Buying or selling a property when you are relying on a conveyancer is easy. But how do you ensure that the professional is trustworthy too?
If you are looking for conveyancing services in Geelong, you should not completely rely on your legal property transfer professional. Because you are less likely to understand the meaning behind the legal jargons after hiring one. And to prevent potential misunderstandings, you must realise this key point.
In this blog, you will get a simplified version of some conveyancing problems that arise during the process along with the legal advice to remember beforehand. So, keep reading it till the end for a smooth and stress-free property transaction.
8 Best Property Transfer Advices for Buyers
Here are eight property transfer advice for buyers to avoid later surprises.
1. Choose a Transparent Conveyancing Process
Hiring a conveyancer based on the skills, expertise, and fees without noticing his soft traits is the most common problem. A professional can have years of experience in handling different property transfers but if you are clueless about the different stages, you are always left wondering.
You must find if the expert communicates and updates through every step of the process with both parties. This starts with collecting documents, reviewing the papers, submitting them with relevant authorities, and taking any action. Open and honest communication is a foundation for smooth conveyancing in Geelong.
2. Understand the Property’s Title Searches
A conveyancer might verify the property’s registration but fails to introspect about the legal warnings over the property. As a buyer, it is crucial to first understand the contents written in the property title certificate. This includes the owner’s name and property plan details. This ensures that your seller is genuine.
Additionally, you must also get a full disclosure of the documents concerning the property’s mortgages, encumbrances, and caveats. Encumbrances are third-party rights over the property’s driveway, drainage, or utility lines.
On the other hand, the caveat is a legal warning which restricts a property sale until the seller resolves issues like contractor’s payment or ex-partner claims interests.
You must verify these details through a title search report to ensure nothing is hidden before buying a property. Keep in mind that conveyancing in Geelong becomes easy when you are aware of all the property limitations.
3. Analyse the Contract of Sale
It is quite possible that your conveyancer might not reveal the clauses in the contract of sale or unfair conditions. Especially if you are hiring one based on your seller’s suggestion and expecting him to act on behalf of both parties.
For this reason, you must carefully hire an independent conveyancer who advocates for your rights. And when you do so, it becomes your duty to get a complete explanation of a contract of sale. The contract of sale outlines the terms and conditions of the property transaction.
While conveyancing in Geelong is highly favourable to learn about every detail, you must verify the zoning laws, penalties on late settlements, and payment structure before signing.
4. Be Aware of Cooling-Off Periods
A cooling-off period is a time when a buyer reconsiders his decision to purchase a property after signing the contract of sale. Your conveyancer might overlook the importance of advising on the clear exit strategy.
As a matter of fact, you must learn the time of cooling-off period, penalty amount, and the process of withdrawing from the contract. Understanding your rights during the cooling-off period is crucial to protect your refunds and the awaited timelines.
5. Ask for Building Inspections
If you think that your conveyancer arranges a building inspection on behalf of you, you are highly mistaken. As a matter of fact, it is your responsibility to ask your professional specialising in conveyancing in Geelong to include a clause for building inspections.
These inspections identify any structural issues or pest infestations. Considering this is essential to allow your conveyancer to negotiate lower price or repairs on the property with the seller.
6. Clarify Stamp Duty Obligations
Stamp duty is significant transfer tax. You must also understand the factors that help in calculating this amount, even when you are considering a conveyancer.
This starts with understanding the calculations, assessing the property price, type, and location. Fortunately, first-time homebuyers also get some concessions on the stamp duty, so it is best to understand if you qualify for the same.
Conveyancing in Geelong should also alert you on penalties and interest charges, so that you protect your interests in all aspects.
7. Prepare for Settlement Day
Settlement day is the final day when the seller hands over the keys of the property to the buyer after receiving all the purchase price. Your conveyancer might not prepare you for the settlement day. Or, in a few cases, he might hide any potential issues to close the deal early.
However, you must ensure that the financial arrangements are in place and cross-check the signed legal documents. For that matter, it is beneficial to review documents like transfer of land, mortgage, and insurance policies.
Also, verify if funds in your account are ready to transfer. In Geelong, settlement usually occurs within 30 to 90 days. Delays or issues on settlement day can lead to legal disputes.
Final Words
We hope you found this blog useful. As you see, conveyancing in Geelong is a simple process when you take the charge throughout the journey. Buying or selling a property is not just a transaction, it is a thoughtful process which requires your attention and clarity.
Now that you are choosing the right conveyancer, it is beneficial to address the problems beforehand. No matter how reliable your legal expert claims to be, your proactiveness and attention to detail is always a prerequisite.
If you need help in finding the best conveyancing team, you must trust Easy Link Conveyancing in Geelong for their responsible, credible, and transparent property management processes. Visit their website or schedule a meeting for personalised attention.