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Gabby Ogilvie
Residential Sales Relations
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Kim Cawthorne
Residential Property Consultant
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Marika Hart
Managing Director

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Buying Faq

Yes, the conveyancer will legally process the transferring of ownership (including rights, title and interest) from one legal entity into another. A conveyancer is required for both selling and purchasing of property.

Payment of a deposit forms part of the conditions of purchasing a property and is an act of good faith that you as a purchaser intend to move forward with the purchase.

A Contract of Sale for the purchase of a property is a legally binding document, failure to honour the obligations under the contract will result in a breach of contract.

Generally, the deposit is 10% of the purchase price, this can be negotiated with the Sales Agent. The deposit is held in the Sales Agent trust account until settlement, with the deposit forming part of the purchase price.
If the purchase of a property is subject to any conditions (i.e Finance approval) within the Contract of Sale that you are unable to obtain and all endeavours have been taken to obtain unconditional approval, then the deposit will be returned.
Once the Vendor/s and Agent have signed the Form 1 – Vendor’s Statement, as the Purchaser you will be served a copy of this document which initiates your cooling off period.

Cooling off is two clear business days, with this period ending midnight on the last business day. Within this time frame should you wish to not move forward with the purchase you are given the opportunity to cool off. If you do wish to do this, notice would need to be completed in writing to your Agent.

Should you wish to proceed with the purchase, once your cooling off period has ended your deposit will be due in your Agent’s trust account.
Within the Contract of Sale, a date will be noted that unconditional finance approval will need to be obtained. Should this not be obtained by the date, if agreed by both parties (Vendor/s and Purchaser/s) an extension can be arranged for a new date for finance to be obtained.
The best way to determine the stamp duty payable is by visiting; https://www.revenuesa.sa.gov.au/stampduty/calculate-stamp-duty and follow the prompts

In South Australia, the equivalent to a Section32 is the Form 1.

The Form 1 is a statement that is required under Section 7 of the Land and Business (Sale and Conveyancing) Act 1994. This document is made available once a contract has been signed by all parties. This document will contain information on the property itself, including details like:

  • Vendor & Purchaser
  • Selling Agent
  • What ‘cooling off’ rights you have as a buyer
  • Details on matters that may affect the property, such as encumbrances, mortgages, zoning, building approvals

The below may be terms you come across:

  • Restrictive Covenant: Relates to any conditions that may stop you developing the property in certain ways.
  • Encumbrance: Will appear on a title if any restrictive covenants are included on the property, which may affect the title by controlling the future use or development of the land.
  • Easement: Can include agreements or rights of a neighbour to use a part of your property to access their own. This also may include an easement over the land for SA Water or SA Power to access services on the property.
  • Leases and tenancy agreements: Relate directly to occupancy of the property.
  • Development: Will inform you of anything relating to the Development Act such as building approvals, land management agreements with the local council, etc.
Usually relates to townhouses or units. A strata plan divides the land so property is owned by individuals and common areas are jointly owned and shared by all owners. A Strata Corporation is formed with the corporation required to formally meet at least once a year to consider items like insurance and any legal requirements. Each owner has one vote. The unit entitlements determine the amount each owner pays towards insurance and other fees – found on the strata plan.

If you are purchasing a strata titled property, even if self-managed, the Form 1 will outline any fees and certificate of currency for insurance.
When land is divided into at least two lots and includes an area of common property it is considered a community plan. Common property is shared land such as a driveway. A title is issued for each lot and common property. There are two types of community titles:

Community Strata: Boundaries are defined by the building on the community parcel. The buildings are part of the common property, therefore the corporation must maintain and insure.

Community Schemes: Boundaries for each lot are defined surveyed land measurements. Each lot owner needs to maintain and insure buildings on their lot. The community corporation must insure any structures in common areas.

The corporation is required to formally meet at least once a year to consider items like insurance and any legal requirements. Each owner has one vote. The unit entitlements determine the amount each owner pays towards insurance and other fees – found on the community plan. By-laws are provided for the administration, management and regulation of the use of the common property and community lots.

If you are purchasing a community titled property, even self-managed, the Form 1 will outline any fees and certificate of currency for insurance.
Upon signing of the Form 1, you have 2 clear business days before you must pay the deposit amount stated in the Contract of Sale into the Sales Agent trust account. Once the cooling off period has expired and there are no other conditions needing to be met to purchase the property, the purchaser is bound to the contract.
Your settlement date will be noted in your Contract of Sale, this date may be determined by if you as the purchaser have conditions to meet to fulfil the purchase of the property, i.e. Subject to Finance, Building or Pest Inspection, Subject to Sale and Settlement of another property.

Once all conditions have been met and you have paid your deposit, your settlement date won’t be too far away.

Before your settlement date, there are a few things to organise and your Sales Agent would be more than happy to run through these steps with you, from organising removalists, connecting your services (electricity and gas) and changing your postal address to name a few.
The owner of the property will retain full insurance cover on the property up until the settlement date. It is highly recommend that purchasers take out a cover note of insurance over the property you are buying as you have an interest in the property from signing of the Contract of Sale. Mortgage Lenders may ask for a copy of this insurance to form part of your finance application.
The tenant has the right to stay in the property until their lease end date.

Your Sales Agent can speak with you in further details surround the type of lease the tenants are in, being either fixed term agreement or periodic tenancy.

Should the property have a tenant in the property, as the buyer you would take over as the landlord of the property until the tenants lease end date or whichever date comes first, being either lease end date or settlement date.

Buying Faq

Yes, the conveyancer will legally process the transferring of ownership (including rights, title and interest) from one legal entity into another. A conveyancer is required for both selling and purchasing of property.

Payment of a deposit forms part of the conditions of purchasing a property and is an act of good faith that you as a purchaser intend to move forward with the purchase.

A Contract of Sale for the purchase of a property is a legally binding document, failure to honour the obligations under the contract will result in a breach of contract.

Generally, the deposit is 10% of the purchase price, this can be negotiated with the Sales Agent. The deposit is held in the Sales Agent trust account until settlement, with the deposit forming part of the purchase price.
If the purchase of a property is subject to any conditions (i.e Finance approval) within the Contract of Sale that you are unable to obtain and all endeavours have been taken to obtain unconditional approval, then the deposit will be returned.
Once the Vendor/s and Agent have signed the Form 1 – Vendor’s Statement, as the Purchaser you will be served a copy of this document which initiates your cooling off period.

Cooling off is two clear business days, with this period ending midnight on the last business day. Within this time frame should you wish to not move forward with the purchase you are given the opportunity to cool off. If you do wish to do this, notice would need to be completed in writing to your Agent.

Should you wish to proceed with the purchase, once your cooling off period has ended your deposit will be due in your Agent’s trust account.
Within the Contract of Sale, a date will be noted that unconditional finance approval will need to be obtained. Should this not be obtained by the date, if agreed by both parties (Vendor/s and Purchaser/s) an extension can be arranged for a new date for finance to be obtained.
The best way to determine the stamp duty payable is by visiting; https://www.revenuesa.sa.gov.au/stampduty/calculate-stamp-duty and follow the prompts

In South Australia, the equivalent to a Section32 is the Form 1.

The Form 1 is a statement that is required under Section 7 of the Land and Business (Sale and Conveyancing) Act 1994. This document is made available once a contract has been signed by all parties. This document will contain information on the property itself, including details like:

  • Vendor & Purchaser
  • Selling Agent
  • What ‘cooling off’ rights you have as a buyer
  • Details on matters that may affect the property, such as encumbrances, mortgages, zoning, building approvals

The below may be terms you come across:

  • Restrictive Covenant: Relates to any conditions that may stop you developing the property in certain ways.
  • Encumbrance: Will appear on a title if any restrictive covenants are included on the property, which may affect the title by controlling the future use or development of the land.
  • Easement: Can include agreements or rights of a neighbour to use a part of your property to access their own. This also may include an easement over the land for SA Water or SA Power to access services on the property.
  • Leases and tenancy agreements: Relate directly to occupancy of the property.
  • Development: Will inform you of anything relating to the Development Act such as building approvals, land management agreements with the local council, etc.
Usually relates to townhouses or units. A strata plan divides the land so property is owned by individuals and common areas are jointly owned and shared by all owners. A Strata Corporation is formed with the corporation required to formally meet at least once a year to consider items like insurance and any legal requirements. Each owner has one vote. The unit entitlements determine the amount each owner pays towards insurance and other fees – found on the strata plan.

If you are purchasing a strata titled property, even if self-managed, the Form 1 will outline any fees and certificate of currency for insurance.
When land is divided into at least two lots and includes an area of common property it is considered a community plan. Common property is shared land such as a driveway. A title is issued for each lot and common property. There are two types of community titles:

Community Strata: Boundaries are defined by the building on the community parcel. The buildings are part of the common property, therefore the corporation must maintain and insure.

Community Schemes: Boundaries for each lot are defined surveyed land measurements. Each lot owner needs to maintain and insure buildings on their lot. The community corporation must insure any structures in common areas.

The corporation is required to formally meet at least once a year to consider items like insurance and any legal requirements. Each owner has one vote. The unit entitlements determine the amount each owner pays towards insurance and other fees – found on the community plan. By-laws are provided for the administration, management and regulation of the use of the common property and community lots.

If you are purchasing a community titled property, even self-managed, the Form 1 will outline any fees and certificate of currency for insurance.
Upon signing of the Form 1, you have 2 clear business days before you must pay the deposit amount stated in the Contract of Sale into the Sales Agent trust account. Once the cooling off period has expired and there are no other conditions needing to be met to purchase the property, the purchaser is bound to the contract.
Your settlement date will be noted in your Contract of Sale, this date may be determined by if you as the purchaser have conditions to meet to fulfil the purchase of the property, i.e. Subject to Finance, Building or Pest Inspection, Subject to Sale and Settlement of another property.

Once all conditions have been met and you have paid your deposit, your settlement date won’t be too far away.

Before your settlement date, there are a few things to organise and your Sales Agent would be more than happy to run through these steps with you, from organising removalists, connecting your services (electricity and gas) and changing your postal address to name a few.
The owner of the property will retain full insurance cover on the property up until the settlement date. It is highly recommend that purchasers take out a cover note of insurance over the property you are buying as you have an interest in the property from signing of the Contract of Sale. Mortgage Lenders may ask for a copy of this insurance to form part of your finance application.
The tenant has the right to stay in the property until their lease end date.

Your Sales Agent can speak with you in further details surround the type of lease the tenants are in, being either fixed term agreement or periodic tenancy.

Should the property have a tenant in the property, as the buyer you would take over as the landlord of the property until the tenants lease end date or whichever date comes first, being either lease end date or settlement date.

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