The sale or purchase of a property is a significant financial event for most and one that may be expedited with the experienced assistance of a conveyancer.
A recent legal requirement for both vendor and purchaser is proof of identity to conveyancer or lawyer before the property transaction may proceed.
Caveat Emptor: Let the Buyer Beware!
The more informed or the better advised the purchaser, the less likelihood of complications and pitfalls arising. There are many considerations when negotiating the contract of sale, special conditions and cooling off rights. The property title must be established. The preparation of the contract is the responsibility of the vendor and this is usually completed by the estate agent or conveyancer.
Forms covering insurance, building inspections and finance must be completed. Title insurance is available for purchasers and owners to cover risks such as illegal building works, a problem in over 40% of homes in South Australia.
The costs of purchase must be established, including Stamp Duty, Transfer of Registration, Government search fees and Council rates and taxes. Concessions may apply.
A Form 1 is mandatory under Section 7 of the Land and Business Act 1994, affecting sales and conveyancing. This document is the vendor statement relating to details such as encumbrances on the property, for example, easements, tenancy agreements or heritage listings.
The conveyancer finalises the purchase, arranges the finance and attends the settlement.