NSW and QLD
Castrikum Adams Legal is committed to providing the best knowledge and skills available to make the process of buying or selling your residential or commercial property easier.
We provide a wide range of property law services, headed by Director, Mercedes Castrikum. Our team not only works tirelessly to ensure that your sale or purchase goes smoothly, they are highly experienced and efficient and understand the intricacies of buying and selling property, and also the concerns that current and prospective home owners can have.
First Home Buyer?
At Castrikum Adams Legal, we know how daunting it can be for first home buyers when they purchase their first home.
purchase their first home. Here’s some helpful insights to get you on your way:
- If possible, obtain pre-loan approval. Then you will know how much the bank will lend you and what your maximum spending capacity is. This will lessen the risk of going over your budget.
- Get an idea of the costs of obtaining a pre purchase Pest and Building Report, Strata Inspection Report (if the property is a unit or townhouse). Then you’ll have a good idea of the whole cost of the conveyancing process.
- Pest and Building Report – which will indicate whether there is any pest infestation (like termites) or whether there was previous pest activity. The report will also advise of any rectification works needed to be undertaken on the building and if there are any major problems with it.
- Strata Inspection Report (for units or townhouses) – Provides a full review of the Owners Corporation records and covers all the aspects involved in running and maintaining a block of units, and all the common areas that go with it, including; ownership and voting rights, structural or building defects, planned major works, levies and proposed special levies, financials, insurance, pet policies, and disputes or breaches of by-laws.
- Start looking for a property that meets your budget. When you find one you like, ask us to review the Marketing Contract.
- We can help you with the various assistance schemes that may be in place at the time.
- If the Marketing Contract looks good, talk to the agent and make an offer.
- Once your offer is accepted the agent will send a sales advice to the Vendor’s Solicitors and they will prepare the Contract for Sale and forward it to us for review.
- We will review the Contract for Sale then discuss it with you in detail. We can do this via Zoom, Teams or in our office.
- There may be extra conditions in the Contract for Sale, and these are called ‘special conditions’. Special conditions cover things that the Vendor requires over and above the standard terms. Often, you will require your own special conditions like; subject to satisfactory pre purchase inspections, or where the Vendor has to do something to the property before settlement can occur. Don’t worry! We know what to look for and what special conditions to include.
- We can help you to arrange pre-purchase inspection reports and we will provide a copy of the Contract for Sale to your bank so that formal loan approval can be obtained before entering into the Contract.
- Depending on the property type, we may also suggest that you obtain other reports like a survey report from a qualified surveyor or a Building Certificate from Council. If these extra reports are recommended, we’ll explain why they are necessary.
- Survey Report – which will confirm the dimensions of the land you are purchasing and where the building sits inside the dimensions of the Land. The report will make sure there are no encroachments on the land. Your financier may require this report and if it is needed, we can organise it for you.
- Building Certificate – this certificate can be obtained from Council to confirm that the structure on the property was built in accordance with Council’s plans and regulations. Once again, your financier may require this certificate, and if needed, we can organise it for you.
- Following the receipt of satisfactory pre purchase reports, formal loan approval, or any other item that is required, we will proceed to a formal exchange of Contracts for Sale.
- Exchange literally means exchanging your signed Contract for Sale with the Vendor’s signed Contract for Sale, at which point they are dated, and the Contract becomes binding, subject to any special conditions.
- Once all special conditions are satisfied, we continue on to settlement. The formal settlement of the transaction is when payment is made to the Vendor for the property and Title for the property is registered in your name as the registered proprietor, and any mortgage is also registered on Title.
Buying a Second Property?
Once you have found your desired new property and your offer is accepted, we will contact you upon receipt of the Contract for Sale from the Vendors Solicitors.
We will then arrange a time for you to meet with our team and we will explain in detail the provisions of the Contract and the property you are keen to purchase.
- As with first home buyers, specialist reports can be obtained on your instruction in relation to the property
- Obtaining pre-loan approval is always beneficial as early as possible.
Following the receipt of satisfactory reports and a formal loan approval we will proceed to a formal exchange of Contracts and continue on to settlement of the matter for you.
Contacting us is the first step in selling your property.
In New South Wales a Marketing Contract must be available prior to the property going to market in most instances. It is illegal to market a residential property for sale without a Marketing Contract.
A Marketing Contract must include your statutory disclosure documents and any special conditions required. We can do this for you to make sure that you are meeting your disclosure obligations and that any tricky items (like unapproved structures, subject to Probate etc), are properly covered in the relevant special conditions.
The necessary searches required for the Marketing Contract include:
- Title search which shows the formal legal details of the property.
- The Plan of the land showing the location of the property.
- Any easements, rights of way, or covenants that may be attached to the property.
- The Planning Certificate from your local Council.
- Sewer diagram showing the location of the sewer mains and/or connections to the property and improvements on the land.
- If the property is part of a Strata Plan, we would also obtain the Common Property Certificate and any by-laws created by the Owners Corporation.
We will also obtain details from you as to:
- The list of items that are to remain with the property upon selling like insect screens, dishwasher, stove and range hood.
- The list of items that you may wish to take with you upon selling the property (called exclusions) like an outdoor BBQ.
- Any works you may have undertaken on the property since you owned it and details of any Council Approved Plans, Final Occupation Certificate or Home Owners Warranty Insurance Certificate.
- Any matters which may require us to draft special conditions for the Marketing Contract to protect your interests.
Then we will finalise the Marketing Contract and send it to the Agent so that they can list your property and commence marketing.
Your job is to wait for a purchaser to offer you the right price for your property.