There are many reasons why you may be involved in a property transfer. The most obvious is that you have sold a property or you have purchased a property.
In a situation like this, the steps can be simple. Well, simple for someone who knows what they are doing, says a spokesperson from GM Law. There are certain steps to be taken in the transfer of property from one owner to another. They must be conducted in a certain order and at a certain time to ensure a smooth transaction is achieved without any hiccups that may hold up settlement or even cancel it altogether.
Property Transfers – What’s involved?
A vendor, or property owner, is required to do very little in this transaction apart from providing to us some essential information about the property.
A Purchaser on the other hand has many forms and searches to complete and file. The searches available from the local authority are many. The most common is to confirm a property’s rates position. It is, however, also possible to confirm the building and town planning notices that may have been issued on a property or perhaps the property is in a low lying area and the prospective owner would like to know if it was flood affected.
With knowhow, you can even find out what major developments may be planned for the area and if they will affect the property being purchased such as road upgrades, railway or pipe lines.
Another consideration is what the purchaser may wish to do with the property. Running a business from home, turning it into a kindergarten, bed and breakfast or hobby farm may require local authority approval and should be investigated prior to settlement. It would be essential to insert a condition into the Contract of Sale outlining this.
Documentation to submit to the titles office is also required and must be lodged in a timely manner along with the payment of registration fees and stamp duty. Stamp duty is generally calculated on the purchase price (or any higher value) of the property being purchased.
You can see it is essential to employ professional property lawyers in Brisbane when entering into a binding document such as a Contract of Sale.
Professional Advice is Key
As you can see, a property transaction can become quite complex. It is wise to enlist the services of an experienced, professional firm such as GM Law who can offer you great advice and guide you through the mountains of paperwork required.
Contact them now for an obligation free quote at http://gmlaw.com.au/
There are a couple of things to do in preparation to buying a property, be it residential or commercial. Searching for the right place to live or invest can be a big task and certainly takes up the most time (apart from saving the deposit, that is). So what else should be done prior to signing that contract? Read Full Article