residential

Valuation – if you’re not sure of the price you’d like to achieve in selling your property, there are a couple of avenues to explore. First a real estate agent can give a valuation based on an appraisal of your property, and market research of other properties sold in your area. Meet with a couple of different agents as terms will differ between agencies. Secondly, contact a licensed valuer for a comprehensive market report on the value of your property.

Vendor’s Statement –  a Vendor’s Statement, or Form 1, is served on the purchaser on or around the signing of the contract. This document gives cooling-off rights unless the property is bought at auction. Agents can prepare this document, however if an agent outsources this to a third party, it is the Vendor’s right under the Land and Business (Sale and Conveyancing) Act 1994 to instruct their conveyancer to prepare it instead. It is in the best interests of the Vendor that their conveyancer prepare the Vendor Statement.

Private Contract – you may have negotiated the sale of your property privately with the purchaser. Your conveyancer is able to prepare a private contract, and the accompanying Vendor’s Statement.

Power of Attorney – the owner of a property may not be acting on their own behalf in the sale of the property. This may happen because the vendor is overseas and has appointed someone to act for them to facilitate the sale, or an elderly person may no longer have capacity to make decisions about their own life. If you are selling a property as Power of Attorney (POA) for another person, it is imperative that you have possession of an original signed POA document. The Lands Titles Office requires that the original and a copy be lodged, with the original being returned to you once it is recorded. In cases where the owner of the property no longer has capacity, it is important to provide a letter from their doctor verifying this in order to protect all parties.

Swimming Pool Compliance – does the property have a swimming pool? Before placing the property on the market, it is advisable to have an inspection to be certain the pool safety fencing is compliant with current legislation. If the fencing is not compliant, there is then sufficient time to rectify any issues. The eventual purchaser may require a compliance certificate as a condition of the contract.

Redirection of Mail – have you let everyone know you are moving and have you advised them of your new address? Have a list of contacts who regularly send you mail ready so they can be notified after settlement. Most companies prefer to send bills and invoices via email so set aside some time to set this up before you move.

Removalist – have you booked a removalist for the day of settlement and do you have enough boxes to pack your belongings into? Start packing early and take the opportunity to pass on or dispose of things you don’t need!

Utilities – disconnection is the responsibility of the Vendor so arrange for final gas and electricity meter readings to be done just before settlement day. Companies will require some notice so don’t leave it until the last minute.

Insurance – did you know that the property is at the risk of the purchaser at the expiration of the cooling-off period? It is advisable, however, that you maintain your own insurance for the property until settlement.

Local Amenities – think about the features you want from the area in which you want to live. Take note of local schools, shops, public transport, travel times to work or to visit family. People at different stages in life will want different amenities so do your research.

Building and Pest Inspection – it is a good idea to have a professional building and pest inspection done before proceeding with a purchase. Even if the building is relatively new, it is worth putting your mind at ease. Be sure to include a building inspection as a condition of the contract. It is not unheard of for vendors to undertake their own building inspection so there are no surprises during the cooling-off period.

Swimming Pool Compliance – does the property have a swimming pool? To be certain the pool safety fencing is compliant, include a compliance certificate as a condition of the contract.

Finance – contact your mortgage broker or bank as early in the process as possible. They can advise you of the documentation required to be submitted with your application such as payslips and other financial evidence. If your contract is subject to finance, the date for approval will be specified, so time is of the essence when providing information to the bank.

Ownership – think about how you will hold the Title to the property. You may purchase as a sole person/proprietor, joint tenants, tenants in common or maybe a trust or self-managed superannuation fund. If you are purchasing an investment property, or you have specific financial circumstances, you should seek financial advice about the best structure for you. The correct instructions must be given as errors can be costly to rectify. See also our “Joint Tenants or Tenants in Common” information sheet

Property Manager – if you are purchasing an investment property you will need to decide if you will manage the property yourself or engage a property manager. Managing yourself will save on agents’ fees, but will mean more direct involvement with a tenant. In engaging a property manager you will be more ‘hands-off’, but will need to take into account to cost.

Carpet and House Cleaning – if you are moving into your new home would you like to arrange for the carpets, floors and windows to be cleaned first? Does the house need a good professional clean? If you don’t have to move in on settlement day, you will have time for a clean to be undertaken.

Locksmith – the agent will hand over the keys to the property on settlement day. You may want to consider changing the locks to ensure security, so call a locksmith to assist. If the property has a security system, change the access codes and contact the provider to arrange monitoring.

Insurance – did you know when you purchase a property at auction, you must take out insurance immediately? If you purchase via private treaty, insurance is required at the expiration of the cooling-off period. In SA, property is at the risk of the purchaser until and after settlement. Talk to your conveyancer if you are purchasing a Community or Strata titled property, as insurance requirements can vary.

Utilities – take some time to research the best deals for utilities. You will need to arrange for connection of electricity, gas, telephone, internet, and perhaps NBN in advance, to ensure everything is ready for moving day. Utility connection and disconnection are the responsibility of the home-owner.

Redirection of Mail – have you let everyone know you are moving and have you advised them of your new address? Have a list of contacts who regularly send you mail ready so they can be notified after settlement. Most companies prefer to send bills and invoices via email so set aside some time to set this up before you move.

Removalist – have you booked a removalist for the day of settlement and do you have enough boxes to pack your belongings into? Start packing early and take the opportunity to pass on or dispose of things you don’t need!

Title Insurance

Title Insurance is available for residential properties. Stewart Title offers a comprehensive policy for transactions up to $5 million.  For transactions above $5 million, title insurance is still available and it can be tailored to suit the risk management needs of the purchaser.

Title Insurance covers matters such as illegal building work (capped at $150,000.00), enforcement action by government authorities such as the council, survey and boundary matters for properties less than 50 acres in size, registration gap, fraud, forgery and identity theft as well as planning and title defects.  It also covers unmarketability and any losses suffered on resale due to the existence of covered title risks. As with other title insurance policies, loss or damage must be suffered in order to make a claim and all known risks must be disclosed.

There is a once off premium payable on title insurance and no excess payable on any claims.

Further information regarding title insurance can be obtained from Stewart Title.

Strata Title

Prior to 1996, properties that were divided into units were set up as Strata Title. A unit in a Strata Plan is defined by the structural sections of the building where the interior linings are owned by the proprietor on the title but the exterior walls and roof of each unit are owned by the Strata Corporation along with the Common Property. The Common Property is usually a shared driveway, service area, gardens, gates and landscaping. Each Unit in the Corporation will usually have ‘unit subsidiaries’ attached for the unit owner’s exclusive use, the most common being the front or back yards and carports. Articles of the Association are set up at the time the Corporation is established. These may be either standard Articles or more specific rules which the Unit owners or Occupants must abide by.

Large Strata Corporations are usually administered by a Strata Manager who is responsible for the maintenance and upkeep of the Common Property and shared components of the land, as well as collecting the quarterly levies for maintenance funds and insurance. Smaller schemes of two or three units may be self-managed.

All unit owners are automatically members of the corporation and each year have the right to attend the Annual General Meeting. Owners will have a say and a vote for any works that may be required to take place in the future, what insurance is required and all other items that may arise in the general upkeep and management of the Strata Corporation.

Building and Public Liability Insurance is taken out by the Strata Corporation to cover the buildings and the common property over the land. The owners should take out either their own contents insurance or landlords insurance if the property is being rented out.

Each year administration fees are calculated along with a sinking levy (for future maintenance items such as painting) and these contributions are paid by each of the members on a quarterly basis. The contributions are calculated on a unit entitlement value which is usually based on the area or size of each individual unit. Insurance, garden maintenance, driveway and lighting maintenance are some of the items these fees are used for. Water use may also be paid as part of these fees by the Corporation if the scheme has a single shared water meter but usually these divided in accordance with the Unit entitlement (based on the Unit size) and are paid by the individual owners. Water rates are always sent direct to the Owner on an individual unit basis.

Community Title

In 1996 the Community Titles Act came into existence and the Strata Titles Act ceased to be in effect. In a Community Title, the land is held similarly to a Strata Unit but the boundaries are not related to the structural sections of the buildings but rather to the land itself. When subdivided in a Community Division the land is divided into Lots (rather than Units) which are specified on the plan. There is still Common Property and this can be a simple as a shared driveway and the service infrastructure or landscaping, gates, corridors and lifts.

A Community Corporation is created and the owners of each Lot are responsible for the administration the rules of the corporation called By-Laws. These By-Laws are similar to the Articles of the Association but are specific to each Community Corporation.

If the Community Corporation only has two Lots, then a Manager is not required and annual meetings are not required to be held. The owners generally share the cost for the insurance over the common property according to their lot entitlement. In a Community Corporation the Owners are responsible for the maintenance and insurance of any structures on their own Lot. No Owner is required to provide funds for maintenance to other Lot owners buildings

If the Community Corporation is larger two Lots then a Community or Strata Manager (this name has not necessarily changed with the changes to the Act) is usually appointed and they have the responsibility of organising the maintenance and insurance of the Common Property. Water use is calculated on the Lot Entitlement which is based on the Lot size and is usually paid by the individual owner.

Community Strata Title

An example of a Community Strata property are apartment blocks where there are multiple storeys.  The ownership is similar to the old Strata titles as the floors of one apartment are the ceiling to the one below therefore there is no definitive boundaries as in the new community titles.  It basically is a mix between the two and the Corporation is responsible for the insurance which is for the building and common areas, including the stairwells, lifts, rooftop access and swimming pools.  The Corporation is also responsible for the maintenance of the common areas and the Lot Owners pay administration fees to the Corporation towards this.

As in the Strata Title, each Unit in the Corporation will still have ‘subsidiaries’  for the Lot owner’s exclusive use which in this case is usually car parks and balconies.  The Corporation has By-Laws which are set up at the time the Corporation is established and these are the rules that the Owners or Occupants must abide by.

Unless separately metered the water use is calculated and paid the same as a Strata Title property.

Moiety/Company Title

Just to keep things interesting, prior to Strata Titles, land such as flats and units were often held in what was called a moiety title. This form of ownership is rare these days but does crop up from time to time. The land is owned by an entity which could be a person or a company and they have a lease over the whole of the land. The ownership of each unit is then setup as an under lease in the individual owners’ names for the portion of the land that they own. Alternatively a company was the registered proprietor on the Title and each owner was granted a share certificate for their portion of the land.

Buying a Strata or Community Title property?

If you are purchasing a property in SA that belongs to a Strata Corporation or Community Corporation, it is important that the Articles of Association or By-Laws, any Scheme Descriptions and Development Contracts and the Minutes of any meetings are carefully read.  These documents can inform you of vital information relating to the property which may affect you as purchaser.  There may be additional costs that are due after settlement for maintenance works such as painting or replacement of gutters.  Common property insurance must also be in place even if it is a new development.

This is where a good SA Conveyancer can assist you by reading through these and explaining what they mean.  It is also a good idea to have your conveyancer read these BEFORE you sign the contract or in the Cooling Off period.  Don’t get caught out – once you own the property it becomes your obligation to contribute to the corporation.

If you need to transfer a property or business between family members, business partners or as part of a de facto relationship then we as your conveyancer can prepare the necessary documents for you regardless of whether it is the result of a relationship that has ended or of one with new beginnings

When the Family/Matrimonial Transfer is a result of a new relationship then your conveyancer can arrange for the transfer papers to be prepared and lodged in order that registration can take place. There could be a bank involved as well so the appropriate documents will need to lodged with any relevant discharges or new loans at the Land Titles Office.

SEPARATION AND DIVORCE

When your Family/Matrimonial Transfer is a result of a relationship that has ended your conveyancer is a good place to start by discussing your situation to help you understand the upcoming steps to take, such as

• Speaking to a solicitor
• Arranging court orders
• Stamp duty exemptions

If you are going through a separation or divorce and your property has to be transferred as part of your property settlement then your conveyancer can prepare the necessary documents for you as well as liaise with the financier. To do this a Family Court Order with clear instructions of the property transaction is the best course of action.

Sometimes a caveat will need to placed over the property to secure the interest of a non registered party if Family Court Orders are yet to be done.

In many cases no Family Court Orders or Binding Financial Agreements have been prepared. It is in your best interest to arrange for these with a solicitor prior to transferring ownership. This ensures that the parties cannot come back a few years later and claim monies which they then believe they are entitled.

Quite often the parties are not talking or there could be restraint orders in place so your conveyancer must ensure all addresses, contact details etc remain confidential. This is a very good reason why you need your own conveyancer to ensure that there is no conflict of interest.

STAMP DUTY

It is possible for the transfer of property to be FREE of stamp duty under certain conditions, such as:

• A couple that is married to each other
• A de facto relationship, including same-sex couples that have been cohabitating in a bona fide relationship over a period of more than 2 years.

What we do for YOU in a Family/Matrimonial Transfer

• prepare the legal documentation required to transfer the land including the necessary statutory
• declarations for stamp duty purposes
• liaise with your mortgage broker and/or your financial institution to ensure all necessary documentation is completed correctly and is ready for settlement
• adjust all rates, taxes and levies if required
• prepare a settlement statement detailing all funds due and payable at settlement
• disburse any funds at settlement in accordance with any Court Orders
• advise the various government authorities of the change of ownership

DEATH

If you own a property with your spouse as joint tenants then an Application to Register Death is required to be lodged at the Land Titles Office which takes the deceased joint owner from the Certificate of Title.

However if ownership is by way of tenants in common then a Transmission Application will need to be lodged instead. In this instance a Grant of Probate will be required before the property can be dealt with. The Transmission Application transmits the ownership to the Executor of the Estate who can then either sell the property or transfer the property to the beneficiaries of the Estate.

See: Joint Tenants or Tenants in Common

CHANGE OF NAME OR ADDRESS

Often a Change of Name document is required to amend the name on the Certificate of Title. This comes about due to marriage, divorce or even a change of name by deed poll. If you have been requested for this to be done by your bank then you will need your conveyancer to prepare the relevant document that gets lodged at the Land Titles Office.

The same applies when you change your address. Most often this does not get done until you refinance or need to change it other reasons however you are able to lodge a Change of Address document at the Land Titles Office anytime at no charge.

At McKay Business Services we have specialists in this area and are fully aware of the sensitivity of all these types of transactions.

We will be there with you every step of the way to make sure the process is as seamless and stress free as possible.

There a number of questions that come up when discussing caveats so here are a few of the common ones:

WHAT CAN A CAVEAT BE PUT ON A PROPERTY FOR?

There are multiple reasons for lodging a caveat some of which are:

• A right of an individual who has contributed to the “acquisition, maintenance and improvement” of the land;
• Unregistered mortgages and Loan Agreements;
• Unregistered leases;
• Caveats by authorities (such as for unpaid taxes or rates);
• Charges on the land for commercial ventures;
• A Purchasers interest in a contract to buy land;
• As a beneficiary to a Will
• As beneficiary of a Trust

It is a common misunderstanding that a person/party can lodge a caveat over the property of a person who is in debt to them to secure the repayment of that debt. This is not enough in South Australia for one person to just owe another person money as there must be a real connection with the land. The Lands Titles Office will examine a caveat before it is registered on a Title to ensure the reason for the lodgement is valid (a caveatable interest), however the merit of a caveat is a matter for the parties involved.

CAN I STILL DEAL WITH THE LAND IF A CAVEAT HAS BEEN LODGED?

It will not always be possible to register any dealing with the land unless the caveat allows it (which most do) and the dealing is made subject to the claim in the caveat.  It also will depend on what the dealing is and whether or not the claim supporting the caveat is strong. If the caveat is removed then any subsequent dealings can proceed.

For instance if it is a new mortgage then the lender may require the caveat to be withdrawn before finalising a new loan or they could lodge the new mortgage subject to the caveat (unlikely)

If the property is being sold then the caveat will need to be withdrawn and satisfied prior to settlement.

WHAT NEXT?

The caveat is just a protection measure and it is important to seek advice before lodging or removing a caveat and also have a discussion about what next steps to take.

If the claim arises out of a relationship breakdown then it is best to seek legal advice and undertake proceedings in the Family Court.

If the claim is for an unregistered mortgage then you may still be at risk if the property is sold by the lender under a power of sale. The caveat is automatically removed in this circumstance and you may not have rights to outstanding monies after settlement.

The consequences of lodging a caveat that has no merit is that the person who lodged it (the caveator) will be liable to pay compensation to a party who suffers any type of loss due to the caveat unnecessarily been put in place. The legal costs are quite high if there are objections from both parties about the merit of the caveat.

DO I HAVE TO DISCLOSE THE CAVEAT WHEN SELLING THE LAND?

Yes you do! In South Australia this gets disclosed in the Form 1 document which is the document which must be provided upon any sale of land. If the caveat is not disclosed correctly then the Purchaser may be entitled to void the contract.

HOW DO I A REMOVE THE CAVEAT?

To remove the caveat without an agreement between the parties can require either an application to the Registrar General or an Order of the Supreme Court. In both instances, the caveator will be obliged to commence Court proceedings or defend proceedings to prove their caveatable interest. The risk of these Court proceedings is that if you are unsuccessful in proving a caveatable interest the costs will be claimed from you.

IF I LEND MONEY TO SOMEONE WHO IS BUYING A PROPERTY CAN LODGE A CAVEAT TO PROTECT MY INTEREST?

If it is a loan then Yes you can but you could also lodge a registered mortgage over the property as well if there is no other lender involved. It also will depend upon the intention behind the payment towards the purchase. If it was a gift then the answer would be no.

IF I REMOVE THE CAVEAT, CAN I PUT IT BACK ON LATER?

A Caveat can only be lodged once for the same reason so you may need to apply to a Court before lodging another caveat. As with any caveat there is always a risk that other parties may have a claim against the property first.

GET ADVICE

It is not always easy to determine whether you have an interest in a property by reason of a debt or agreement. It is important to seek competent legal advice in any case where you are considering lodging a caveat against someone’s property.

If you think you have a legal interest and want to protect that interest the it is best to talk to your conveyancer or solicitor to advise you and arrange for the preparation and registration

Now when selling your property or business privately it is essential that all dealings are in conjunction with the Real Property Act. We as your conveyancer can help you with that by:

• Initial contact and instructions
• preparing the contract
• conducting all government searches
• preparing the Form 1 or Form 2 (required under Section 7 of the Land and Business Sale and Conveyancing Act 1994)
• as well as issuing all the necessary documentation to you and the purchaser.

If it’s a complex matter regarding multiple mortgages, caveats and guarantees then your conveyancer will advise you on what is legally required for you to sell your property or business. There will be additional documents and other parties that may be involved which need to prepare third party documents. This is all handled by the Conveyancer to ensure they have all necessary documentation to complete settlement.

DISCUSS THE CONDITIONS OF THE CONTRACT WITH YOUR CONVEYANCER

No matter if you are selling or purchasing in a private matter you will need to discuss and agree to the conditions of the contract with the other party.

If we are acting for you as the Vendor then we would liaise with you to obtain all the contract information and ensure that both parties have provided all the details they would like included in the contract. This may include conditions such as finance clause, building & pest inspection, works to be completed and many other conditions. The Form 1 is served shortly after the signing of the contract and this gives the purchasers 2 clear business days of cooling off rights.

If we are acting for you as the Purchaser then we would discuss the draft contract with you and confirm that you are happy with all the terms and conditions.  This forms part of the negotiating stage in which we as your conveyancer will ensure that everything in the contract is understood and agreed by all parties.

It is also very important that both the purchaser and vendor have their own independent conveyancer to complete their part of the conveyancing transaction. This will avoid any conflict of interest that could occur if you both used the same conveyancer.

The difference with a private contract is that the deposit payable by the purchaser will be paid directly to the Vendors Conveyancers trust account instead of a real estate agent trust account. This is held securely in the trust account until settlement date.

Private contracts are a positive way to deal with a sale and purchase of properties and businesses as you can negotiate between each other and deal with the transaction in a timely matter that suits both your needs.

If you require advice on contractual arrangements, special conditions and any other obligations then please contact McKay Business Services on 08 8333 3525 to discuss.

WHAT IS A FORM 1?

The Form 1 (Vendors Disclosure Statement) is the formal statement that must be served on the Purchaser and provides the cooling off rights and certain details relating to the property being sold. It is required under Section 7 of the Land and Business (Sale and Conveyancing) Act 1994.

A Form 1 is normally done by the real estate agent but your conveyancer can also complete the Form 1 for you if they have suitable insurance. It is important that the Form 1 is accurate and complies with relevant legislation as there is a risk that it will be considered defective if it is not completed correctly which puts the contract at risk. This is a potential problem for the vendor who may lose the sale and/or have default charges claimed due to the inaccurate information. By requesting your conveyancer to do the Form 1 they will carefully read through/conduct searches to ensure that all information is provided and the Form 1 is completed correctly.

The purpose of the Form 1 is to make the purchaser aware of any particulars with the land that could affect their purchase. It is in the purchaser’s best interest to read through it so they understand all the particulars concerned

Particulars noted in Form 1 can include:

• Cooling off rights (see FAQ’s What are cooling off rights?)
• Inquiries of the land eg mortgages, encumbrances, easements, lease agreements, tenancy agreements,
• Rights to lien a right to keep possession of property belonging to another person until a debt owed by that person is discharged.
• Development plans
• Emergency service funding
• Public and environmental health
• Sewerage
• Waterworks

If you intend to carry out building work on the land, change the land or divide the land you should make further inquiries to determine whether this will be permitted. For example, building work may not be permitted on land not connected to a sewerage system or common drainage scheme if the land is near a watercourse, dam, bore or the River Murray and Lakes.

It is always in the purchaser’s best interest to speak to a conveyancer either BEFORE they sign the contract or at least in the cooling off period to ensure that they understand what both the Contract and Form 1 mean and how the all the disclosed information affect them.

WHAT ARE COOLING OFF RIGHTS?

Most purchasers have a statutory right to terminate a contract (cool off). A purchaser exercising that right must give written notice of the cooling off to the vendor within two clear business days after the later of both:

• receiving a complete and accurate Form 1
• entering into the contract.

In South Australia, settlement cannot occur within 10 days of service of the cooling off papers.

Not all buyers of property have the right to cool off. The right does not exist if:

• you have waived your right by getting independent legal advice and have a certificate from the legal practitioner to that effect
• you bid at auction and were successful or purchased later that day
• if you are purchasing as a company and you are buying commercial property
• Other situations could also affect whether you have the right to cool off so it is wise to talk to your conveyancer prior to signing the Contract.

You would be requested to waive your cooling off rights if the property you are purchasing is going to auction.  This ensures that the vendor has an unconditional contract and that you will not be able to just change your mind.

If the property is being auctioned, then the Form 1 must be available for inspection at the agent’s office at least three business days prior to the auction and at the place of auction at least 30 minutes before the auction commences.  You will be bound by the contract from the time that your offer is accepted.

When does Cooling Off start?

Most purchasers are entitled to a cooling off period and this starts upon the service of the Form 1 document on you as the Purchaser.   Your cooling off period expires at the end of the second clear business day after the Form 1 has been served.  If you were served the Form 1 on a Tuesday then your cooling off finishes at the end of Thursday.  If you were served the Form 1 on a Friday then your cooling off does not finish until the end of Tuesday.  The weekend days are not counted as business days.

Service is that date you receive the Form 1 or if served by fax or to an email address provided by you for the purpose of service then the date of service is taken to be the time of transmission of the fax or email.  According to the Land & Business Sale & Conveyancing Act 1994 the Form 1 may also be served by post or certified mail

If the Contract is fully signed after the Form 1 has been served then cooling off will start at the time of signing the contract.

Choosing to consult a Conveyancer about the contents of the statement during the cooling off period will ensure that you are aware of various details affecting the property. Once served you have two clear business days to either cool off if you change your mind or find out information about the property which does not suit you.

Whilst some contracts may be conditional upon the satisfaction of a pre-condition it is unusual for a contract to contain a cooling-off right by agreement.  An example of an agreed cooling-off right is where one party has a right to terminate the contract before a certain date if they are not satisfied with the outcome of their due diligence enquiries. (often found in commercial contracts but not usual in a residential contract)

Unless you legally cool off, you are obliged to try to fulfil the special conditions and ultimately finalise the settlement. If for any reason, you choose not to proceed with the purchase after the cooling off period has expired then they may be various financial consequences including the loss of any deposit you have paid, payment of default interest and even payment of the difference in price on resale.

How do I Cool Off?

During your cooling off period you can cool off at any time and if you choose to do this then it must be done correctly.

You will need to issue a cooling off notice in writing to the vendor or the vendor’s agent before the period expires. This must be done in person, by registered mail or by email (if the Form 1 allows for this and also by fax.

Clear details of how to cool off are outlined in the Form 1. It would also be a good idea to talk to your conveyancer as to do this correctly and in accordance to what the Form 1 says

During the Cooling off Period

The cooling off period can be used by you as the purchaser to conduct a building and/or pest inspection to ensure that you are happy with your decision and so that you are aware of any maintenance issues that you may have to deal with once you own the property.

It is always advisable to talk to your conveyancer either before you sign a contract or as soon as you have been served the Form 1 so that they can assist you by checking the Contract and Form 1 and advising you as to your rights and obligations in relation to the Contract.