Although purchasing or selling property can at times be an exciting and rewarding experience, it can also at times be stressful or overwhelming. If you choose to buy or sell property outside of New South Wales, this process can be even more complicated. This is because there may be different rules or processes which you and your lawyer need to be aware of in order to comply with. At Coutts, we have considerable experience with interstate property transactions, and we can assist you with conveyancing in the following states and territories:
Selling in Queensland is very different to New South Wales. We are able to assist you with understanding the Queensland process and advise you of any stamp duty concessions you may be entitled to. In Queensland, most contracts are entered into on a conditional basis and time is of the essence with completion. This emphasises the importance of being able to comply with the strict time frames that are posed and getting correct legal advice. Here at Coutts, we will help you through that step by step process, allowing you to complete it as soon as possible with minimal stress.
The conveyancing process in Victoria is similar to Queensland, however with some key differences. An understanding of these differences is integral to avoidance of unnecessary risk associated with Victorian purchases. We will be able to help you understand the process in Victoria, by taking you step by step through the Contract to assist your understanding of your obligations and liabilities.
In South Australia, an understanding of the process and the documents you must provided are equally important. In addition to a Contract, a seller is also required to provide a Vendor statement. The Vendor statement needs to include the correct information and searches. Without this information, Contracts cannot become unconditional. We can assist with the preparation or review of these documents.
Australian Capital Territory
When purchasing in other states, you purchase the title to a property. This is not the case in the Australian Capital Territory (ACT). Instead, all property ownership is leasehold, where you are granted a 99 year lease to the property instead of title. As a result, there are many differences which it is important you are aware of when purchasing and at Coutts, we can help with this.
Similar to NSW, Western Australian residential property transactions must take place on an electronic conveyancing portal, such as PEXA. In Western Australia, there is no legislative requirement for a cooling off period to apply to contracts for sale of land. The transaction also takes place through an ‘offer and acceptance’ type process. It is important to ensure you obtain legal advice prior to signing any contracts, as mentioned above there is no legal requirement for a cooling off period.
When buying or selling in Northern Territory, you can do so by auction or private treaty. In a private treaty sale, you are allowed 4 business days to cool off from the sale. With Auctions, as in all states, there is no cooling off period, but in the Northern Territory there is also no conditions. The settlement period for a Northern Territory Contract is typically between 30-90 days. As the Northern Territory is not involved in the online PEXA network, Settlements in the Northern Territory take place by paper.
In Tasmania, buyers are not covered by any conditions in the Contract unless they are requested. The contracts are a simplistic sale contract which outlines the terms of the sale. Similar to the Northern territory, settlement takes place by paper also as Tasmania is not involved in the PEXA network. It is important to note there are no cooling off periods in Tasmania so it is important to seek advice prior to signing the contract.
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