Conveyancing is the legal term used when describing the transfer of property from one person or company to another.
The most common property transfer is usually conducted between a seller and a buyer, although you may transfer property between people such as spouses and business partners for many reasons.
It is the purchaser’s, or buyer’s responsibility, to ascertain that the person claiming to be the owner of the property being sold is indeed the owner, has the right to sell said property and there are no encumbrances that may impede the progress of the sale to a successful settlement.
It is also the purchaser’s responsibility to confirm the current status of any rates payable
A purchaser may also elect to perform a number of searches when conducting due diligence in regard to the property being purchased.
For details of all the searches we recommend a buyer complete to carry out a comprehensive “ searches “ due diligence we recommend you visit our website. On our website there is a table of standard and optional searches which investigate a wide range of issues.
A Seller may also wish to carry out these searches prior to signing the contract to ensure that all of the warranties they give under the contract are true and correct.
It is the responsibility of both seller and purchaser to ensure any special conditions mentioned in the contract of sale are carried out and adhered to.
Managing the Big Stuff
As you can see, a property transfer can be quite a complex issue. It is generally best to employ reliable conveyancing solicitors Brisbane such as the professionals at GM Law to assist.
Even though most conveyances are straight forward transactions, issues may arise that need the advice and guidance of someone experienced in this field.
Complications that may arise are:
• The Property Title has been lost and a new one must be obtained;
• The structure you are buying is illegal as it is not Council approved;
• Damage to the property has been sustained since the Contract of Sale was signed;
• Items that were part of the sale have disappeared or been damaged;
• The Title information differs from the Contract of Sale information;
• The seller’s bank has issues with the discharge of the mortgage;
• The buyer’s bank may experience delay in organising mortgage documents;
• Stamp Duty delays; and
• A tenant won’t move out.
These complications can stall the progress of a sale; and, in some cases, penalties may be incurred by whichever side has caused the problem.