Buying A New Home? This Is What You Should Expect From Your Conveyancer

Law Blog

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

• Checking the validity and type of the title.
• Finding out if there are any existing easements on the property that allow someone other than the owner to use the property.
• Identifying any other issues of concern.

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

• A buyer's information notice – which should contain information on the property affecting your safety, use of the property and its value.
• A warning notice for purchasers – which basically advices you to retain independent financial and legal advisors during the purchasing process.
• A vendor's statement – this indicates information about the property title, as well as details on mortgages, easements, caveats, covenants and such. It also shows zonings and outgoings as well as the condition of the building, and its compliance to the authorities as a residential home.
• A contract of sale – signed when the property is finally being transferred to you from the previous owner.

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.

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2 February 2016