Conveyancing involves transferring a legal title of property from one person to the other. Through this process the buyer of the property can obtain the marketable title to the property. They also become aware of all the rights which they have on the property and also get to know of any restrictions beforehand to avoid any legal issues later on.
Most people who buy a property do so with the help of a legal professional. This is important because failure to comply with the legalities can result in emotional and financial distress in the long run.
The top law firms on the Gold Coast can help make the process less challenging. It would help ensure that you get to own the title of the property through the correct channel and also be aware of any restrictions on you as an owner beforehand.
The importance of searching and enquiring
Before a property is purchased, it becomes necessary for the seller to disclose some statutory obligations to the buyers. While this may be true for certain things, a seller is not obliged to tell you almost everything about the property.
Often in a hurry the seller simply skims through the information and only becomes are of the issues with the property after the contract ha ben agreed upon and signed.
It actually is the buyer’s responsibility to carry out searches and investigations regarding the property they are about to purchase.
Doing a proper search can help the buyer become aware all there is to know about the property they are considering to purchase.
Reviewing of title searches
It is necessary to carry out the review of the title searches on the property. It will help confirm whether the seller is actually the rightful owner of the property thus legally able to sell it in the first place.
Any encumbrances in the title can be found as well when a proper search is carried out:
- All mortgages must be removed from the title before the property is being sold off
- The local council or the utility companies sometimes have the right o access your property in regards to sewerage, electricity, telephones or gas.
- There are also restrictive covenant which should be kept in mind. These might include the building design and size requirements.
Make sure of the following
Lawyers can help set up special conditions which are issues which were not covered in the standard contract. Once you have had the necessary searches carried out, specific issues might arise which need to be mentioned in the contract.
Special conditions offer buyers a certain degree of protection. This could allow the buyer to compensate the seller on certain issues, which might crop up due to unfavourable search results.
For example if a buyer is aware of pest issue in the building, they may be able to get certain amount of compensation from their seller. However, this is only possible if they have the proper search conducted and have the clauses included by a solicitor.