Property Finance Law
Property Law & Conveyancing
We offer expert legal advice when it comes to Your property finance
The team at Burgess Thomson are here to offer our legal and technical expertise when it comes to all areas of property finance. Property investment has quickly become Australia’s leading industry, surpassing mining, home ownership and financial services. Its significance is expected to increase in the years to come. We work with property investors, first homeowners and SMSF property purchasers to assist with buying and selling properties.
How Burgess Thomson can help
Burgess Thomson recognises the importance of having a strong property finance team to assist in property acquisition and development. At Burgess Thomson we can assist by drafting, reviewing, and negotiating contracts and advising parties with disputes that may arise from property arrangements.
Our experienced property lawyers are at the forefront of the market, providing advice for lenders and borrowers. There are inherent costs and risks with lending finances. Burgess Thomson advises on loan, security and guarantee documentation by providing technical expertise, sector knowledge, commerciality and risk assessment. At Burgess Thomson we can confidently advise in relation to the National Credit Code and give the necessary legal guidance to our clients.
arrange a consultation with one of our experienced licensed conveyancers or conveyancing solicitors in Newcastle
Why do you need professional legal advice when buying/selling property?
When buying or selling property, there is a contract involved. It is wise to consult legal guidance whenever you are signing a contract. When making a large financial decision, such as property investment, seeking advice from a legal team can give you a sense of security with the transaction and help avoid any pitfalls or misunderstandings. Burgess Thomson thoroughly review detailed contracts for purchase and sale of properties to ensure you are receiving the best outcome.
When should I seek legal advice about my property investment?
If you are thinking of investing in property, you should get in touch with your legal advisor as soon as possible. The sooner your solicitor is involved in the property acquisition process, the more essential advice and guidance you will receive.
What is the National Credit Code?
The National Credit Code (NCC) regulates all consumer lending, including new loans for residential investment property by non-corporate borrowers (individuals). The law applies to all continuing loans that were entered into prior to1 July 2010. This means any new investment property purchases must comply with the National Credit Code regulations to ensure fair protection for consumers.
What is land tax?
When you own property that is not your principal place of residence, you may be liable to pay land tax. Land tax is about 1.7% of any land value above the threshold. This changes from year to year. It is important to remember this valuation does not include the house or unit itself, just the value of the land.
What is tenancy?
Most persons in long term relationships (married or de facto) buy property as “joint tenants”. This means if one joint tenant dies, the other automatically becomes the owner of the property. When investors buy property, they can choose to purchase as “tenants in common”. This means the interest in the property of the deceased party passes according to their will, not automatically to any other tenant in common. Tenants in common can hold unequal shares and either one can sell their respective share, when they want and to whoever they wish. At Burgess Thomson we can discuss both options with you to help you make an informed decision about your property interests.