The Jargon

Conveyancing:  The legal practise in transacting the sale or purchase of a home.

LIM: Land Information Memorandum. This is obtained from local authorities at a cost of $250 -$400 depending on the council.

LVR:  Loan to value ratio. The amount you can borrow based on the value of the property.

Pre-approved loan: A conditional offer of finance

Unit Title: A title created under the Unit Titles Act. Typically used for townhouses and apartments. There are special rules that apply. Contact ARL Lawyers for further information.

Cross Lease Title:  As above.

Company Share Flat: Rather than having a title to a property, you own shares in a company that comes with an occupation licence allowing you to own a flat within the company complex. These properties are typically less expensive but more difficult to borrow against.

Conditions to consider including in your offer to purchase:

•  Title search
• Satisfactory finance
• Builders report
• LIM report
• Valuation
• Sale of existing home
• Chemical Substance test
• Solicitors approval of terms

Structure of property ownership

It is important to get the structure of your home-ownership right at the beginning. Should you buy as joint tenants, tenants in common in specified shares, under a company name, as a partnership or a family trust?

Do you need a relationship property agreement? Our adviser can put you in touch immediately with ARL Lawyers who can provide expert advice on the appropriate structure for you.

Insurance

Our advisor can assist you to meet your insurance needs with direct access to major insurers, or where necessary specialist insurance advisors.