Important Documents in Property Conveyancing
Conveyancing is a legal term for the transfer of a property title from one person to another. Most Australians believe that this is a straightforward process they can handle without any expertise. Conveyancing, however, comes with various pitfalls that can be detrimental to your property’s sale or purchase.
That said, hiring a conveyancing solicitor from a Townsville-based law firm to handle the process for you is essential. The solicitor will primarily ensure that everything in the transaction is legal and your interests are protected. Below are the crucial documents that will be involved in the process.
Contract of Sale
A property’s seller and buyer sign a conveyancing contract of sale. The document includes the property’s details and the price that the parties in the transaction have agreed upon. The contract of sale likewise lays out any special conditions related to the transaction, such as building inspections. Your solicitor will prepare this important document.
This sets out more details pertaining to the property on sale compared to the contract of sale. These include the body corporate fees, payable taxes, encumbrances and planning details. The correct information is crucial in a vendor’s statement since any mistake will invalidate your contract of sale. Before preparing the statement, the solicitor will undertake the rate and planning searches paid for by the property’s seller.
Transfer of Land
This paper includes the property buyer’s and seller’s details. It is submitted to your state’s revenue office for payment of stamp duty and then stamped. The transfer of land remains under the custody of a property’s seller until the conveyancing process is completed.
Most conveyancing transactions fail due to mishandling the above documents. The laws governing these documents change constantly and it is hard for people outside the legal field to keep up. A conveyancing solicitor rather than a conveyancer is your best bet to ensure a successful transaction.