Buying a piece of property is a sensitive issue that requires you to exercise extreme caution. It's easy for you to overlook crucial legal guidelines or to misinterpret the terms in a contract of sale. This is the reason it's advisable to involve a conveyancer throughout the process of property conveyancing. Here are some of the crucial roles of a property conveyancer.
Help With Legal Formalities
One of the fundamental roles of a conveyancer is to prepare the legal documents for a real estate transaction. You'll need a conveyancer to prepare the transfer documents to ensure the property is legally and rightfully transferred to you. Your conveyancer will ensure you meet all the legal regulations involved in the property transfer.
Your conveyancer will also advise you regarding the conditions in the contract of sale. They'll decode the terms of the contract in layman's terms so you're aware of what you're signing up for. Your conveyancer will also bring to your attention important details in the contract, such as planning restrictions. Generally, your conveyancer will help you with all the legal formalities of purchasing a property.
A property conveyancer is crucial in performing searches. A title search will reveal the registered owner of the house you want to buy and also show any issues that apply to the property like leases, easements, and caveats. Another search your conveyancer will conduct is a survey plan. This search shows the location of the house. The survey ensures the home you've contracted to buy is the same one featured in the contract.
Your conveyancer will also perform a land tax search to determine if there's any outstanding tax related to the property. This search is crucial because if there are any unpaid taxes, you'll be liable for paying them as the new owner of the house. Your conveyancer will also conduct other relevant searches to guarantee that the property you're buying is satisfactory.
There's usually a cooling-off period from the time you buy the property. In Australia, the cooling-off period gives you the opportunity to inspect the property and the details of the contract. You can withdraw from the contract if you feel that the property isn't satisfactory.
Your conveyancer will play a crucial role in helping you determine whether or not to terminate a contract of sale. The decision to withdraw from the deal arises after your conveyancer performs checks like a pre-sale building inspection which reveals pest infestation, structural flaws, expensive repairs or other conditions that weren't disclosed by the seller. Your conveyancer will help you take the right legal steps to terminate a contract.Share