Conveyancing denotes the steps involved in transferring the ownership of a property from one entity/person to another. Although each state or territory in Australia has its own set of laws and rules that govern conveyancing and property in general, there are some commonalities. However, because of the nuances involved in the transfer of property from a buyer to a seller, it is recommended that beginners seek the services of solicitors or conveyors who are experienced in property conveyance. This article reviews some conveyancing tips for property buyers.
Solicitors and Conveyancers
Conveyancing can be done by either a solicitor or a conveyancer. A conveyancer is a licensed professional with a specialty in the transfer of property. Such a professional will help a buyer to prepare and review the required legal documents for acquiring their dream property. Such documents include a memorandum of transfer and contract of sale. Furthermore, conveyancers can help in lodging inquiries related to the zoning of a property. Solicitors perform the same duties as conveyancers, but the only difference is that the former have a vast knowledge of property law, which might be helpful when it comes to court proceedings. For properties that pose risks, it is recommended that you consult a solicitor.
Contract of Sale
Individuals or entities looking to buy property are required to sign and date a formal written contract of sale alongside the property seller. The signing makes the document legally binding, meaning that both parties are under contract. In some jurisdictions, like New South Wales, a contract of sale must be ready before the property is put on the market. Such a contract may contain certain conditions that must be satisfied, including building inspections or the buyer obtaining financial approval before the agreement can be legally binding. A buyer can terminate the contract if the property seller fails to disclose crucial information. The termination rights may stand up until the date of a property settlement.
Documents and Searches
A good rule of thumb before buying property is to apply the doctrine of "buyer beware". Therefore, a conveyancer or solicitor can help in conducting searches for a potential property. Buyers should also demand specific prescribed documents from property sellers in the contract of sale to aid in determining the suitability of the property. Some of the essential documents include a copy of the certificate of title, zoning certificate, title search, sewerage diagram, copies of restrictions or covenants, rights of way, and easements.Share