The Conveyancing Process looks closely at what happens when a purchaser Buys a Property, from the pre-purchase stages, and on to the actual conveyancing process itself. At Platinum Lawyers conveyancer Parramatta, we have qualified Lawyers and Conveyancer Sydney will look after your property purchase at every stage of the Conveyancing process.T he importance of Pre-Purchase Legal Advice. It is essential to seek pre-purchase legal advice before Buying any Property. Platinum Lawyers offers all clients a pre-purchase advice service, designed specifically to assist you with the all the legal requirements of purchasing your desired property.
Check Before You Purchase
At Platinum Lawyers, we will assist you in carrying out certain basic property checks. Such as;
Building Inspections: We strongly advise that you never purchase a property without a building inspection. Best practice is to hire a building inspection service to check for structural soundness, asbestos, faulty wirings, etc. We can arrange a Building Inspection on your behalf, with a full report made available to you within 48 hours. If you are knowledgeable in this area, you could do this yourself, however, if the building does have problems that you did not detect, you accept the full risk.
Pest Inspections: Pest inspectors will uncover any termite damage visible in the property, identify conditions that are attractive to termites and advise how to reduce the risk of termite attack. Pest Inspections are performed strictly in accordance with the Australian Standard AS4349.3-1998. Again, We can arrange a Pest Inspection on your behalf, with a full report made available to you within 48 hours.
Strata Report: It is important when buying a unit, townhouse or villa to have a professional inspection carried out of the strata records for the complex. The strata report lists the history of the building, all recent repairs undertaken, any disputes or areas under investigation, money in the bank to cover repairs and maintenance and the likelihood of any special levies, as well as general information on insurances, by-laws, harmony etc. We can arrange to have this search done efficiently and a copy emailed/faxed to you within 48 hours (subject to availability of records).
Types of Property
There are several different types of property with the most common being; vacant land; house and land; and home units. There are also different forms of title which you will need to know about. For example,
Torrens Title: System of recording ownership of property where registration on the certificate of title guarantees ownership. This law was previously known as General Law Title.
Strata Title: This is a title for units/apartments/flats and may or may not include Car Parking. Check if there is Car Parking and if there is, check if it is allocated by the body corporate, that is, incorporated in the unit title, or on a separate title.
Stratum Title: This form of title is similar to strata title however instead of sharing ownership of common property with the other title holders, the owner has shares in a company which holds the title to, and is responsible for maintenance, management and administration of the common property.
Company Share Title: With this title, the purchaser does not actually own a title. Instead, the purchaser is allocated shares in a company that owns the title. On sale, the shares are transferred.
Checking the Title
It is important to check what the Certificate of Title is, as it sets out the details of the present owner and any registered mortgages over the property, and any other “encumbrances”. The title sets out the Lot and Plan number which defines the precise location and size of the land. For example:
Easements: This refers to restrictions on the use of the land, such as the right of way, or the right to lay water or sewerage pipes.
Caveats: This word is the Latin translation for beware. Basically, this is a warning that the other person has a right or an interest in the land/property. That person’s interest has priority over the purchaser’s.
Mortgages: This refers to the rights the lender has over the land/property in return for the loan of money. If the loan is not repaid, the lender may sell the land or become registered as the owner of the land/property.
There are important pre-purchase checks. Visiting or speaking with someone from the local council of the land/property is the best way to find out about important information that may impact on your Real Estate purchase. For example, if you are planning to renovate, you will need to check if the real estate is registered as being of Heritage significance. If there is a vacant block of land next to or near the property, see if there are there any plans for a block of flats or apartments to be built next door. You can find out if there are plans for a shopping centre development down the street. How the zoning of your real estate will affect your use of it, so it is important to find out from council what the zoning is. Our Lawyers/Conveyancers will check all the requirements that a person need and what a council requires. The local council requires the current owner to notify and seek permission from the council before making any modifications or even demolish. Check with the council if any of the buildings on the property has been built without a permit.
Why Buy Off The Plan?
In recent years buying off the plan has become quite popular, particularly for investors but also for home buyers.
The concept has advantages both for the purchaser and the developer. From a purchaser’s point of view, property which may not be completed for some time can be purchased at today’s prices. This can be a real benefit in times of rising prices. Debt Recovery Sydney clears all debit issue. A developer will also usually be prepared to sell for cheap where the final product can’t be shown to the purchaser.
From the developer’s point of view, sales from the plan mean that purchases are committed at an agreed price. This will go a long way towards reducing the developer’s commercial risk and will be of great comfort to the developer’s financiers.
YOU BOUGHT A PROPERTY ON THE WEEKEND AND YOU WANT A LAWYER TO REVIEW THE CONTRACT.
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