Assignment on Property Law (pdf)

Added on - 22 Nov 2020

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PROPERTY LAW
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Activity 1.1.............................................................................................................................1Activity 1.2 Advising on a contract.......................................................................................3TASK 2............................................................................................................................................6Activity 2.1 Drafting a transfer..............................................................................................6Activity 2.2.............................................................................................................................9TASK 3..........................................................................................................................................11Activity 3.1 Settlement Statement........................................................................................11Activity 3.2: Settlement Agenda..........................................................................................13CONCLUSION..............................................................................................................................15.......................................................................................................................................................15
INTRODUCTIONProperty law is defined as the law which governs the rules and regulations related withproperty. This law mainly falls under the category of common law where decisions are taken onthe basis of situations. People must follow the guidelines of contact law and property law whilepurchasing and selling any land. This report will be divided into three different part where firstpart will provide knowledge about contract of property law. The second part will give majorfocus on pre-settlement and why this is necessary. And the final task will be related with actualsettlement and what are necessary steps that need to be followed at the time of post-settlement.TASK 1Activity 1.1It is necessary that there must be a valid contract between buyer and seller at the ofpurchasing and selling any property. It is mandatory that every section must be properlyaddressed to make it a valid contract. Simple mistake can create various issues and that can beconverted into stay order from different level of court. Some of the clause that are required at thetime of involving in any type of contract related with property law are listed below.1.There must be the certificate of property for which agreement is to be done.2.The plan of land should be there which is related with the shape and structure ofparticular law or property.3.Certification of Environmental Planning and Assessment Act, 1979 must be obtainedunder section 10.7(2)4.The owner must have the diagram of infrastructure which covers the sewerage facilitywhere location must be provided of sewer lines.5.Certificate of land tax clearance should be there at the time of purchasing property.6.If owners want to have insurance of the land than documents must be attested which fallsunder home and building Act, 1989.7.Certificate of swimming pool (alternate as it should be obtained in those condition wherethere is requirement of any swimming pool in the boundary of that property which isgoing to be bought.)8.In the case of property if any by-laws are prepared then it is the responsibility of that theyprepare legal documents of under clause no. 23 of contract law.1
9.If property is to be further divided, then plan of land is also required to be obtained underthe contract of property law.10.This are some of the basic requirement which need to be followed at the time of purchaseand sale of property. Additional contract may be required upon the desire of purchaser.After taking the proper knowledge about the field the legal documents are to be preparedwhere it is to be mentioned that,TERM & Condition of a contractHere by the document should be singed by both parties which contain the followingdocuments:1.Contract of sale:2.Property:3.Purchase price:4.Terms of Payment and possessionThis are some of the area that need to be focused more at the time of entering into acontract.Some of the disclosures that need to be done by vendor at the time of doing contract.Here it is necessary that vendor must do some of the necessary disclosures where theyneed to mention all those facilities which are present in the particular land. According to therecent changes, vendor must tick the boxes where document is prepared by legislation. The boxcontains various like information dishwasher, light fittings, stove, solar panels, TV antenna, andany more. Here those areas should be ticked which are present in house or land.After that it is necessary that clause 3 should be marked which state that vendor is agreedfor deposit-bond and if transaction is going to done through electronic mode that clause 30should be filled with appropriate documentation.Two conditions that need to be fulfilled1.The purchaser need to keep the property in good condition and where proper repairing ontime of time is required.2.Must allow the vendor or authorized person of vendor to enter in the premises of land forthe purpose of inspection.2
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