The Legalities of Buying or Selling Property
Conveyancing is the process of transferring ownership or interest of a legal title of land or property from one party to another. If you’ve never heard of that word before, then most likely you’ve never had an instance in your life where you have to deal with the legalities of buying or selling a property. Until now, that is. So to offer you a basic knowledge about the process of conveyancing before you seal the deal, here are a few things you might want to look into first.
Legal Jargons You Need To Know
1. Contract. This is the legal document that binds the buyer and seller in completing all the necessary steps in the transfer of property. This is also called terms of engagement during the early stages since it is still just a draft. This is prepared by the conveyancer.
2. Conveyancer. Also called solicitor, is the person who represents and acts on behalf of the buyer’s or seller’s interests. He or she does everything that is necessary to meet the terms of the contract.
3. Cooling off. This period is the time when the buyer can reconsider or decide whether to push through with the purchase of the property or not.
4. Disbursement. Expenses incurred during the whole process of conveyancing
5. Professional Fee. The payment for the conveyancer or solicitor.
6. Stamp Duty. Also called transfer duty, it is the tax paid for the transaction. The amount is determined by the government and varies between states.
7. Settlement Agent. A person hired on behalf of a buyer or seller. He or she is the one who meets with the solicitor or with the other party when settlements are to be discussed.
If You are the Buyer
1. Hire a solicitor or licensed conveyancer that you are familiar and comfortable to work with. The conveyancing Brisbane will be the one to do all the legal work for you so he or she must be someone trustworthy.
2. Prepare for the money. Whether you have savings or you need to apply for a mortgage to pay for the entire process of conveyancing, everything must be organized ahead of time.
3. Ensure legal property searches. This is conducted to protect you from any liabilities that the property may have, everything cannot be known about the property just by viewing it.
If You are the Seller
1. Prepare for the legal documents ahead of time by asking your solicitor for what items you need to prepare.
2. Prepare for legal property searches. Double check your property or contact your real estate agent for anything you need to get ready for in order to address problems with the property you are selling that you may not know.
Most of the things listed above can be explained better by your solicitor. The key is to ask. Make sure to clarify everything. This will help you better understand and prepare for your first buying or selling transaction.