A Legal Checklist for Buying a Property

Couple with real estate agent

Buying a real estate is not without difficulties. In fact, several factors must be considered, most especially the legalities involved. If you are a property buyer, you want to make the transaction as smooth and as possible. Do these things.

Enlist the help of a conveyancer

Conveyancing in Townsville or anywhere else in Australia is actually the first step towards property ownership. Conveyancing involves all the legal work from sales contract preparation to finalizing the settlement arrangement. When you are already dealing with specific legislation and regulations, you would wish you engaged the services of a conveyancer in the first place. Never skip this part.

Familiarize yourself with the sales process

The sales process in Queensland may vary from that of Victoria. Getting to know the sales process by heart will also aid in deciding for the final real property to settle with. Other than that, you will be aware of your responsibilities as the buyer and what you can entrust to your conveyancer.

Check the title

Even when you have a trusty conveyancer or solicitor at your side, you also need to check and even double check the title. Various types of titles exist in Australia, and all carry their own intricacies legal-wise.

Inspect the property

Before signing any document and checking the title, you should conduct a thorough inspection of the property. Make sure it follows all the building and construction codes. Look for signs of wear and tear because this might get costly in the long run. Again, do not skip this important step.

Complete the documents

As the buyer, you should be very hands-on with this. Different sets of documents must be accomplished from each stage namely contract, exchange, settlement, transfer and mortgage. The type of ownership must be discussed in here, again, with its own sets of key documents.

READ  Hit and Run in Illinois: Definition and Potential Penalties