Buying a home is an important step in anyone's life and if you're going to do it, then you need to get it right. Beyond finding the rather elusive combination of the perfect location and perfect home, you need to make sure that you have done all that is legally necessary to own your own home.
The jargon can be rather confusing for the average Joe, which is why you need a conveyancer. This is an individual who is qualified and licensed by the government to facilitate the transfer of property from one person to another. He or she is usually a solicitor but there are registered conveyancers in some Australian states who can do the work just as well.
Here's how it goes
Once you have identified your dream property and retained the services of a conveyancer, you should expect the following:
Thorough research of the property
Your conveyancer should make sure that the property you are looking to buy is truly available for sale, and that all the legal documents relating to that property are valid and up to date. This will be done by
Preparation and handling of legal documents
As a buyer, there are several documents you should receive from the seller during the purchasing process. These include
All these documents contain substantial legal jargon that your conveyancer should walk you through so you can understand before making any commitments. After all, much like a solicitor, they represent your interests with the vendor and therefore should protect them.
Calculate the costs and settle the property
Once you and your conveyancer are convinced of the validity of all the legal documents, he or she should them proceed to deposit the amount agreed upon for the property in a trust account. Calculations should then be done to account for rates and taxes on the property in order to get a true valuation before making the final payment on your behalf.Share
2 February 2016
My dad died when I was still pretty young so it's been a big surprise all the stuff I've had to do to sort out his estate. I'm an only child and my folks divorced when I was a baby so most of the work fell to me. He was kind of disorganised and grumpy, but at least he'd spoken to his lawyer and got a proper will drawn up which saved on confusion at a tricky time. If you are a young person dealing with the estate of a deceased parent, this blog is designed to help you navigate the legal processes.