Do we have to hire a lawyer to buy a house in Australia?
The answer is yes, and a lawyer is required.
Investing in real estate in Australia is different from that in China. Due to the lack of comprehensive understanding and cognition of the investment environment, the lack of knowledge of local laws and regulations, and the difficulty in controlling various safety issues in real estate transactions, the rights and interests of investors are vulnerable to infringement. Therefore, real estate investment needs an important role - lawyers, to help you avoid all risks, and to defend their interests. Lawyers play a key role in all aspects of Australian investment. For assessing and signing the fair purchase contract, one of the most common risks is that the investor is unable to understand the overview of our sales contract content and the rights of each party, and what we must pay attention is that most of the clauses in the contract of the building under construction is good for developers, and if there is no professional advice, investors may well sign "unequal treaties".
Therefore, experienced real estate lawyers will fully evaluate each clause in the contract before signing the purchase contract, and negotiate and finalize the contract clauses with the other party's lawyers on behalf of the buyer, so as to remove the unfair or punitive clauses unfavorable to the purchase as far as possible from their professional perspective.
Avoid deposit risk
At the time of signing the contract, the buyer needs to pay a 10% deposit. There is also a substantial risk that the buyer will default and the deposit will be forfeited and other compensation will be assumed. In addition to the presence of unscrupulous businesses, there are also policy implications. China's exchange controls are getting tighter, and buyers often take longer to send money to Australia. They will be in default if the deposit is not paid on time. Experienced real estate lawyers will consider avoiding the deposit risk from investigating the developer to negotiating with the seller's lawyer to ask for a longer time for the buyer to pay the deposit.
Accurately calculate and apply for stamp duty exemption
Stamp duty is a legal payment to the government for the purchase of assets, including apartments. Depending on the total value of the property, the amount of tax payable varies. In reality, there are many circumstances that can reduce stamp duty, but investors are generally difficult to operate.
And property lawyer not only can help you calculate the stamp duty accurately, but can apply for corresponding stamp duty exemption according to specific circumstance. Before signing the contract, the lawyer will introduce to the buyer the rights he has and the responsibilities he may need to bear before the purchase, so as to avoid any unexpected expenses when settlement. And the lawyer helps the buyer to complete all relevant documents and forms to ensure that the requirements of laws and regulations are met.
Ensure the smooth transfer of property ownership
Australian states have higher implicit requirements for property transfer certificates, and a little careless handling may cause a lot of legal disputes. In order to ensure the smooth progress of this step, the lawyer will draft the real estate transfer certificate for you, remind you to sign the transfer certificate in the right way, check the validity of the certificate before the settlement, and check whether it can be accepted by the government to ensure that you can become a new homeowner smoothly after the settlement.
To ensure the smooth settlement of real estate
On the settlement date, the buyer's lawyer will calculate the taxes and government fees borne by the buyer and the seller to ensure that the buyer pays them correctly. In addition, the seller and the buyer will exchange all legal documents and settle payments in person so that the ownership of the property can be legally transferred from the seller to the buyer. At this critical point, the buyer is usually represented by a lawyer at the settlement to protect the buyer's rights and interests as well as the successful settlement of the property.
Register ownership with the land office
The solicitor will contact the relevant local government authorities after the settlement of the property to ensure that the ownership of the property has been properly transferred to the buyer.
Lawyers play an important role in real estate investment in Australia, which is as important as banks, real estate agents and developers. Therefore, formal lawyers should be selected in real estate investment.