Buy with Complete Confidence

This document will contain information on the property itself, including details like:

• Vendor & Purchaser
• Selling Agent
• What ‘cooling off’ rights you have as a buyer
• Details on matters that may affect the property; such as encumbrances, mortgages, zoning and building approvals

The below may be terms you come across:

• Restrictive Covenant: Relates to any conditions that may stop you developing the property in certain ways.
• Encumbrance: Will appear on a title if any restrictive covenants are included on the property, which may affect the title by controlling the future use or development of the land.
• Easement: Can include agreements or rights of a neighbour to use a part of your property to access their own. This also may include an easement over the land for SA Water or SA Power to access services on the property.
• Leases and tenancy agreements: Relate directly to occupancy of the property.
• Development: Will inform you of anything relating to the Development Act such as building approvals, land management agreements with the local council, etc.

In South Australia, the equivalent to a Section32 is the Form 1.

The Form 1 is a statement that is required under Section 7 of the Land and Business (Sale and Conveyancing) Act 1994. This document is made available once a contract has been signed by all parties.

Once the Vendor/s and Agent have signed the Form 1 – Vendor’s Statement, as the Purchaser you will be served a copy of this document which initiates your cooling off period.

The cooling off period is two clear business days, with this period ending midnight on the last business day.

Within this time frame should you wish to not move forward with the purchase you are given the opportunity to cool off. If you wish to do this, notice would need to be completed in writing to your Agent as instructed in the Form 1.

Should you wish to proceed with the purchase, once your cooling off period has ended your deposit will be due into your Agent’s trust account.

Yes, the conveyancer will legally process the transferring of ownership (including rights, title and interest) from one legal entity to another. A conveyancer is required for both selling and purchasing of property.

The best way to determine the stamp duty payable is by visiting;

https://www.revenuesa.sa.gov.au/stampduty/calculate-stamp-duty and following the prompts.

Usually relates to townhouses or units. A strata plan divides the land so property is owned by individuals and common areas are jointly owned and shared by all owners. As an owner, there is a shared responsibility to maintain the outside of the building/complex; with all decisions to be made via a voting system at meetings. A Strata Corporation is formed with the corporation required to formally meet at least once a year to consider items like insurance and any legal requirements. Each owner has one vote. The unit entitlements determine the amount each owner pays towards insurance and other fees – found on the strata plan.

If you are purchasing a strata titled property, even if self-managed, the Form 1 will outline any fees and certificate of currency for insurance.

When land is divided into at least two lots and includes an area of common property it is considered a community plan. Common property is shared land such as a driveway. A title is issued for each lot and common property. There are two types of community titles:

Community Strata: Boundaries are defined by the building on the community parcel. The buildings are part of the common property, therefore the corporation must maintain and insure.

Community Schemes: Boundaries for each lot are defined surveyed land measurements. Each lot owner needs to maintain and insure buildings on their lot. The community corporation must insure any structures in common areas.

The corporation is required to formally meet at least once a year to consider items like insurance and any legal requirements. Each owner has one vote. The unit entitlements determine the amount each owner pays towards insurance and other fees – found on the community plan. By-laws are provided for the administration, management and regulation of the use of the common property and community lots.

If you are purchasing a community titled property, even self-managed, the Form 1 will outline any fees and certificate of currency for insurance