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Owner.com.au - Australia's premier Private Sale site, handbook
Conveyancing
Demystified
The
simplest way to achieve this goal of meeting all your obligations is to
be completely honest and thorough in filling out your relevant documentation.
This is because the 'contract of sale' might be able to be made void by
the buyer if the information provided by you is false or absent. The type
of information that you might be expected to provide will differ from state
to state. Some things you could be expected to answer are:-
has building
approval been granted;
is there
an easement or restriction on the property;
is the building
over a certain age;
was the building
built by 'owner builder'; and
have you
received an order or recommendation by any authority over the land or
dwelling.
The
person you choose to take care of the conveyancing process should be thoroughly
investigated, as a bad choice can be at best costly and at worst lose you
the sale. Are they up front about their charges and do they inform you clearly
of all the government charges? Ask them how you will get the money: will
it be a bank cheque to your account or to their office? Let them have their
say - ask them to go through the details - so that you can sound out their
professionalism. Do they adequately warn you about the importance of having
a title search done, as this is the only sure way of finding out about easements
and covenants. The average charge by the government for a title search is
twenty dollars, so they should not be charging too much more for this component.
Some things are
also up to you to make sure the process goes smoothly. An important one
is to find out beforehand where your title is held. If your home is mortgaged,
it will be held by your bank. Contact the bank and ensure that all relevant
release documents will be available at settlement. If you cannot find
it close to settlement then you may lose the sale. Find out details such
as how long your bank will take to clear your (much anticipated) cheque.
If you are buying and selling a home at the same time then this could
be a major issue. Also it is your responsibility to carry the risk of
loss or damage to the property right up to settlement, so make sure the
property is still insured.
