Buying or selling a property in Australia can be both tricky and volatile so investing in this market requires analysing all possible risk factors and taking sensible decisions based on these. For the first time home buyers or sellers, it could be a complex and time-consuming process. There are various things to consider such as which property to buy, which home loan to select or which agent to hire to sell or buy a home. Amidst this all, you also need to know about the legal requirement and documents needed to buy or sell the property.
Here are few legal requirements and documents you need to know about.
- Get Professional Help
It is a huge financial commitment to buy or sell a property and you should think vigilantly about who you deal with. Before you sign over the dotted line, take legal advice on buying or selling your property from a licensed property conveyancing Melbourne lawyer. This is important as the licensed lawyer protects you under the Property Occupations Act. The licensed agents also meet industry-based standards and codes of conduct.
- Do the Paper Work
The legal paperwork associated with buying or selling a property varies slightly from state to territory. The process includes:
Contract – Contracts for sale or purchase of real estate must be in writing. This document is prepared by vendor’s solicitor with all the information and details of the sale or purchase agreement.
Settlement – It is usually done 6 weeks after the contracts are exchanged and is when you pay the remaining amount for the property. Stamp duty needs to be paid within 30 days of settlement.
Mortgage – If you have applied for a loan to buy the property, then your conveyancer will need to supply certain documents to your lender.
- Title Deed
This is an essential legal document needed as it has all the details of the sale and transfer ownership of property from the seller to the buyer. This document needs to be registered in the registrar’s office and will also be required when you need to apply for a home loan and if you want to sell your property in the future. The houses in Australia have a freehold Torrens Title, but other types of titles also exist for different types of property. Strata Title is one such, it handles the legal ownership of a portion of the building or structure including units, villas, townhouses, commercial offices, warehouses, factories and retail shops. The title deed is prepared by property development Melbourne lawyers.
Get the Building Inspection done
Building inspection process is an important part of the legal checklist of buying or selling a property. The electrics and plumbing need to be installed to certain requirements and if any renovation is to be done it should be approved by the council. It is also important to check the boundary wall of the property. Proper building and pest inspection can help find potential faults that might become big issues later.
So, these are some of the legal requirements and documents you should be aware of when buying or selling a property in Australia so that you make a sensible decision.