Buying a house of your own is a dream of many people. The process, however, is not as easy as choosing a house for sale, talking to the seller, handing your money to them, and then moving in. There are a lot of legal pitfalls that can turn your journey into a nightmare. For this reason, you certainly will need someone who is an expert in conveyancing in Townsville.
What exactly is conveyancing?
It is the process of transferring legal ownership of a property from one party (the seller) to another (the buyer). A conveyancer is a licensed professional that does the legwork on your behalf. Preferably, they should be a member of the Australian Institute of Conveyancers and specialize in the kind of property you are planning to buy (residential, commercial, etc.).
What are the tasks of a conveyancer?
A conveyancer will do the following for you to make sure that you are buying a legal title and that there will be no nasty surprises after you have made payment for the property:
- Make sure you understand the terms and conditions of the sale contract, including zoning, utilities, and any special conditions, as well as the basic details such as the price of the property, when payment should be settled, restrictions, and easements.
- Issue a Cost Disclosure Statement, which confirms how much you will be charged for their services and additional costs should there be last-minute changes to the contract.
- Request a complete set of certificates about the property. This includes the Section 32 statement, or Vendor’s Statement, that reveals the property’s title and other details about mortgagees, easements, zoning and covenants.
- Check title and certificates to make sure they are authentic and complete.
- Draw up a Transfer of Land that the buyer needs to sign before being forwarded to the seller on a minimum 10-day period before settlement.
- Bring signed documents to the bank to set the mortgage process in motion.
- Arrange the payment in cases where the mortgage amount is not enough to cover the total price of the property. The buyer will need to provide a bank cheque bearing the completion amount.
- Lodge Notice of Acquisition with the department in charge of property purchases.
A conveyancer is also expected to give legal advice on the property being purchased to make sure that you are not buying something that will give you a lot of headaches in the future. In short, their service is invaluable.