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What do I own if I buy a strata title property?

Strata title properties usually are applicable to flats, units, apartments, townhouses and villas. If you choose to purchase a strata property, then what you own is referred to as a lot or lots. The lot(s) covers the airspace within the walls, floors and ceilings of your particular property.  When purchasing a flat, unit or apartment, in most cases you do not own structural walls but may own internal…

What is a strata scheme?

Strata schemes are applicable when there is ownership of several lots either in a building or collection of buildings (such as townhouses or villas) and where there is also common property whose ownership is shared amongst the lot owners. The strata scheme by laws affect the activities and what is and is not prohibited behaviour within the common property and each particular lot. The attitudes of…

What are strata levies?

Strata levies are the fees payable by the owners of each lot which cover the expenses of administrative tasks carried out by the strata scheme. This involves both daily operational expenses (administrative fund) and future expenditure (sinking fund). The strata levy amount is determined at each annual general meeting which is decided by a majority vote and the strata levy which you will be required…

What is stamp duty and who pays it?

Stamp Duty is the fee paid by buyers of real estate to the New South Wales Government when purchasing property. Stamp Duty is payable to the Office of State Revenue (OSR) prior to lodging the Transfer of Land at the Land Titles Office. In many cases, the buyer’s lender will pay the stamp duty amount after settlement, with monetary funds obtained from the loan amount. Where there is no lender involved,…

What does a property Valuer do?

A Property Valuer is a qualified individual who assesses the value of property. Banks and other lenders use property valuers to conduct valuations to determine the value of property when mortgage loan applications are made and to assess the feasibility of the proposed purchase. In this instance the valuer’s role is to establish the current market value of the property. Property Valuers may also…

What happens at an auction?

At an auction, a property is placed on the market to be sold and the sale of the property to the highest bidder will occur when the potential buyer makes a bid to purchase the property and that bid is accepted by the vendor. The highest bidder if accepted by the vendor will be declared the purchaser. The law now requires those bidding at the auction to now register at the auction, to avoid dummy…

How much commission do I have to pay my real estate agent when my property is sold?

Commission is the monetary sum paid to (most generally) real estate agents upon the sale of a property. The amount of commission is determined by the seller and agent at a fixed rate. Usually, the amount you pay the real estate agent will be determined by the sale price - the higher the price, the greater the commission, as the commission is most generally calculated on a percentage basis (of the…

How does an exclusive sale agency agreement or exclusive sale authority affect me?

In broad terms, this document allows the real estate agent to be the sole party selling your property, acting on behalf of the vendor (you) and liaising with all persons who enquire about the property, for a set period of time. This time period may then lapse and the estate agent may be entitled to act on an ongoing basis, until you (the Vendor) have terminated the contract in writing, in accordance…

When should I contact a lawyer about selling my property?

Once you have found an agent who will advertise to sell your property, you should contact one of our solicitors, who will begin the conveyancing sale process for you. As the Vendor, you will be required to issue a contract of sale. The sooner you contact a solicitor, the quicker the necessary statutory searches can be ordered and a contract of sale can be prepared. At Navado, we also provide our…

What is the cooling off period?

When you buy a residential property in New South Wales, the law prescribes that there be a 5 business-day “cooling off period”.

This cooling off period allows the purchaser the option to get out of (rescind) the contract for sale within that period.

The cooling off period begins as soon as you exchange the contracts for sale (contract date) and ends at 5pm on the fifth business day.

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