ROMANO Review Online

Volume 1 Issue 1 December 1996

This Quarter’s Issue

Property Law, The Complex Legal Issues

Conveyancing, Tips, Tricks and Good Advice

New Appointments

Inside

Property Matters - Protect Your Interest

Mortgages - What You are Not Told

Unapproved Structures

Property Matters ~ A complex set of legal issues

Your house will probably be the biggest transaction of your life - Protect It!

Protect Your Interest

Buying a property is a big financial transaction, for most people it will probably be the single biggest transaction they will ever undertake in their lifetime.

Some people believe that they can do their own conveyancing, with a kit. If it was only forms and searches than they probably could, but it is not that simple. It is essential that you understand the risks involved before entering into a binding contract to purchase or sell a property. Potentially, you could make a mistake during the transaction that may not necessarily become apparent for many years. These errors could turn out to be very costly and impede on your ability to resell the property. You may even receive a defective title and find yourself competing with others who claim to be entitled to an interest in your property, or find that a structure has to be pulled down at a substantial cost to you.

Whether buying a first home or a multi-million dollar building the risks are the same. Wouldn’t you rest easier knowing you have a legal representative specifically qualified and experienced in the complex issues of Conveyancing and Property Law?

Romano & Co has been advising the Canberra community for over 28 years on a wide array of property transactions, throughout the ACT and NSW. The firm’s qualified, and more importantly, experienced solicitors can advise you on all your property matters, from explaining the terms, conditions and warranties of the contract and mortgage to assisting you unravel the complex issues of ownership and the best method suited for you, be it as a trustee, joint tenant or tenant-in-common.

At Romano & Co we do more than just assist you by filling in the forms and doing searches. We take the time to explain the effects and consequences of the contract you are about to enter into. Remember the Real Estate Agent is there acting solely for the Vendor, you too need someone to protect your rights and advance your interests. This is our job.

Relative to the value of the property, the cost of conveyancing is a small price to pay to ensure the job is done correctly, with the level of skill, expertise and experience conveyancing requires. There may of course be many other legal matters, that arise from a property transaction, that need to be addressed. Do you need to make a new Will? Do you need a Trust? Will you be liable for any Taxes? How can you protect your rights against Tenants? One of our Solicitors will be glad to assist you with legal advice on all your property transactions or any other legal matter. Call us on (06) 247 6277 for a no charge initial consultation. z

Mortgages

What You are Not Told

The purchase of property inevitably entails the assistance of a bank or financial institution to raise the necessary funds. To secure its interest in the repayment of the money, the lender will usually require a mortgage over the property and or other commitments from the persons wishing to borrow.

Home loans, mortgages and other financial agreements are highly technical and have far reaching and binding effects on the persons entering such agreements.

What may seem a simple and straight forward contract on first appearance, can in fact be filled with loopholes and unjust demands that may come back to haunt you. How many realize that the value of their mortgage debt may encompass all debts owed to the lender, both present and ones that come into existence in the future.

These debts may include credit cards and/or guarantees that you have provided. By signing the mortgage document you may also be appointing the lender as your attorney and/or providing the lender with a right to withdraw money from your deposit accounts which are held with them if you default.

Before entering or signing any legal agreement, it is essential to be appraised of the exact nature of all its contents and of the potential legal and or economic repercussions that it may impose. Only a qualified lawyer can provide you with this service, and only a firm such as Romano and Co can provide you with a variety of legal services to ensure your property purchase is finalized without heartache and unnecessary stress. z

Unapproved Structures

The standard ACT contract for sale contains a clause that refers to unapproved structures. This clause is one of the most important clauses in the agreement.. If an unapproved structure has been disclosed and you overlook it, you may be liable to have the structure approved or worse still be required to pull it down if it has not been completed according to the relevant building regulations. All of this can become very costly and can be avoided.

Just because you are prepared to take the chance with an unapproved structure does not mean that your bank will, in fact in most cases they will refuse to provide finance unless the structure is approved. An unapproved structure may even vitiate your insurance policy. If your fireplace is not approved and your house burns down as a consequence of the fire place, you may not be covered. How many people know that it is an offence to occupy a premises for which the relevant approvals and certificates have not been issued?

Where the improvements are to be within the plot ratio parameters, a new structure may result in exceeding those parameters which would require changes to the Crown Lease and payment of a betterment premium.

To ensure the job is done right and no unnecessary expenses are incurred, you need a competent and experienced solicitor to assist with the searching of building files as well as the many other technicalities of conveyancing. z

New Appointment

Romano & Co is pleased to announce the appointment of Andrew Satsia to the firm. Andrew has studied Economics at the ANU and Law at the University of Canberra. Andrew joins the firm’s litigation and criminal law sections as a Junior Solicitor under the guidance of the Senior Associate Domenico Romano. z

Seasons Greetings

The Partners and Staff at Romano & Co would like to wish all our valued clients a very merry Christmas and a fantastic new year. Please note that our Canberra City office will be Closed from midday Tuesday 24^th December 1996 through to 9:00 am on Thursday 2^nd January 1997.

Romano & Co Canberra + Level 4 Colonial Building 161 London Cct Civic ( (06)2476277

ã Romano & Co Canberra ~ Client Newsletter ~ December 1996

Disclaimer ~ The articles in this newsletter are for general information only and are not intended to be relied upon as legal advice. Before acting obtain further detailed legal advice.