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Conveyancing
If you want to buy or sell a home, land or investment property you’ll have to sign a contract. The legal work involved in preparing the sale contract, mortgage and other related documents, is called conveyancing.
Most people employ a Conveyancer/Settlement Agent or Solicitor to do legal work involved in purchasing a property including preparing documents, giving legal advice on contracts and explaining the implications.
The conveyancing process can involve the following steps:
Your Agent can explain this process as it applies in your state or territory.
Inspections
Before committing to purchase a property a number of reports should be completed. The cost of a professional property inspection is minimal compared with the cost of buying a property requiring extensive and unforeseen repairs. The most common reports requested by purchasers are building inspections and pest inspections. A strata or company title report is important for anyone purchasing home units, as is a copy of the most recent body corporate minutes.
Building Inspection
A building inspection records an expert’s opinion on the condition of the property you’re interested in buying. The report should provide information on the property’s condition, detecting and identifying any significant building defects or problems.
The consultant will inspect:
If problems are identified you can get specialist advice, ask the vendor to have the problems rectified or try to negotiate a lower price for the property.
Pest Inspection Reports
A pest inspection will detect whether or not there is any termite activity or any pests that may exist in the property.
Strata and Company Title Searches
If buying an apartment, townhouse, villa or any property managed by a company or body corporate, it’s important to arrange a strata or company title search. This search shows you the property’s history, identifies any problems it has and lists past repairs, and proposed repairs, to other units and the common areas. This information is important as the cost of repairs to common property can in some cases be substantial with owners normally sharing the cost of these repairs.