A Guide On The Conveyancing Process In Australia
Conveyancing is the process of transferring real estate. The truth is that most people do not fully comprehend the conveyancing process. Below is an excerpt discussing the conveyancing process in Australia.
Hiring A Conveyancer
Conveyancers are legal experts specialising in the transfer of real estate. Although you are not compelled to work with a conveyancer, their input can help smoothen the property transfer process. The conveyancer comprehends property laws. They will ensure that the purchase does not lead to legal or financial issues in the future. For example, the local council could prosecute you for illegal property extensions or flouting the zoning regulations. When hiring a conveyancer, conduct due diligence to ensure they have an excellent reputation and the licences required to conduct conveyancing work in your locality.
Conveyancing Searches
Conveyancing searches establish the legality of the property you intend to buy. Your conveyancer checks the local land records to determine property registration details such as the size of the plot, the title number and current owners. This information should coincide with the title details. Remember, minor errors such as missing or misspelled words will make it difficult for you to transfer the title to your name. The professional will also check if the property has encumbrances. For example, the local water company may have secured an easement to install a drainage system that passes through the property.
Your conveyancer will also inspect the property to identify defects and illegal construction works. Typically, they assess the property's structural condition and ask for licences permitting construction work that was not part of the approved blueprints.
Securing The Mortgage
Although mortgage application could seem like a straightforward process, your conveyancer can help reduce the mortgage application fees. Typically, the conveyancer negotiates the mortgage interest application and processing fees. Besides, they could recommend paying a higher down payment to avoid insurance costs. If this is not possible, the conveyancer will approach insurance companies and negotiate the premiums on your behalf.
Signing The Contract
Preparing and signing property transfer contracts is a technical process. If you do not understand the legal jargon, you could incur heavy losses. Your conveyancer's task is to ensure the contract reflects the agreement between you and the seller. For instance, if the seller stated that the AC system, gazebo, shed and water tanks were part of the sale, this information must be included in the contract of sale. Besides, they will ensure the contract has sufficient cooling time. It allows you to cancel the contract and receive earnest money without suffering penalties or legal action.
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