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Property Market Report April 2009:

“Selling & Buying in The Same Market - Makes Dollars & Sense!”

The Australian property market is enjoying strong levels of activity and turnover. Buyers, particularly the first home buyer sector, are keenly snapping up affordable properties while the First Home Buyer Boost remains in place, and investors are returning to the market. Both groups are capitalising on the lowest interest rates seen for over 45 years.

National house prices softened moderately by 2.9% in 2008 but the first quarter of 2009 has seen a growth of 1.6% in residential property values, according to RP Data. However, many vendors aren’t aware that selling and buying in the same market can procure the same net result.

“Any losses incurred when selling in a slightly lower market,” says Tony Triglone, Sales Manager of Elders Crows Nest, “are compensated for when purchasing in the same market. The changeover figure can be the same as if conducting the same transaction in a more buoyant market. Over and above that, buying now also means enjoying capital gains as the market strengthens”.


For information on buying or selling contact Tony Triglone at Elders Real Estate Crows Nest on: Ph: 9901 3333.

Brown & Brown e-Newsletter
by Garth Brown

“Understanding Conveyancing”

In law, conveyancing is the transfer of title of property from one person to another.

A typical conveyancing transaction contains two major landmarks:

1. The exchange of contracts (Vendor & Purchaser sign separate Contracts; swapped and date the document; supported by a Deposit - equitable title passes), and
2. Completion (whereby legal title passes - old Title handed over and balance of Purchase Price Paid).
Conveyancing occurs in three stages:
1. Before contract, 2. Before completion, and 3. After completion.

Why the need for a professional conveyance?

A buyer of real property must ensure that he or she obtains a good and marketable 'title' to the land; i.e., the seller is the owner via Identification checks, has the right to sell the property, and there is no factor which would impede a mortgage or re-sale.

The system of conveyancing is usually designed to ensure that the buyer secures title to the land together with all the rights that run with the land, and is notified of any restrictions in advance of purchase. In most mature jurisdictions, conveyancing is facilitated by a system of land registration which is designed to encourage reliance on public records and assure purchasers of land that they are taking good title.

This is where the need for a professional conveyance comes in because a single conveyance can require the knowledge of more than 60 different areas of the law and NO matter how smooth the transaction, there is almost always a hitch and a professional is best equipped to deal with any difficulties.

Conveyancing can be carried out either by a Solicitor or by a specialised Conveyancer (i.e. someone who is qualified and only handles conveyancing).

Over the past decade specialized Conveyancers have become more in demand. Currently an estimated 30% of all Conveyancing Work in NSW is handled by Conveyancers and is growing everyday. Interestingly in South Australia most Conveyancing is handled by Land Brokers- equivalent to Conveyancers in NSW.

A Conveyancer represents your interests throughout the transaction. As your purchase proceeds, your conveyancer will:

• Recommend variations in the contract to suit your specific needs.
• Carry out exhaustive searches to ensure that you get what you are paying for e.g. that land boundaries are correct and your dream home isn’t perched on top on an abandoned mine – don’t laugh this has happened!
• Ensure that the other party fulfils their side of the contract.
• Advise you of any further implications of the contract, such as: Taxation; the consequences of a relationship breakdown; and most important the need to update your will.

If you are buying an apartment, your Conveyancer must undertake a strata inspection. This will reveal the competency of the Body Corporate, any structural defects, maintenance levies, common-area problems and any trouble with neighbours and tenants.

Choosing a Conveyancer: If any of your family or friends have recently bought a property ask them who they used, a referral by someone you know is always the best way to find the right Conveyancer.

At Brown & Brown Conveyancers 80% of all our business is referral work from previous clients or friends of previous clients. We have made many friendships over the years by being a good listener and developing systems that anticipate the needs of our Clients.

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TESTIMONIAL

27th February 2009
 
Att:  Garth Brown
Brown and Brown Conveyancers
 
I would like to thank you for your assistance with the purchase of my first property.
 
I didn’t fully understand what was involved with contracts, strata inspections, settlement etc and you made the whole processes very easy to follow and understand. The information emailed with tips regarding the process of moving was very helpful and useful.  I appreciate your prompt replies to my emails especially over the holiday season. 
 
I would have no hesitation in highly recommending the services of Brown and Brown Conveyancers.
 
M/s Helen MacDonald – North Sydney

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Thank you again for your valued custom.

License No: 105584

Our next eNewsletter will feature:
“Tips for improving the value of your House ” – June 2009.

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