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Assignment of Commercial Lease

Property Law: 03 April 2024

A tenant may wish to assign their lease in certain circumstances, for example if they sell their business, or if the premises’ is no longer suitable.

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Making Good Provisions – Commercial Leases

Property Law: 21 March 2024

Make good clauses dictate how the tenant should vacate the property once the lease comes to an end, imposing a legal obligation to restore the premises to its original condition before the commencement of the lease.

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Heads of Agreement – Commercial Leasing

Property Law: 14 March 2024

The first step to securing a non-retail commercial lease is often execution of a ‘Heads of Agreement’. This is a document signed by both tenant and landlord in anticipation of executing a formal lease, used during the negotiation stage of leasing wherein both parties recognised the key terms of the lease (such as the lease term, financial provisions and details of the premises).

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Retail v Commercial Leases

Property Law: 12 March 2024

The classification of a lease is an important exercise for both landlord and tenant alike. If the lease is classified as ‘retail’, a tenant is afforded more protection under the Retail Leases Act 2003, which are normally unavailable to commercial lease tenants.

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What is a Section 27 Statement?

Property Law: 28 February 2024

Most deposits paid towards the purchase of a property, are usually held by a legal practitioner (or conveyancer), or real estate agent, in trust as a stakeholder. Often the vendor requires access to the deposit before settlement to, for example, put a deposit on another property.

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Tenants in Common versus Joint Tenants

Property Law: 22 February 2024

You have decided to purchase a property with a spouse, partner, friend, or sibling, or all four of them, what next? One key step is to agree on the ownership arrangement on the title for the property.

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First Home Buyer Incentives

Property Law: 20 February 2024

I am a first home buyer in Victoria, am I eligible to receive any grants, and concessions or exemptions to the stamp duty payable on the purchase? I need all the help I can get.

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Buying residential property at an auction

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Buying residential property at an auction

Property Law: 15 February 2024

We all like watching a live auction (particularly on The Block), but whilst it might appear quite glamours, there are certain things you should be mindful of when purchasing a residential property at auction in Victoria.

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Co-owners’ Agreements

Property Law: 05 February 2024

Whenever two or more people agree to combine resources in order to purchase a property together, if the Family Law Act (1975) does not apply, a co-owners’ agreement setting out the expectations, rights and obligations of the parties is an almost indispensable first step.

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Double Duty - the Dangers of Land Development before Nomination

Property Law: 16 January 2024

In Hartman v Commissioner of State Revenue [2022] VCAT 28 The Tribunal affirmed the Commissioner’s assessment of “double duty” in circumstances where the named purchaser sought a planning permit to subdivide the property before nominating two companies (as trustees of trusts associated with him) to take one title each at settlement.

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Conducting your own Due Diligence

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Conducting your own Due Diligence

Property Law: 16 November 2023

In addition to the review of the Contract and Vendor Statement, it is also essential that a purchaser conducts their own due diligence. ‘Due diligence’ refers to the searches, enquiries and inspections that a buyer may undertake when considering whether to purchase a property.

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Review of Contract before Property Purchase

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Review of Contract before Property Purchase

Property Law: 16 November 2023

Whether you are a first home buyer or experienced property investor, one of the first steps you should take when purchasing a property is to have the Contract of Sale and Vendor Statement reviewed by a lawyer.

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Simultaneous Settlement Explained

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Simultaneous Settlement Explained

Property Law: 25 October 2023

If you are relying on the proceeds from the sale of your property to purchase another, then you may require a simultaneous settlement. This is a common situation where you arrange for the settlement of your current property and the settlement of your new property to happen at the same time.

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Condition of property on settlement

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Condition of property on settlement

Property Law: 19 October 2023

Once your property is sold, you and the purchaser will need to agree on a settlement date. During this period, the vendor is still the registered proprietor of the property and, subject to any contractual arrangements to the contrary, is responsible for keeping the property maintained.

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What are encumbrances and how can they affect my sale?

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What are encumbrances and how can they affect my sale?

Property Law: 17 October 2023

An encumbrance is an interest in a piece of land by someone other than the registered proprietor. Encumbrances place limitations on a property and may affect how a property can be used and developed. Examples of encumbrances include mortgages, easements, covenants, section 173 agreements and caveats.

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