Just Conveyancing (under the umbrella of Hones Lawyers) have been specialising in Company Title sales and purchases since 1992. With 30+ years’ experience (including acting for companies who wish to update their Memorandum and Articles of Association or Constitution) we have the experience and know-how to make your transaction simple and straight forward.
Company Title is just one of many forms of property ownership in existence. Other more well-known forms include Torrens Title and Strata Title. Company Title is the ownership of property through a corporate entity (or “Company”).
A Company Title property is, in many ways, similar to a Strata Title property. The main difference is that you own “shares” in the Company which entitle you to exclusive rights in the home unit/townhouse rather than ownership via a conventional Certificate of Title.
As the owner of the shares, you are able to transfer the shares when you sell the property occupancy rights. Furthermore, you can mortgage your shares with most Banks and Building Societies, however, you should note that our experience has shown that most lending authorities limit the Loan to Valuation Ratio (LVR). There are sometimes restrictions with what you can and cannot do in your Company Title property (ie obtaining approval to purchases, leasing or animal ownership) and we will discuss these restrictions with you (if any) prior to exchange of Contracts.
If you would like more information on company title sales and purchases, contact our friendly team at Just Conveyancing Sydney today on 02 8318 0778.
Company Title Purchases FAQs
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Q.
How much notice do you need to review a contract when buying a property?
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A.
Generally, we have a quick turnaround for this however it's best to phone us and ensure we will be able to review the contract within the period you need us to.
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Does it cost more to purchase a company title property?
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A Company Title transaction does require our staff to scrutinize the documentation provided to ensure that the Contract and Constitution are in the appropriate form. Please speak to us about our fees and we will see how we can assist.
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Q.
What type of points need considering in a company title contract?
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There are several items we speak to you about such as the rules of the Company, additional requirements that your Bank may have and approval of your transfer by the Company itself (sometimes done by way of an interview with the Company Directors) and more.
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Can I deal with you by phone/email or do I need to physically come in when looking at buying property?
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We deal with a number of clients by phone, email, Zoom and there is generally no need for a face-to-face meeting. We utilize Docusign for execution of any necessary documentation.
Company Title Sales FAQs
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What do I need to do before selling my company title property?
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While most Company Title contracts are old fashioned, here at Just Conveyancing we have updated our Contracts so that they are simple for any buyer (or Solicitor) to peruse. A contract of sale must include a copy of the title documents, drainage diagram and a current Zoning Certificate (section 10.7) issued by the council but will also have additional documentation including a company search, a copy of the Company’s Constitution (or Memorandum and Articles of Association) and a copy of your Share Certificate.
It is important that you can locate your original Share Certificate. This may be held by your Bank.
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I've got a buyer for my property, what happens next?
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Your agent will send a sales advice to us and to the buyer's conveyancing lawyer. We will discuss the contract with you in detail, including any necessary changes that may come up.
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When selling a company title property, what happens at the exchange?
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The team at Just Conveyancing will liaise with the purchaser’s conveyancer to exchange contracts and either a 5% or 10% deposit is handed over. We shall provide them with additional information in relation to the Company as necessary to ensure that the transaction can proceed smoothly and swiftly.
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Is there a cooling off period for buyers?
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No, there isn’t a cooling off period for company title transactions. Once the contracts have been exchanged, the buyers are generally bound to complete the agreement.