Land ownership and its transference to new owners undergoes a process known as conveyancing. Though some land in some states is still governed by common law, the rest fall under the newer Torrens Title.
State and council laws vary so what applies to one state may not in another. As a buyer, you must be aware of the fine details which can only be fully understood by a licensed and competent conveyancer or solicitor. Though kits are sold to perform DIY jobs experts advise against undertaking the task alone because there're just simply too many nitty gritties for laymen to remember.
Conveyancing covers several property purchases such as land, a building inside a complex, a unit inside a building and land with a building or buildings on it. Depending on where you live, you may have one or two types of contracts, one that covers building units like townhouses or apartments and another which extends to land and land with improvements (land with buildings). A conveyancer/solicitor will know which applies to your purchase.
The process itself typically goes through three stages. The first involves selecting property to purchase, the second consists of negotiating price and checking the condition of the property (home inspections will be undertaken in this phase), while the third details registering the property in your name (transference of ownership).
Being a buyer, you can hire a solicitor or a conveyancer to help purchase property. The first professional is a lawyer who specializes in real estate and legal matters and the second is concerned with real estate but doesn't have the license to practice law even though good conveyancers understand everything to do with real estate, property ownership and transfer.
Whoever you choose to go with should be qualified, experienced and licensed. Recommendations can help sift the good from the bad. All costs including outlays and disbursements must be quoted at the outset because they can add up to a lot and in some cases, even amount to more than the base figure.
Opt for a solicitor/conveyancer who frequently represents buyers. Incidentally, one professional cannot handle the deal for both sides and anyone who claims to do so should be avoided. You may also receive offers from sellers to subsidize legal fees in a bid to get you to purchase. Speak with the expert you've hired before making a decision.
What you can expect from a conveyancer:
The responsibilities of a conveyancer include researching the property in question as well as checking the type of title, easements etc., preparing and clarifying legal documents such as contract of sale, placing and holding deposit money in a trust account, liaising with the seller's conveyancer or solicitor, calculating taxes and adjustments that will affect the price of the property, liaising with your lender, if needed, to decide how payment will be made, submitting necessary documents to relevant agencies and people, and finding out if you're eligible to receive grants and taking care of the process to receive those grants.
As you can see, there's a lot that goes into buying property, most of which are details that are easy to forget. With a professional at your side, the job is much easier and you can focus on other responsibilities. All you have to do is be aware of what's going on during the process
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Sash Conveyancing is able to undertake a wide range of conveyancing needs and property settlements throughout Perth and Western Australia. To know more about our services feel free to visit our website - sashconveyancing.com.au.
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