Purchasing Property
We are a dedicated conveyancing practice specialising in all types of property transactions including residential and commercial sales and purchases. Whether you are a first-time buyer, upsizing, downsizing, or building a property portfolio, we can step you through the entire conveyancing transaction with expertise and professionalism. We can help you with:
- Buying residential, community or strata title property
- Buying commercial and industrial property
- Buying off the plan / buying at auction
- Reviewing and negotiating contracts for sale of land
- Property due diligence / investigating issues affecting property
- Mortgages and refinancing
- Calculating financial adjustments – rates, water and body corporate levies
- Liaising with banks, solicitors, settlement agents on your behalf
- Attending settlement and advising authorities
What is Conveyancing?
Conveyancing is the process of transferring the title (ownership) of real estate from one party to another. While a conveyancing transaction is likely the most common ‘legal’ matter a person assumes, it is often the largest financial transaction they ever undertake. So, while conveyancing may seem like a routine task, there are numerous steps involved and the process typically moves quickly, with no room for error. Entering a binding contract to buy or sell property creates enforceable legal obligations between the parties. Substantial penalties can apply for breaching a contract, so it is important to understand the legal implications before proceeding.
Why do you need a Conveyancer?
Negotiating the sale or purchase of a property forms only a small part of your conveyancing transaction. If you’re buying or selling property you need someone to handle the legal process efficiently and on time. The role of a conveyancer is to manage the administrative and legal requirements of a property transaction, while representing their clients’ interests throughout the entire process. To do so, they need a thorough knowledge of property and contract law, an understanding of the steps involved in completing a successful transaction, and the foresight to flag and avoid potential issues. Not all transactions go smoothly, so it is important to engage the services of an experienced conveyancer to guide you through the process.
Information for Purchasers
Purchasing a property is not something you do every day, so we want to make the process as easy as possible while ensuring your rights as a buyer are protected. Before proceeding with your purchase, you need to know exactly what you are getting and understand your position before entering a binding contract.
Buyers should carry out their own due diligence before offering to purchase a property to ensure it meets their expectations. Due diligence may include ordering specific searches and enquiries, inspecting council records, ensuring that buildings are compliant, and obtaining pest and building reports to comment on the condition of any structures and flag potential issues.
We will explain your rights and responsibilities under the contract terms, including any cooling-off rights. We can also negotiate any additional conditions to help protect your interests and will guide you through the entire conveyancing process through to settlement.
Joint Tenants or Tenants in Common?
If you are buying a property with another party, we will ask whether you want the title to be held as ‘joint tenants’ or ‘tenants in common’. Joint tenancy means that both (or all) people own the property, and neither can sell their ‘share’ to a third party. If a property co-owner dies, their interest will automatically pass to the surviving owner/s. If you own a property as a joint tenant, it will not be possible for you to leave your share by will to someone else. While this is the most common form of ownership between property co-owners such as domestic partners, it may not be suitable for everyone.
In contrast, if a property is held as tenants in common, the owners each possess a distinct share in the property (which need not be equal) and may be left to someone (other than a co-owner) through a will.
Why Choose Merritt Conveyancing?
We are trusted and experienced conveyancers and deliver professional services to ensure that each client’s transaction is dealt with and completed in a hassle-free and timely manner. We will communicate clearly throughout your transaction, so you know what is happening every step of the way. As an AICSA member, we guarantee ethical conduct, expert advice, and professional service. We are also fully conversant with the electronic conveyancing platform which tracks the progress of each stage of your matter, facilitates the online lodgement of documents and streamlines the entire conveyancing process.
If you need help, contact [email protected] or call 8447 8326 for expert conveyancing services.