Buying a property is exciting, but remember, buyer beware.
A conveyancer plays an important role in the purchasing process of any property. We can offer advice and assistance on matters including:
- Types of title and forms of ownership
- Your legal obligations including your insurance responsibilities
- The meaning of any encumbrances or caveats
- Understanding special conditions or "subject to" clauses
- Your "cooling-off' rights
- Circumstances in which a party can avoid settlement.
- Available grants, concessions and rebates
- Fees and charges, including rates and taxes to be adjusted, and
- Change of ownership notifications.
The specific conveyancing services involved in a purchase include:
- Reviewing the contract before you sign
- Searching the certificate of title to ensure proper ownership
- Searching with government departments and local authorities for anything affecting the property
- Advising on the information in the statutory disclosure statement (referred to as a Form 1)
- Compliance with all special conditions and time limits
- The preparation, certification and stamping of documentation
- Liaising with your proposed lenders and financiers
- Calculation of adjustments of rates and taxes
- Preparation of settlement statements
- Properly accounting for all monies expended or held in trust
- Assistance with signing the memorandum of transfer, and
- Attendance at settlement on your behalf.
It is wise to speak wth your conveyancer before you sign any contract prepared by a real estate agent. Your conveyancer may be able to alert you to matters that need to be addressed in the purchase of the property and can assist in preparing and vetting special conditions to be included in the contract.
There are some things to look out for when negotiating a purchase price:
- What encumbrances, charges etc there are on the property? What happens to these?
- Are all appliances etc in good working order and condition?
- How is the electrical wiring and plumbing etc?
- What is included/excluded? Lists should be detailed eg: is the TV antenna staying?
- Can I do a final inspection before settlement? (most contracts don't allow for this)
- Whose interest does the agent represent? (not the buyers)
- Is GST applicable on the purchase price?
For any further information or assisting in the purchasing of a property, you can easily contact us, either by telephone on (08) 8212 2990 or by email