Monday, August 30, 2010

Contract page 2a

Conveyancing Alert
There is a new Prescribed Document for annexure to the Contract for Sale of Land from 1 September 2010. The notice with the heading "Warning- Swimming Pools" as a new prescribed document (Item 14, Schedule 1). It also provides that the other prescribed notices currently included in the Contract for Sale of Land -2005 edition (Contract) should be printed in a designated font size.
If the correct prescribed Notices are not attached to a Contract from 1 September 2010, a purchaser may rescind the Contract at any time prior to completion in the case of the "cooling off" notice (clauses 11 and 14) and within 14 days of exchange in the case of the remaining prescribed notices (Clause 16).
The new prescribed notice is required for ALL contracts whether or not there is a swimming pool located on the property.

Monday, August 9, 2010

Buyers market

We suspect that Sydney property market has entered into a "Buyer's" market.
While we can't substantiate this from the small sample that is our client base we will be on the lookout for internet connections to market outlook information.
Maybe currently the weather is too cold to sell or that the property will get a better price when the garden is in bloom.
But if it is a "Buyer's" market then this means that you, the buyer, call the shots. You might be able to haggle the price or some other thing of value to you.
You may also find that people are suspiciously helpful. They now have the time to spend on you that they did not have six months ago.
If you are buying property for the long term and are financing it with earning from secure employment then all will be well in the long term.
A forced sale shortly after you have bought the property is the major concern. Take the time to check all the things in your circumstances that may make a forced sale happen.
The website realestate.com does not agree with a pessimistic outlook see:
realestate.com.au/../2010-nsw-outlook.htm.
Make up your own mind.
Even though it is a little out of date and not designed for home buyers, see the research for your target NSW area:
housing.nsw.gov.au/..Understanding+the+Housing+Market.htm
The bottom of that page has a list of local housing market analyses.