Real Estate Conveyancing Checklist for Buyers
1. Finding a Property
- Determine your essential and non-essential property requirements.
- Set a budget that includes all transaction costs.
- Conduct background research on the area and neighbourhood.
- Decide on the ownership structure (sole owner, joint tenant, tenant in common, or trust).
- Obtain pre-approval for financing but remember it’s conditional.
- Engage a lawyer for reviewing the contract of sale and Vendor’s Statement (Section 32).
- Consider special conditions for the contract, including repair requests.
- Document the property’s condition through photos or videos.
- Decide on a reasonable settlement period with the seller.
- Avoid pressure from agents or sellers; make decisions at your comfort.
2. Before Signing the Contract
- Review the total cost of the transaction within your budget.
- Confirm financing capability; avoid unconditional contracts without financial certainty.
- Have a lawyer review the contract of sale and Section 32.
- List special conditions for the contract.
- Don’t rely solely on verbal assurances; trust only the contract of sale.
- Negotiate the property’s price, if necessary.
- Arrange for professional building and pest inspections.
Note for Victorian Buyers
- Remember the 3-day cooling-off period in Victoria after signing the contract.
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3. After Signing the Contract
- Exchange contracts and pay the deposit.
- Instruct your lawyer to prepare for settlement.
- Complete verification of identity with original documents.
- Authorise your lawyer for PEXA transactions through Client Authorisation.
- Ensure property insurance from the day of the sale.
- Coordinate between your mortgage broker and lawyer for finance application.
Before Settlement
- Let your lawyer conduct necessary checks (title, caveats, easements, etc.).
- Review adjustments sent by your lawyer.
On Settlement Day
- Pay the balance of the purchase price, stamp duty, and outgoing adjustments.
- Prepare an additional contingency fund (e.g., $5,000) for unforeseen adjustments.
- After title transfer, ensure your lawyer notifies relevant authorities.
- Stay in touch with your lawyer and collect keys from the agent post-settlement.
Additional Specific Checks
- Measure the property boundaries accurately, even for apartments.
- Review the certificate of title for easements, covenants, or other restrictions.
- Confirm that property measurements match the title certificate.
- Investigate any registered interests (e.g., family court orders, caveats) that may affect settlement.
- Check council rates and assessed property value.
- Inquire about land tax obligations and amounts.
- Understand any planning, zoning, heritage listings, or overlays affecting the property.
- Ensure all services (water, sewerage, gas, electricity, telephone) are connected.
- Investigate potential property contamination.
- Confirm the presence of heating and cooling systems.
- Check for any unlawful or illegal building works.
- Verify permits and certificates for any renovations.
- If a new home, check for occupancy certificate and builders warranty insurance.
- Assess for building defects, termite damage, and strata or owners corporation issues.
- Review owners corporation charges and potential special levies.
- Consider additional charges like GAIC.
- Ensure financial readiness for deposit and balance payments.
- Compare recent property sales in the area for price validation.
- Determine the correct purchasing entity (individual, partner, company, etc.).
- Evaluate the settlement period feasibility.
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