great Again”!!
Website: https://www.infinitywealth.ca/
Facebook: https://www.facebook.com/iwinrealestate and https://www.facebook.com/ErwinSzetoOfficial
Podcast: https://www.truthaboutrealestateinvesting.ca/
Instagram: https://www.instagram.com/iwinrealestate/ and https://www.instagram.com/erwinszeto/
2. right move
About this document
This guide has been prepared to provide a general guide to the conveyancing process (i.e. the
process for selling and buying real estate). The process differs significantly from State to State.
The information included is not definitive and should be treated as a guide only. You should always
seek expert advice from a qualified practitioner regarding any conveyancing matter. This guide
relates primarily to residential sales.
Disclaimer
The information included in this document is not definitive and should be treated as a guide only.
It does not constitute legal advice. It should not be relied upon as a complete and factual statement
of the relevant legal processes and requirements in place throughout the various Australian
jurisdictions. Mortgage Choice Limited (ACN 009 161 979) assumes no responsibility for the accuracy
or otherwise of the information contained in this document. Potential
purchasers of real estate are advised to always seek expert advice from
a qualified practitioner regarding any conveyancing matter and
certainly prior to entering into any agreement that imposes legal
obligations. This guide relates primarily to the sale of
residential real estate.
13 MORTGAGE MortgageChoice.com.au
1
3. right move
Contents
Part 1 – General information .................................................................................................................. 3
Overview .................................................................................................................................................... 3
Understanding “solicitor talk” .................................................................................................................... 3
The need for writing .................................................................................................................................. 3
The general process .................................................................................................................................. 4
The way contracts come into existence .................................................................................................... 4
Who handles conveyancing ....................................................................................................................... 5
Types of title ............................................................................................................................................... 6
Part 2 – Steps in the conveyancing process ....................................................................................... 7
Step 1 – Preparation of the Contract of Sale ............................................................................................ 7
Step 2 – Make an offer .............................................................................................................................. 7
Step 3 – Paying a ‘holding deposit’........................................................................................................... 7
Step 4 – Buying at auction ........................................................................................................................ 8
Step 5 – Exchange of contracts & paying a deposit ................................................................................ 8
Step 6 – Risk .............................................................................................................................................. 8
Step 7 – Cooling-off period ....................................................................................................................... 9
Step 8 – Transfer of property title............................................................................................................ 10
Step 9 – Time for completion .................................................................................................................. 10
Step 10 – Requisitions .............................................................................................................................11
Step 11 – Outgoing mortgagee................................................................................................................ 11
Step 12 – Adjustments............................................................................................................................. 12
Step 13 – Settlement ............................................................................................................................... 12
Step 14 – After settlement ....................................................................................................................... 12
Key differences between the States and Territories ....................................................................... 13
Queensland .............................................................................................................................................. 13
New South Wales.....................................................................................................................................13
Victoria ..................................................................................................................................................... 14
Tasmania .................................................................................................................................................. 15
South Australia ......................................................................................................................................... 15
Western Australia ..................................................................................................................................... 16
Australian Capital Territory....................................................................................................................... 16
Northern Territory ..................................................................................................................................... 16
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Part 1- General information
Overview
Conveyancing refers to the sale of real estate from a vendor (seller) to a purchaser (buyer).
Conveyancing can also refer to the process under which a mortgagor gives a mortgage to
a mortgagee.
Understanding “solicitor talk”
Exchange - when a binding legal contract to buy and sell land comes into existence. A deposit of
5% or 10% of the purchase price is usually paid at the time of exchange and usually held by a
stakeholder (the vendor’s real estate agent, solicitor, or conveyancer) until completion of the contract.
Completion or Settlement — when the balance of the purchase money is paid over, the title is
transferred to the purchaser and (usually) the purchaser takes possession of the land.
Property - can refer to any kind of asset at all including land (also called real estate), goods
(also called chattels), fixtures (goods which are attached to land),
chooses inaction (rights to sue people) and non physical rights such
as intellectual property and confidential information. Accordingly,
when referring to real estate it is better to use the term real estate
or land rather than the general term property.
Person - to a solicitor means any legal entity. This includes
individuals (i.e. human beings), companies, strata bodies corporate
and statutory corporations (e.g. local councils).
The need for writing
Generally a binding contract to buy, sell, or mortgage real
estate can only be created by written agreement. Contrast this
with many other transactions that do not require writing (e.g.
buying goods at a shop, agreeing to get married).
A contract to buy or sell real estate is probably the largest and
most important transaction into which most individuals will ever
enter, other than marriage vows. It is also a contract about which
there is often much dispute (“you didn’t tell me that the views
would be blocked”). Accordingly, it is important to be very precise
about when the obligation to buy and sell arises. If there is any
correspondence about a proposed sale that is not intended to
create a binding contract, it is important to say “subject to
formal contract”.
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The general process
In all States and Territories, conveyancing follows the same general process.
Contracts come into existence
This is when the sale agreement becomes binding. A 10% deposit is usually paid.
Settlement/Completion
The balance of purchase money is paid and title transfers to the purchaser.
Title documents registered
The land registration details are changed to show the purchaser as the owner.
The way contracts come into existence
There are subtle but important differences between the manner in which contracts come into
existence in each State and Territory.
In most jurisdictions, the real estate agent usually conducts the exchange and the negotiations
leading to the exchange. However, in N.S.W. and the A.C.T. solicitors/conveyancers are often
significantly involved. Accordingly, in N.S.W. and the A.C.T. there can be much more haggling about
the deal after the real estate agent declares a property “sold” and before a binding legal agreement
is created.
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Who handles conveyancing?
How do contracts come into existence?
State/Territory Who prepares the contract How does exchange take place?
As soon as both parties sign the contract of sale and the
purchaser receives their copy, both the purchaser and the
Queensland Vendor’s real estate agent vendor are bound to the terms of the contract. The real estate
agent usually arranges this and delivers copies to the vendor’s
and purchaser’s solicitor/conveyancer.
The vendor and purchaser each sign one copy of the contract.
These copies are exchanged (swapped), usually by the parties’
N.S.W. Vendor’s solicitor/conveyancer solicitor/conveyancer except for auction sales when the agent
exchanges the contracts. Exchange can occur by mail or face
to face.
The vendor and purchaser each sign one copy of the contract.
A.C.T. Vendor’s solicitor These copies are exchanged (swapped), usually by the parties’
solicitor/conveyancer face to face.
The vendor and purchaser each sign one copy of the contract.
Vendor’s solicitor or
Victoria These copies are exchanged (swapped), usually by the real
real estate agent
estate agent.
The vendor and purchaser each sign one copy of the contract.
Tasmania Vendor’s solicitor/conveyancer These copies are exchanged (swapped), usually by the real
estate agent.
As soon as both parties sign the contract of sale and the
purchaser receives their copy, both the purchaser and the
South Australia Vendor’s solicitor/conveyancer vendor are bound to the terms of the contract. The real estate
agent usually arranges this and delivers copies to the vendor’s
and purchaser’s solicitor/conveyancer.
The vendor and purchaser each sign one copy of the contract.
Western
Vendor’s solicitor/conveyancer These copies are exchanged (swapped), usually by the real
Australia
estate agent.
The vendor and purchaser each sign one copy of the contract.
Northern Vendor’s real estate agent/
These copies are exchanged (swapped), usually by the real
Territory solicitor/conveyancer
estate agent.
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Types of title
Torrens Title — a system of registering land
introduced in South Australia in 1858,
formulated by then colonial Premier of South
Australia, Sir Robert Torrens. Since then, it has
become common around the Commonwealth of
Nations and the whole world. Under the system,
the Titles Office maintains a registry that is
nearly final proof of who owns a parcel of land.
Freehold — a right to own the land forever.
Also referred to as fee simple. Compare
leasehold, which refers to a right for the term of
the lease.
Freehold Torrens Title — the most common
ownership system except in the A.C.T. Usually, this
is just called Torrens Title because it is assumed
the ownership is freehold unless specified to
be leasehold.
Strata Torrens Title — relates primarily
to home units, although some other
properties can be strata (e.g. villas,
townhouses etc).
Community Title — individuals own lots or strata lots
within a community scheme. Under a community scheme, a
number of owners share some community property (e.g. a tennis court, a community centre, roads
and access ways).
Leasehold title — under this title, ownership ends at the end of the lease. Most leasehold titles are
for 99 years. This is very common in A.C.T. but comparatively rare elsewhere.
Company Title — applies where property has not been converted to strata title. The owner owns
shares in a company and in turn the company owns the land. Each class of share entitles the owner
to occupy a particular unit.
Old Title (also known as Common Law Title) — this consists of a series of title documents called
a “chain of title”. Following a sale, Old Title will usually be converted to a qualified Torrens Title.
Action may later be taken to convert the title to a full Torrens Title.
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Part 2 - Steps in the conveyancing process
Step 1 - Preparation of the Contract of Sale
The contract for sale is a very important legal document. Many disputes arise between vendors and
purchasers. Consequently, trained experts should prepare the document.
Under various laws, the contract must contain specified documents, certificates and disclosures.
Step 2 - Make an offer
When a potential purchaser decides they are interested in a property, they may make an offer to
purchase it. The vendor may accept this offer, or alternatively, the purchaser and vendor may enter
into negotiations over the price and conditions of the sale.
Step 3 - Paying a ‘holding deposit’
Purchasers may decide to pay an initial deposit as a sign of good
faith of their interest in the property. The amount of such deposit can
The purchaser
vary and will generally be stipulated by the vendor or agent. This will
not mean that a binding contract exists or that the property is should not
removed from the market. The payment is simply to show the vendor
exchange a
that the purchaser is serious about their offer.
Note that ‘holding deposits’ will generally be non-refundable. contract for sale
If the vendor later accepts an offer, the vendor and purchaser agree to until they have
exchange contracts. At that point, the purchaser pays an agreed
deposit amount. The deposit is usually 10% of the purchase price
reviewed the
and is held by the real estate agent or the solicitor/conveyancer. contract with
The purchaser should not exchange a contract for sale until they have their solicitor/
reviewed the contract with their solicitor/conveyancer.
conveyancer.
Note: gazumping is a common practice that can take two forms:
a) the intending purchaser believes the property has been
secured by payment of an initial deposit but when they are
ready to exchange contracts, discover that another
purchaser has already exchanged contracts on the
property; or
b) the vendor’s solicitor/conveyancer accepts two or more
initial deposits and then tells the intending purchasers that
the price has increased. The intending purchasers are then
left to outbid each other as if it were an auction.
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Step 4 – Buying at auction
It is important for the vendor to have a solicitor/
conveyancer examine the sale contract before the
When a property is sold auction to make sure that everything is in order. It is
by auction, a purchaser also important that a potential purchaser has finance
arranged and that all necessary property inspections
is bound to purchase the have been done.
property after having made Before auctioning a property, the vendor will nominate
the highest bid at the end of a ‘reserve’ price that is not usually disclosed to
potential purchasers. The reserve price is the lowest
the auction. price the vendor is willing to accept. If the highest bid
is below this price, the property will be ‘passed in’.
The vendor will then either try and negotiate a price
with interested purchasers or put the property back
on the market.
If bidding continues beyond the reserve price, the property is sold at the fall of the hammer.
The successful purchaser must then sign the contract for sale and pay the deposit (usually 10%)
immediately.
Step 5 – Exchange of contracts & paying a deposit
See ‘Who handles conveyancing?’ (page 5) for the different ways contracts are exchanged.
Step 6 – Risk
Responsibility for damage to the property remains
with the vendor up until settlement or completion of If purchasing a unit under
the sale, but it is prudent for the purchaser to insure
the property from exchange of contracts. From strata title, the purchaser
settlement, when the property title is transferred to should obtain a Certificate
the purchaser, the purchaser is responsible for
damage. Purchasers may choose to insure the of Currency from the owners’
property before settlement if they are unsure corporation’s insurer to
whether the vendor has a current insurance policy.
make sure the property is
Note that many lenders require evidence of
comprehensive building insurance being in place, adequately insured.
with the lender noted on the policy as an interested
party, as a condition of settlement of the loan for the
property purchase.
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Step 7 – Cooling-off period
After exchange, the purchaser may have a time to “cool off”. If a cooling off period applies, the
purchaser can rescind the contract before the end of the cooling off period. Cooling off does not
apply to sales at auction.
State/Territory Cooling off provision – when can the purchaser rescind?
Five business days from exchange, unless waived by the purchaser who has received “PAMDA
Queensland Form 32a” from a lawyer. The cooling off period will only commence if the vendor complies with
PAMDA. On rescission, the purchaser forfeits 0.25% of the purchase price.
Five business days from exchange, unless waived by the purchaser who has received a “Section
66W Certificate” from a solicitor or conveyancer. On rescission, the purchaser forfeits 0.25% of
N.S.W. the purchase price. The cooling off period does not apply automatically and requires the consent
of both vendor and purchaser for it to be applicable. Some vendors may refuse to exchange
contracts if a Section 66W Certificate is not available.
Five business days from exchange, unless waived by the purchaser who has received a “Section
17 Certificate” from a solicitor or conveyancer. Does not apply if the purchaser is a company or
if the property is bought at auction. On rescission, the purchaser forfeits 0.25% of the purchase
A.C.T.
price. The cooling off period does not apply automatically and requires the consent of both
vendor and purchaser for it to be applicable. Some vendors may refuse to exchange contracts if a
Section 17 Certificate is not available.
Three business days from exchange. Does not apply to exchanges three business days before or
after a public auction, sale of industrial or commercial property, farms greater than 20 hectares,
where the vendor and purchaser have previously entered into a contract for the sale of the same
Victoria land with substantially the same terms, if the buyer is a real estate agent or a company, or if the
purchaser has sought and received independent legal advice before signing the contract. On
rescission, the purchaser forfeits the greater of $100 or 0.2% of the purchase price. Any provision
in the contract that attempts to waive the cooling off period is void and has no effect.
Tasmania No cooling off period applies.
Two business days, unless waived by the purchaser who has received a certificate of independent
advice from a solicitor or conveyancer. Only applies to residential land. Does not apply if the
purchaser is a company or if the property is bought at auction. The cooling off period does
South Australia
not commence until the later of the serving of the Form 1 Vendor’s Statement or exchange.
On rescission, the purchaser gets all the deposit back minus money paid by the purchaser in
consideration of an option to purchase the land if the deposit is less than $100.
Western
No cooling off period applies.
Australia
Northern Four business days from exchange. Applies only if the purchaser does not have a solicitor/
Territory conveyancer involved in the negotiation of the contract.
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Step 8 – Transfer of property title
The purchaser’s solicitor/conveyancer must prepare a
transfer document, have the purchaser sign it, and pay any
stamp duty for the document’s registration. The purchaser’s
solicitor/conveyancer must then send the transfer to the
vendor’s solicitor/conveyancer for the vendor to sign.
Note – stamp duty on transfer
The purchaser’s solicitor/conveyancer must arrange for the transfer
document to be stamped prior to settlement so the purchaser can
lodge it for registration immediately after settlement. This means that
the purchaser must arrange to pay their solicitor/conveyancer the
stamp duty amount prior to settlement, or arrange to pay the solicitor/
conveyancer at settlement (e.g. from loan proceeds). It is not possible
to defer the payment of stamp duty on the transfer.
Step 9 – Time for completion
The time for completion can be set by agreement between
the parties.
The time span for completion of “off the plan” purchases can
be quite lengthy. This is because the contract can be
completed only after the development/building construction has
completed and new titles are issued. The standard times for completion are
set out in the table below, but these periods can be changed by agreement between the vendor and
the purchaser.
What is “time of the essence”?
A contract is said to be time of the essence if failure to complete on a nominated date is a “breach of
a fundamental term”. If there is a breach of a fundamental term, the other party can terminate the
contract, forfeit and keep the deposit, and sue for damages. Example: A real estate contract
provides for completion “within 42 days of exchange, time of the essence”. If the purchaser does not
complete on or before that date, the vendor can terminate the contract, forfeit the deposit, and sue
for damages.
Only in Queensland are contracts normally time of the essence, although a contract can be specified
to be time of the essence in any State or Territory.
Contracts that are not time of the essence frequently contain a provision entitling the vendor to
give the purchaser a notice (usually 14 days) making time of the essence for completion at the
end of the 14 day period. Example: A real estate contract provides for completion within 42 days
of exchange, not time of the essence. If the purchaser does not complete on or before that date,
the vendor can issue a notice to complete to the purchaser making time of the essence for the end
of the notice period.
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Standard times for completion
State/Territory Usual period for settlement – all subject to contract
Queensland 30 days time of the essence
N.S.W. 6 weeks
A.C.T. 30 days
Victoria 60 days
Tasmania 30 days
South Australia 30 days
Western Australia 4 to 6 weeks
Northern Territory 28 days
Step 10 – Requisitions
After exchange, the purchaser’s solicitor/conveyancer will usually send a list of formal questions
about the property known as requisitions on title. Requisitions obtain from the vendor information
that may not have been previously disclosed or discovered during inspection of the property (for
example, disputes with neighbours relating to fences).
The purchaser’s solicitor/conveyancer will reply to these requisitions.
The purchaser’s solicitor/conveyancer will often make some additional searches and enquiries not
made before exchange. These searches are to determine a variety of factors, including whether there
are general defects in the title, the land is contaminated, or there has been construction on the
property. If any of these result unsatisfactorily in a way not disclosed in the sale contract, the purchaser
may be able to rescind the contract, sue for damages, or seek a reduction of the sale price.
Step 11 – Outgoing mortgagee
If the vendor has a mortgage over the property, the mortgagee must be contacted to provide a pay
out figure and attend at settlement to hand over a discharge of mortgage and, often, the certificate
of title/title deed.
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Step 12 – Adjustments
At settlement, “adjustments” will be made. Example: the council rates have been paid for the whole
year. The purchaser must pay an additional amount to the vendor for the proportion of the year the
purchaser will own the property. Usual adjustments are council rates, water rates, strata body
corporate contributions, land tax and rent if the property is tenanted.
Step 13 – Settlement
The sale is said to settle or complete on the day the purchaser pays the balance of purchase money,
plus or minus adjustments, to the vendor.
On the date of settlement, it is important that a final search of the title is obtained to ensure that the
property is clear from any interest or restrictions that may have been recorded between the date of
exchange and settlement.
Usually the solicitors/conveyancers/mortgagees meet and hand over the title documents in
exchange for payment.
Step 14 – After Settlement
The purchaser or the purchaser’s mortgagee will register the transfer documents with the Land Titles
Office. Usually there will be a:
• discharge of any existing mortgage/s;
• withdrawal of any existing caveat/s;
• transfer of title from the vendor to the purchaser;
• mortgage from the purchaser to the new mortgagee.
The Land Titles Offices advise the relevant authorities (such as the local council, water authority and
Valuer General’s office) that the property has a new owner.
Note – if settlement does not occur
If settlement does not occur on the scheduled date, depending on the contract terms, interest at
a rate specified in the contract (often higher than mortgage rates) will accrue from the date specified
for settlement to the ultimate settlement date, if the purchaser fails to settle on the due date.
In addition to paying interest, the purchaser may be given a notice to complete, making time of the
essence. Once the time of the essence date is reached, interest continues to accrue but the vendor
can rescind the contract and retain the deposit previously paid.
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Key differences between the States and Territories
Queensland
a) The Real Estate Institute of Queensland Contract for Houses and Residential Land standard
contracts used in Queensland are:
• Real Estate Institute of Queensland Contract for Houses and Residential Land; and
• Real Estate Institute of Queensland Contract for Residential Lots in a Community Title Scheme.
Both contracts must have a Warning Statement attached in accordance with the provisions of
the Property Agents and Motor Dealers Act 2000 (“PAMDA”).
b) If the vendor fails to comply with PAMDA, the purchaser may not be bound by the contract
and may terminate the contract at any time.
New South Wales
a) The Contract for Sale of Land – 2005 Edition is
the standard contract used in New South Wales.
b) In N.S.W., the contract must be prepared and
available for inspection by a purchaser before
the property can be marketed for sale. The
contracts are quite long and complex and
a lot of specified information must be
annexed to the contract, including a
title search, sewerage diagram and
zoning certificate, to name a few.
c) A prospective purchaser cannot bid
at an auction of residential property
in N.S.W. unless they have given the
selling agent their name, address
and proof of identity. These details
are recorded in the Bidders Record
and each registered bidder will be
given a bidder’s number.
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Victoria
a) In Victoria, two standard forms of contract may be used:
• Form 1 Contract Note, that contains details of the property, names of the purchaser and
vendor, price, deposit, balance and special conditions; or
• Form 2 Contract for Sale of Real Estate, a more detailed and complex legal document.
b) In the pre-negotiation stage, the vendor must give a signed and dated vendor’s statement
(commonly termed a Section 32 Notice) to the agent to show to potential purchasers.
The vendor’s statement is usually prepared by the vendor or their solicitor/ conveyancer
and contains some extensive information as required by law, including:
• rates, taxes and other charges;
• services available;
• building approvals from the past seven years;
• any order or notice that affects the land;
• body corporate notices, liabilities and maintenance fund payments;
• insurance details;
• statutory charges on the land;
• covenants, easements and other restrictions on the land;
• title and plan of subdivision information;
• a copy of the Certificate of Title (or for land not under the Transfer of Land Act, the last
conveyance in the chain of title to the land or any other document which gives evidence of
the vendor’s title to the land).
c) The purchaser can rescind if this information is not disclosed or is incorrect.
d) The purchaser has a right to inspect the property during the seven days before settlement to
ensure the vendor has moved out or is in the process of doing so, that all fixtures and chattels
included in the contract of sale have not been damaged or removed and that there is no
substantial rubbish on the property.
e) At settlement, the vendor’s solicitor/conveyancer also hands over a Statement for Goods
Transferred with Residential Land or Land Use Entitlement, which is later lodged for stamping.
f) Stamp duty on the transfer of land is usually deducted at settlement and paid after settlement
to enable registration of the transfer and mortgage documents.
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Tasmania
a) The Contract for Sale of Real Estate is the standard contract used in Tasmania.
b) After contracts have been exchanged, the purchaser lodges a Priority Notice, which reserves
the purchaser’s priority to have the property transferred to them after settlement, for a
maximum of 60 days. This prevents other parties lodging a caveat before the purchaser
becomes the registered proprietor.
c) The purchaser’s solicitor/conveyancer must perform all searches, including those related to
title, easements and covenants, municipal rates, local government, land tax and bankruptcy.
After performing its investigations, the purchaser’s solicitor/conveyancer should give written
notice of the satisfaction of any of the conditional clauses. After the vendor’s solicitor/
conveyancer receives this notice, the contract becomes unconditional. The purchaser should
then obtain a cover note from an insurance company immediately.
d) The purchaser’s solicitor/conveyancer usually gives the vendor a trust cheque for stamp duty
on the transfer of land at settlement. The party who is lodging the registration documents
then attends to the transfer being stamped, and forwards the registration documents to the
titles office for registration.
South Australia
a) Two standard forms of contract may be used. These have been
developed by the:
• Real Estate Institute of South Australia
• Law Society of South Australia.
b) Many purchasers do not engage a solicitor or conveyancer
until after the contract is negotiated. As a result, there are no
requisitions in South Australia.
c) Vendors must provide a Form 1 Vendor’s Statement
(“Vendor’s Statement”) to the purchaser at
least 10 days before settlement. Where the
property is to be sold at auction, the
Vendor’s Statement needs to be available
two business days before the auction date.
d) The vendor’s statement is designed to protect
the purchaser and must include details of all
mortgages, charges and prescribed
encumbrances affecting the and subject to
sale, along with any prescribed matters.
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Western Australia
a) The real estate agent prepares the:
• Contract for Sale of Land by Offer and Acceptance; and
• Joint Form of General Conditions for the Sale of Land.
b) After the offer has been presented, the vendor can accept, reject or make a counter offer.
Many counter offers are often made and the contract is passed between the vendor and
purchaser many times.
c) Requisitions are not used in Western Australia if the land is Torrens Title and the standard
contract is used. This is common for most sales of land.
d) If settlement does not occur within three business days of the scheduled date, the purchaser
is liable to pay interest to the vendor.
e) The vendor or purchaser cannot terminate the contract until a Default Notice has been issued
to the other party, who is given a minimum of 10 business days to remedy the default.
f) Conveyancers, who are associated with real estate agents, do most conveyancing.
Australian Capital Territory
a) The Contract for Sale of Land – 2005 Edition is the standard contract used in the Australian
Capital Territory.
b) The contract must be prepared and available for inspection by a purchaser before the
property can be marketed for sale. The contracts are quite long and complex and a lot of
specified information must be annexed to the contract, including a title search, sewerage
diagram and zoning certificate, to name a few.
c) As the A.C.T. operates under a Crown Lease system, a contract for the sale of land is actually
a contract for the sale of a lease. As a result, the contract must also provide details of
compliance with the crown lease (including purpose and any restrictions on transfer).
d) Requisitions are used in very rare circumstances.
e) The standard contract used in the A.C.T. provides for a period of seven days grace for
settlement to occur after the scheduled date. If settlement does not occur in this period,
the purchaser may be liable to pay penalty interest on the balance of the purchase money
at a rate specified in the contract.
Northern Territory
The REINT Contract for Sale of Land (Real Estate Institute of the Northern Territory) is the standard
contract used in the Northern Territory.
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