Information for Purchasers
Pre-purchase review of documentation
Prospective purchasers should seek advice on a Vendor’s Statement and the terms of any contract. Sea Change Conveyancing can help you understand what planning restrictions apply, what building regulations means and how they might affect you and draw you attention to any easements or encumbrances that affect the title. Sea Change can also advise you on how to make a formal offer to purchase a property. We will not charge you for reviewing the documentation pre- purchase as this service is included in our fee.
Acting in a Purchase
We review the Contract and Section 32 Statement and obtain searches of the Title and the necessary rate, planning and other certificates. We liaise with your financier to arrange the funding for the settlement. We do everything needed to efficiently transfer the property into your name including preparing the Transfer of Land and Statement of Adjustments and arranging settlement.
The settlement date is specified in the Contract. This is the day that the Purchaser takes possession of the property. We will arrange a convenient time and location with the other parties involved. It is not usual for the Vendor or the Purchaser to attend settlement.
You should arrange to inspect the property during the week preceding settlement. You are entitled to the property in the same condition and state of repair as on the day of sale. You should contact the selling agent to arrange the final inspection.
The keys to the property are usually held by the selling agent. The agent will be notified when settlement has occurred and instructed to release the keys to the Purchaser.
Title insurance provides protection against a wide range of risks that can be apparent on any property or property transaction, basically insuring that the owner of that property has good title.
So, what can happen to mean that you may not have good title?
– Illegal building works being discovered that could result in the council ordering you to demolish or repair parts, if not all, of the property.
– Someone else claiming an interest in your land. This can occur between settlement of your purchase and the title being registered in your name.
– Fraud or forgery resulting in a challenger to your ownership, or in a fraudulent mortgage being registered against the property.
– Any issue that would have been revealed in an up to date survey.
– Zoning issues which prevent you from residing in the house.
– Outstanding rates and taxes from previous owner which you could become liable for after settlement.
Sea Change Conveyancing can arrange Title Insurance on your behalf while assisting you with your purchase. To find out more please visit First Title Insurance website, or contact one of our friendly staff members.