Things That Property Lawyers Will Add in Your Property Selling Contract

1. 1 Things That Property Lawyers Will Add in Your Property Selling Contract Clearance Certificate  According to the professionals from property lawyers firms, from that very same year, there is one more law that sellers of their properties have to abide by. This law says that if you sell your property for $2,000,000.00 or more, you must obtain and provide a foreign resident withholding clearance certificate to a purchaser. This certificate assurance or a guarantee that you are not a foreign resident and selling your property for capital gain purposes.  capital gains  would be an Home Owner Warranty Insurance  According to the experts involved in offering property lawyers services, one more law that needs a mention here is presented below. According to this law, you will have to annex home owner warranty insurance contract, if you have undertaken residential building work to your property. The time limit of this renovation work is the past six years from the date of selling your property and the value determined by the government is $20,000.00  to the  Resources: http://www.sooperarticles.com/law-articles/things-property-lawyers-will-add-your- property-selling-contract-1648199.html

2. 2 Things That Property Lawyers Will Add in Your Property Selling Contract Selling a property might sound an easy process, but the fact is that it is one of the most complex processes. Because of the length of the process and complexities involved in it, it is recommended that you should seek the services of real estate lawyers. The services of these professionals are needed because you cannot put your home on sale until the contract letter is prepared and this letter can be prepared only by the experts. Based on their experience, they will prepare the best quality contract letter and recommend the most crucial matters to address. Swimming Pool Compliance These property lawyers will reveal the fact before you that from the year 2016, it has been made mandatory to attach a valid certificate of compliance, a certificate of non-compliance or a final occupation certificate for your swimming pool with the contract letter. According to them, in case a valid certificate is not attached with the contract, the buyer is given the time of 2 weeks from the exchange to rescind the contract. However, if the certificate of non-compliance is annexed to the contract, a purchaser will have up to 90 days from settlement to undertake the necessary repairs

3. 3 Clearance Certificate According to the professionals from property lawyers firms, from that very same year, there is one more law that sellers of their properties have to abide by. This law says that if you sell your property for $2,000,000.00 or more, you must obtain and provide a foreign resident capital gains withholding clearance certificate to a purchaser. This certificate would be an assurance or a guarantee that you are not a foreign resident and selling your property for capital gain purposes. This means that you’ll have to prove that you are not a foreign resident and moreover, a certificate for each vendor must be served upon a purchaser at least 7 days prior to settlement. Upon failing to do so, the seller of the property will face a situation where an amount up to 10% of the purchase price will get remitted to the ATO on settlement by a purchaser. These are all really complex issues and one thing is for sure that without the help of real estate lawyers or property lawyers, tackling them would become a nightmare.

4. 4 Home Owner Warranty Insurance According to the experts involved in offering property lawyers services, one more law that needs a mention here is presented below. According to this law, you will have to annex home owner warranty insurance to the contract, if you have undertaken residential building work to your property. The time limit of this renovation work is the past six years from the date of selling your property and the value determined by the government is $20,000.00 or more. According to the experts, failure to present this contract may result in the purchaser having a right to rescind. Some other things that these property lawyers will make sure are added in the contract letter are – Building certificate or occupation certificate that is issued in relation to the building or structure since the matter arose. Survey report for the property following exchange of contracts. Resources: - http://www.sooperarticles.com/law-articles/things-property-lawyers-will-add-your- property-selling-contract-1648199.html