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Property Market Update 2008 - 2009:

“ Buyer and seller activity levels in the 2008 real estate market in the Sydney region substantially came to an end around mid November primarily due to a fairly broad sense of uncertainty emanating out from all business quarters linked to the property market. Perhaps for the first time there is currently a real demonstration to Australians of the influences global financial events can have on the local property market and the wider Australian business sector in general. There is a traditional downturn in the Sydney property market during the December quarter each year, this time round however was a double header.

Whilst it is early days the 2009 property market is off to a slow start. The general uncertainty prevails and buyer inquiry levels are very modest. It is likely that most agents are currently preparing any newly listed properties ‘for sale’ and those properties are likely to be introduced to the market later this month or early in February. At this time it is a ‘wait and see’ situation for at least the next few weeks.”

Tony Triglone
Elders Real Estate Crows Nest

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

"A good example why we title insure every conveyaning matter"

A previous client emailed in a potential dilemma before the end of year holidays last year, it is a good example why we Title insure every Conveyancing matter.

Hi Garth,

I hope you are well. I am after some advice or at least point me in the right direction.

My body corporate have a situation with NSW Maritime.

The situation is that “we have not been paying a lease for the last 4 years for the land from basically a meter from the ground floor patio over to the waters edge. At the time of buying I was under the impression that the owners’ corp. owned the land. There are a few people who bought with the same understanding. We believe that nothing was recorded in meetings and on the flip side that NSW Maritime also neglected to follow up from there end.

We are currently seeking legal advice on how to proceed as an owner’s corp., however I wanted to check with you to see if you had dealt with anything like this before and if there is anything I should be doing to cover myself??

I don't want to take up too much of your time, however would really appreciate any advice you may have. As I am sure you were as unaware of the situation as I was. I have attached my contract which I went through last night but nothing was mentioned
(well that I could find anyway).

Garths comment:

After re-examining the Contract from 3 years ago there was no disclosure of this Lease; there was no registered interest on either the Apartment or Common area Title.

The Contract and Strata Report made no mention of any Lease or potential issue or problem with a Lease of Land connected to the Unit complex.

This is why from 12 months ago we decided at Brown & Brown Conveyancers to Title Insure every Title we are involved with and adopt an extra level and measure of protection for all our Purchaser Clients; along with all the other current protectionists measures we undertake e.g. Pest, Building, Strata reports, Surveys, Building Certificates, soil tests, satellite search confirmations & Government proposal searches etc.

Again and again I always stress Conveyancing is about “Protecting the Client’s Property” – it is so easy to put someone’s name on a new Title; a potential client will telephone around and tell me; he or she is looking for the cheapest price because it is a simple Conveyance (this is someone who is not qualified in the area; and say all Conveyancers are the same – well I can tell you all from my experience, “protectionists procedures, time spent on the file and knowledge & experience vary” as much as the thousands of different colored lights in the spectrum of light in the Conveyancing Profession)

The Title Insurance policy coverage we effect goes beyond what the Contract does or does not disclose at that particular point of purchasing the property. In this situation we directed the Client to effect Title Insurance and avail themselves of reducing the risk of being hit with a large Special Levy or drain on the sinking fund if negotiations’ reach a stale mate with NSW Maritime.

Title insurer in this situation we understand would take over negotiations and try and reach an amicable settlement or decide to simply pay compensation to the Client for the additional expenses from the Lease because they purchased the property without notice of the Lease of the Land the apartment complex was part of.

Garths Final comment:

We suggest to all our previous clients to effect Title Insurance as an existing home Owner to cover for a situation that could come about after settlement; like this example. The Policy is available either at the time of signing the Contract or after any number of years you have settled the Purchase.

Life’s too short to get it wrong with buying a property; by relying on the Contract at time of signing when other issues arise that are not apparent in the Contract could pop up at a later stage after settlement.

The Cost of Brown & Brown Protection measures & Professional experience is minimal compared to the Cost of the Property and the Stamp Duty. It makes good business sense to engage someone who knows what they are doing to protect you and will spend the time to do so.

Always chose a Conveyancer that offers a complete checklist of protectionists strategies; I go to Conveyancing conferences and most of the Negligence claims against Conveyancers & Solicitors are those who cut corners on their procedures to protect their Clients and are often the client who is looking for the Cheapest Conveyancing Fees and views all Conveyancers the same; These types of Clients simply do not value your Specialists expertise. We keep well clear of this type of Client.

Here is a Testimonial from a very good Client:

Hi Garth,

Once again, my wife and I, along with our family want to thank you and your staff for the utmost professionalism and seamless communication in handling our most recent sale and subsequent settlement. I wish to point out to the many readers of your e- Newsletter the difference between using your company and, as I have in the past, my solicitor. Whilst I have no hesitation in using my solicitor for most legal matters I have found that the attitude towards conveyance work is a little too relaxed and non-fussed from the legal fraternity . In contrast, your company kept me up-dated every step of the way in the form of e-mails and follow up e-mails to and from the vendor’s solicitor and real estate agent.

In fact in was interesting to turn on the computer and see that any hold-up’s in the entire process were most always due to other parties not following through in which case another email Cc’d onto me would usually prompt them into action.

Thank you again for your valued custom during 2008 and we look forward to a positive 2009.

License No: 105584

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“Pay off your home loan sooner”

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