Transfer Of Ownership – The Importance Of Conveyancers

Published Wed 23 Nov 2016

So you’ve found your block of land. Well done! You’ve paid a holding deposit and you are ready to sign up to the next exciting stage of your life. But wait a minute, haven’t you forgotten something?

Transfer Of Ownership – The Importance Of Conveyancers To the inexperienced, Contracts of Sale can appear daunting. Unregistered land within large residential communities such as Warralily are as big as school textbooks… but they aren’t as scary as they look.
Think of a conveyancer as a competent school tutor or someone you pay to do your homework for you. Feel better now, don’t you! Well, you should feel comfortable, because conveyancer’s thrive on doing other people’s homework.
 
Essentially, a contract is made up of two parts, the Contract of Sale and the Vendor Statement, sometimes known as the Section 32. The Contract of Sale details the terms of sale, your personal details, the Vendor’s details, their Conveyancer (and yours) and any special conditions you might wish to include (eg: subject to finance). Your Conveyancer will cross-check everything to make certain that everything is correct and that you have a clear understanding of the terms of sale.
The Vendor Statement is made up of engineering plans, plans of subdivision, rates notices, design guidelines… all manner of things really and to most of us, it’s all gobbledegook. Rest assured that your conveyancer is quite at ease with all of these things & will explain each of them in laymen’s terms to you.
Most importantly, it is your conveyancer who will transfer ownership to you at settlement, so choose your representative carefully. When buying within a new Land Estate for example, it is often best to engage a professional with extensive experience in that area as they often have a better grasp of what is going on and a better relationship with the seller.

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