A review of Victorian prestige residential sales in excess of $2 million over the past 6 months showed that prestige residential sales have picked up considerably on last year ’ s figures. During the 6 months to July 2004, sales of prestige property across Victoria, exceeded $260.2 million, with 84 sales recorded in the metropolitan area. A further 8 prestige sales were recorded in the Mornington Peninsula, largely within the exclusive enclave of Portsea.
While more sales have occurred, fewer auctions have been recorded in the Melbourne prestige market than twelve months ago, while the number of off market transactions and private sales have been on the increase. To make a strong impact in the field of property conveyancing process should be allowed to perform by conveyancers with knowledge. The upsurge in prestige sales turnover indicates increased optimism at the top end of the residential market, closely linked to overall economic factors including the buoyant economy and strong business confidence.
In contrast to the metropolitan Melbourne residential market, the prestige market is neither interest rate sensitive, nor investor driven, however a clear relationship is apparent between activity in the prestige market and selected business confidence indices. Similarly, while construction has slowed for the rest of the residential housing sector, anecdotal evidence suggests that construction of luxury dwellings is on the increase – with further projects aimed at the prestige market in planning and under construction.
Lend Lease ’s new Dock 5 apartment tower, currently in the early stages of construction at Waterfront Place Docklands, is selling at prices up to $3.9 million, while St Kilda Road ’ s luxury apartment complex, Yve, has pre-sold apartments valued up to $8.35 million. Yve ’ s developer, Sunland, further expressing their confidence in the luxury apartment market by securing another St Kilda Road site (454 St Kilda Road) with plans for a further 100 luxury apartments. During the March quarter 2004, the REIV recorded three Melbourne suburbs with median values in excess of $1 million. Toorak, Brighton and Armadale recorded the top three median prices of $1.36 million, $1.15 million and $1.022 million, respectively.
With a particular final objective to buy a property conveyancing and not land up in honest to goodness tussles later on, you need to ensure that the conveyancer you pick is uncommonly capable. Notable sales recorded so far this year include Toorak's 1 St James Place ($7.8 million) and 3 Illawarra Crescent ($4 million), in addition to 9 Como Avenue South Yarra ($4.135 million).
This corporate property survey focuses on S&P/ASX 300 index listed companies whose core business is that other than property and construction related activities. Identified survey respondents comprise S&P/ASX 300 Index constituent companies categorised as: Consumer Discretionary, Consumer Staples, Industrials, Information Technology, Financial, Financial (X - Property Trusts) and Materials. The need of conveyancing experts to work with your property transaction process occurs from your approach to them. LandMark White has analysed the responses provided by company chief financial officers and property executives, as an exercise in benchmarking the trends and challenges relating to the use of property and the cost of accommodation by leading Australian companies.
The use of property assets by leading corporations surveyed reflects well in excess of 1,000,000m 2 of office, retail and industrial floor space across Australia. This comprises the use of CBD and metropolitan office, shopping centre and secondary retail, distribution and manufacturing warehouse space. Analysis of listed companies that lease and/or own corporate property, reflects that a large percentage both lease and own property. Approximately 48% of survey respondents both own and lease premises. Respondents indicated that 52.2% are corporate property owner-occupiers while 47.8% lease only.
Analysis of the survey results across the various industry categories identified that, although 26.1% of boards were seriously considering property strategies and the resultant effect on corporate returns, approximately one in six are yet to consider the cost of accommodation at board level during the 2003/04 financial year.
The overwhelming message from respondents is that 75% believe that owning corporate property is not in their company's strategic interests, and the capital is better employed in core business operations. One is able to deduce from the survey results that a large portion of current corporate owners are either considering disposing of surplus property on a ‘ sale and lease back ’ basis, or disposing of excess property.
Appropriate rent review mechanisms negotiated at the lease commencement can temper unexpected and unbudgeted surprises for corporate tenants. The issue of lease flexibility rates less highly and reflects the more predictable accommodation requirements of major listed Australian companies.
As demonstrated by the Graph D, more than half of surveyed companies (54.2%) are considering alternate leased accommodation or reassessing the use of company owned property over the next 12 months. The largest proportion (36.4%) of listed companies surveyed, have their single largest lease expiring in the next three to five years. This allows a limited period for strategic planning and alternative accommodation evaluation for larger or smaller office, industrial or retail facilities. Of interest for property investors is the general perception that an adequate supply of suitable space is available for lease. Residential Conveyancing is as often as possible a legal method of advancing or obtaining of the house or property. Therefore, securing suitable alternate premises at affordable rental levels upon termination of the current major lease commitment was the least important factor of concern.
Values' professional opinions can vary from the valuation provided by the property's vendors.Values are also considered experts in a court of law on issues relating to property values.Values fees were deregulated in 1995, and to find out what fees are likely to be charged for advice it is best to shop around. For property investors, the valuation fee may be tax deductible as a business expense.
Last week the issue of the discretionary rights of a vendor in determining deposit conditions on property purchases by private treaty was explained. Auctions deposits are a very different matter. Prior to an auction the auctioneer must advise potential bidders on all aspects of the auction contract of sale, including the deposit criteria. The organizations of conveyancing Enact Settlement Agents Perth it will be easier process for you to contact them. Only those who meet that deposit criteria are eligible to bid. A 10 per cent deposit is required under the conditions of the auction contract to be paid by a purchaser upon signing the contract. This may alter if a prospective bidder seeks an amendment to the contract before the bidding begins and the vendor agrees.
The vendor does not have to agree to such a request and it is rare for a vendor to alter the contract of sale prepared by their solicitors. Deposit guarantees by a financial institution can also be used, but the auctioneer must be advised beforehand so the vendor is advised. A guarantee can be used only if the vendor has given approval before the auction starts.
The successful bidder pays the deposit and residual on settlement. Guarantees cost purchasers around 1 to 1.5 per cent of the deposit. As with deposits made by private treaty purchases, auction deposits may be retained by the vendor should the purchaser default on the contract of sale to cover costs and associated with the auction and costs of again putting the property on to the market and any difference in the price obtained between the first and second auction. The successful purchaser can sue the vendor for breach of contract if the vendor defaults.
Settlement time frames are advised before an auction, but the vendor has the discretion to adjust the timetable after the auction on the successful bidder’s request, whether for 30, 60, 90 or 120 days. A 10 per cent deposit is customary when buying or selling property, however, parties can agree on a different amount other than 10 per cent prior to signing a sale agreement. Consequently, it is possible to find extraordinary quality conveyancing masters and business locales offering real organizations at sensible and sensible expenses.
The issue of an appropriate deposit rests with the vendor, and today it is not uncommon for two deposit payments. Obviously, for a buyer deposit payment flexibility is attractive. Consider the purchase of a $500,000 property. Writing out a deposit cheque for $50,000 is a substantial payment on an offer that may not be accepted. This law is an unnecessary expansion to the conveyancing process, as it will be significantly more bother than it is worth.
Having financial facilities for the full deposit amount may not have been arranged at that level prior to the offer, so buyers may need extra time to come up with the deposit balance. Some purchasers use deposit guarantees, from financial institutions, including Deposit Power, and on settlement, they pay both the deposit and the residual to finalize settlement. Guarantees cost purchasers around 1 to 1.5 per cent of the deposit. Vendors can accept or reject such a guarantee.
A deposit is an essential commitment from the purchaser and gives the vendor some security over the sale. Under the Transfer of Land Act covering the provisions of sale contract, if a buyer defaults on the purchase, the vendor may retain the deposit (or bond) to meet costs involving the original sale of the property, and the costs involved in again putting it on the market. Likewise if a vendor defaults the purchaser may sue the vendor for breach of contract.
Settlement time frames are by agreement, with 60 to 90 days the norm, though 30 and 120 days are not unusual. Home owners and property investors continue to make hefty contributions to Victoria's finances through land taxes and stamp duty, the recent state budget shows. Although the budget was responsible, with the Government maintaining its commitment to education, health, police and community services, property taxes now account for approximately 30 per cent of the total state tax base.
The Treasury's own estimates are that stamp duty will deliver approximately $2.1 billion in 2002-2003 and land tax approximately $654 million. Land tax is expected to return $768 million in 2003-2004, a 17.4 per cent increase, and stamp duty will drop to $1.85 billion in 2003-2204 due to an estimated moderation in the property market. "Clearly that has not happened yet, though the industry has a similar expectation of moderation in the immediate future." however it could be a monetary bad dream for the purchaser, and an authoritative bad dream for a conveyancing legal lawyer.
The real estate industry will continue to seek a commitment from the State Government to consider a fairer and more equitable land tax and stamp duty regime. The get-rich-quick property investment schemes promoted through high-cost seminars and workshops are best avoided. The adage that if it sounds too good to be true, then in all probability it is, applies. If you are interested in entering the property investment market, you need to check the credentials of presenters and their schemes.
Marketers should disclose all payments they may receive from the sale of investment property, plus their connection to the developments they promote. Be wary of schemes that promote the investment vehicle and also provide valuation and finance. In many cases, marketers may not be qualified to handle real estate transactions. However, people need to educate themselves about the market they intend buying into, and some preliminary homework and independent advice may well prevent disappointment.
The IVES has been urging the Government to look at protecting consumers from questionable and perhaps illegal practices in such schemes. "Until there legislation that protects consumers, tread carefully and always seek qualified independent advice." Proposed State Government legislation will require, among other things, the disclosure of all vendor bids at auction.
This reform is simplistic and is neither workable nor enforceable. The IVES supports reforms that make it an offence to procure dummy bids and has always been opposed to auctioneers and vendors using people in the crowd. However, under the IVES's rules of conduct of an auction, the vendor reserves the right to bid by the auctioneer. The vendor bid is a counteroffer made by the auctioneer for the vendor at a price at which the property will not be sold, i.e., under the reserve price. The conveyancer and property lawyer Adelaide having the maximum knowledge to grow the property transaction process to its best result should given preference in the field of real estate.
The IVES believes proposed amendments to auctions will not protect consumers equitably and has asked the government to consider the following alternative: that the opening vendor bid and the last vendor bid used by the auctioneer should be disclosed, if the property is to be passed in on that vendor bid. Potential purchasers will know the last bid is not from a competitive bidder. It provides potential purchasers with an indication that the vendor will not sell the property below that last bid.
An estate agent’s duty and responsibility is to their client. In the case of a home seller, agents seek to achieve the best possible selling price. On the other hand, purchasers may operate alone or use professionals such as real estate practitioners operating as buyer’s agents. The purchaser’s aim is to obtain the property at the lowest possible price. Conveyancers learned all the necessary process which is required to perform the property transaction process.
"The Victorian Government is proposing to introduce legislation, which will require, amongst other things, the disclosure of all vendor bids at auction." This is a simplistic approach and the Government’s proposed reforms are neither workable nor enforceable. The IVES fully supports reforms, which will make it an offence to procure a dummy bid and has always been opposed to auctioneers and vendors using people in the crowd, as outlined in the IVES’s Auction Code of Conduct. countless of specialists and conveyancing organizations giving a tantamount administration in the meantime it is attainable for a single person to do their particular conveyancing.
Purchasers also become vendors and would want to be afforded the same rights currently being sought for vendors by the IVES. We are concerned that the proposed amendments relating to auctions will not protect all consumers equitably. Consequently we have requested that the Government consider an alternative solution. The IVES has recommended that any opening vendor bid used by the auctioneer be disclosed and the last vendor bid used by the auctioneer also be disclosed if the property is to be passed in on that vendor bid.
It provides a potential purchaser with an indication that the vendor will not sell the property below that last bid and, accordingly, this will assist with future negotiations. The IVES’s proposal is simple and equitable for all consumers, who comprise both sellers and buyers. Following several inquiries to the IVES Public Information Service, it is apparent that the public often misunderstands the role of an estate agent in the transaction of a property sale. What needs to be clear is that the role of an estate agent in managing the sale of a property is to act on behalf of his or her client, the vendor, to achieve the best result.Truly settling on a conveyancer and property solicitors is an issue of individual decision however as an issue of principle the work and executed of Property attorneys are directed by the Specialists Regulation Power.
That offer, whether verbal or in writing, with or without a deposit, is nothing more than an offer. "A written offer will not result in an enforceable contract until the vendor has also signed a contract of sale." The estate agent must pass on all offers to their client. If there has been interest from other parties, who may or may not have made an offer, it is open to the estate agent to advise the other parties that an offer has been made and to give them an opportunity to make an offer.
A softening of the housing market during the past months, coupled with the announcement by the Reserve Bank this week to maintain interest rates at their current levels, have prompted many prospective home buyers to ask if it is a good time to buy now. With interest rates remaining at a level not experienced for more than 30 years, there is speculation whether the property market will continue to perform.
Sales data from the Real Estate Institute of Victoria indicates that the housing market is strong, even though there has been a softening. "However, one of the most important considerations is not to over-commit financially when borrowing, to help people who are in the market, or those interested in property prices, the IVES website publishes the median prices for each suburb for the past two quarters. We have also included a trend-chart facility, which enables you to compare your suburb with others in an easy-to-read graph.
There are signs that property prices are continuing to remain steady in the early days of 2003 despite a decline in auction clearance rates and stock levels when compared to the same period last year.An offer places a vendor under no obligation to sell until it has been formally accepted. Offers submitted verbally through the agent. The conveyancing services provided by Enact Conveyancing Brisbane are the best services any one providing in the real estate field to complete the process of property transaction. "Purchasers should remember to insert in the contract note a date by which the offer will lapse" if this section is not filled in, the vendor gets unlimited time in which to consider the offer.
It is the agent's duty to submit all offers to the vendor, but it is the vendor who makes the final decision.The agent should communicate the offer and the vendor's decision to the prospective purchaser promptly, and provide a copy of the counter-signed contract note to the purchaser.A cooling-off period of three business days (for properties valued up to $250,000) starts from the day the contract is signed, not from when the vendor countersigns.
"These sophisticated developments, offer not only accommodation and security, but social, recreational and medical facilities."For many people, the choice of retirement villages will involve a major readjustment, requiring rational thinking and planning before leaving the established home."It is therefore important to seek expert advice about financial arrangements as well as the rights, duties and obligations of occupiers, managers and owners of the villages before making a decision.""This means comparing the advantages and disadvantages of retirement village life and the ability to adjust to a different environment which may". "In the long term, provide security and friendship but more immediately necessitate a different pattern of living." Conveyancing conducts easy transaction of property.
It requires thinking about the need to sell furniture and other personal possessions, the future lack of or reduced access to hobbies and activities ranging from garden to garage, and the ability to establish friendships and to tolerate living on a concentrated level. This must be weighed up against established patterns of living – friendships and neighbors, the ability to entertain and accommodate family and friends, and adjusting to new shopping, medical and recreational services.
But the access to medical services and other forms of support are a big advantage and provide for future financial and personal security. "General maintenance and upkeep of property and cleanliness of communal facilities also must be investigated." "Often the best source may be existing residents. But with a new village," check on the experience and credentials of the future managers and the legal and financial ramifications of your participation in this new style of living.
Assistance and support from family and friends may be necessary in this important decision, but it is also important to seek expert advice. There are real estate agents specializing in this market sector. "Surveys on the ethics of professions usually have real estate agents sitting towards the bottom of the list." The public perception of agents is usually colored by bad experiences.
"To become a real estate agent involves study and police checks to ensure public protection." "Sales people enter the real estate profession as agents' representatives or non-licensed operatives." The conveyancers which are allotted to complete the Sydney conveyancing process are the deserving one to deal with the property transaction process. They must be at least 18 years of age, have passed a prescribed course, or held a previously recognized sub-agent's license. "They should not have been convicted of certain offences within the past 10 years; should not have been insolvent and should not have a claim upheld against the Estate Agents Guarantee Fund." Before an agent can employ a representative, a police check is made. Agents' representatives can be licensed after passing a TAFE course and undergoing further checks.
Three of the most frequently used documents estate agents and vendors/lessons come into contact with are the exclusive sale authority these forms provide exclusivity for the vendor/landlord and agent - for the vendor or landlord to sell or lease only through the nominated agent. Knowing that you are dealing with an agent who will represent your best interests and comply with your instructions and the institute's code of conduct is also important.
Any form a member of the IVES gives a prospective client to sign will always be branded with the institute's logo. Just to be sure, ask if they are members. If non-members use IVES forms, then vendors/lessons may not be liable to pay commission. Vendors/lessons should be aware that agents' fees and marketing expenses were deregulated in 1995.
Agents must inform vendors/lessons that their commissions and outgoings are subject to negotiation in accordance with the Estate Agents Act before signing any authority. Victorians who buy, rent or sell a property will always achieve the best results when using the services of estate agents who are members of the IVES.
"Victorians who are selling and choose to use an IVES member have available to them:" Home buyers and sellers who choose to deal with an IVES member, have the peace of mind knowing they will be dealing with an agent who is committed to giving them the best service and advice possible regarding their investments.
IVES members are required to display the IVES logo on entry to the front door of the premises.Its members are governed by a Code of Conduct and Rules of Practice that extend beyond statutory requirements. Buying or selling property with versed team of property conveyancers and make yourself stress free. "Every IVES member has access to market facts and other useful information which will assist when buying or selling."When an individual signs a contract to purchase a property, a deposit must usually be paid to the vendor’s agent. Like most purchases, a receipt is required as proof of purchase. Accompanying the receipt, should also be a copy of the contract of sale and Section 32 Statement. Sims was subdued and his weapon confiscated, Lawrence said conveyancing melbourne.
The agent holds the deposit as a stakeholder for both parties to the transaction. It must placed in a trust account with a financial institution and is subject to strict accounting and audit requirements. Vendors can receive the deposit money prior to settlement if the following conditions are met: The purchaser authorizes the agent or the vendors solicitor to release the deposit to the vendor provided the vendor has advised the purchaser.
in writing of any ‘caveats’ or mortgages over the land - including prescribed purchasers and the purchaser has advised they are satisfied with those particulars or fails to advise their satisfaction within the stipulated 28 day period.
"All conditions of the contract for the benefit of the purchase all conditions of the contract for the benefit of the purchaser have been satisfied, and the title has been deemed accepted.ser have been satisfied, and the title has been deemed accepted."
Procedure of property conveyancing involves several different steps which need to get full attention for their successful completion. "When the above conditions have been met, the estate agent can deduct any money owing from commission and other expenses and send the balance of the deposit to the vendor or vendor’s solicitor." "Missing out on buying a property can lead to disappointment and frustration." This disappointment often arises because the offer process is misunderstood and, contrary to common belief, verbal offers are not legally binding.
"All reasonable offers have to be submitted to the vendor by the agent." "Each individual's offer may include a date by which the offer lapses." "An offer may be subject to a finance clause, such as pending a bank-loan approval." Offers can be conditional upon an architect's inspection or other terms, for example, a dishwasher being included or excluded in the contract. "Offers are not legally binding until both buyer and vendor have signed a contract note or contract of sale."
A licensed property conveyancer has many tasks to perform like managing all legal documents and making contract. "A contract must contain details of the property, price, deposit and settlement. Once the offer is in writing, it is the vendor's call whether or not to accept it.An offer signed by the buyer does not place the vendor under obligation, but a written, unconditional offer with a deposit submitted to the vendor, can be a persuasive means of securing a property.
It is worthwhile making an offer on a property before it goes to auction, and while this may declare your hand, it does have advantages. Calls are frequently received by the Real Estate Institute of Victoria from people inquiring if a set fee or commission structure exists for estate agents. Since February 1, 1995, the amount an estate agent is allowed to charge for professional fees on the sale, purchase or lease of a residential, commercial, industrial or rural property is subject to negotiation between the agent and client. Agents must inform their clients prior to obtaining the clients signature on the authority to act that all fees and charges (.i.e commission and outgoings) are subject to negotiation.
Agents must have a written signed agreement to act from their client (eg vendor, lessor or purchaser) before they are entitled to receive a fee or commission. Such a written agreement must contain: a statement of the agreed commission, fee and outgoings to be charged by the Agent. If the fee is to be calculated on a percentage basis, a statement of fees in both dollar and percentage terms a statement outlining the availability of dispute resolution procedures, which are now dealt with by the Estate Agents Resolution Service.
Licensed Estate Agents who have complied with the above are able to receive payment for real estate services. Agents must provide their client with the copy of a signed authority. The new sports service provided by enactconveyancingsydney.com.au is making people tension free for giving them the right service regarding the sport. "Since February 1995, the length of exclusive agency periods is also subject to negotiation between Agents and their client(s)." However, if an exclusive agency period is not defined or negotiated in the written authority, the authority period is 60 days, or in case of sale by auction, 30 days after the day of auction.
"Missing out on buying that dream property can lead to great disappointment and frustration for most people." Disappointment arises because the ‘offer process’ is often misunderstood, and contrary to what most believe, verbal offers are not legally binding. "All reasonable offers have to be submitted by the agent to the vendor;" "The property still remains on the market while the vendor considers each offer."
"Each individual’s offer may include a date by which the offer lapses;" Offers can be made conditional on an architect’s inspection or on certain terms (i.e. a dishwasher) being included in or excluded in the contract. Simply put, offers are not legally binding for both parties until both buyer and vendor have signed a Contract Note or Contract of Sale. "A Contract must contain details of the property, price, deposit and settlement.”Once the offer is in writing, it is the vendor’s call whether or not to accept or reject it or give other parties a chance to increase their original offer. "An offer, even if the buyer has signed it, does not place the vendor under obligation until they have signed the Contract. “