Buying a house is perhaps the single most important financial decision of your life, especially with the mean prices of dwellings in Australia costing a whopping $631,000, according to data from the ABS at the end of the September 2016 quarter. If you've decided on a particular home and are in a position to meet the finances, you'll need to go through a few steps to ensure the house buying process moves forward seamlessly. This commentary looks after the process of conveyancing for your new home.
Avoid Trying to Undertake the Process on Your Own
Conveyancers typically look after different facets of the selling and buying process by reviewing the land title and transferring ownership to the buyer. He or she will scrutinise the sales contract and will inform you of any discrepancies that could be detrimental to your interests. While you could potentially take on this job on your own, even the slightest mistake could be costly in the long haul. For example, conveyancers will look at factors like government entities staking claim to the land for future development, which is something you probably wouldn't think of doing on your own.
Check the Conveyancer's Credentials on the AIC Website
A licensed conveyancer's details will be listed on the Australian Institute of Conveyancers (AIC) website, which is an assurance that the professional has the necessary skills to undertake your requirements. All AIC licensed conveyancers have professional indemnity insurance as a way to protect you in the rare situation where something goes wrong. Every state has its own AIC division, so click on your specific state to find out whether the person you choose is licensed or not before hiring them for your job.
Know the Difference Between an Established and Off-the-Plan Property When Determining Costs
An off-the-plan property is essentially when you buy the home directly from the builder with nobody living there previously. In most instances, you will be part of the building process and will get to choose your interiors. In this instance, a conveyancer will get both a land and building contract to go through after the land has been registered with the local council. With an established property that's already been built a while ago, you're essentially buying from another person, so your conveyancer will have only the land contract to go through. Keep in mind that since an off-the-plan property involves more checks for the new area, you're likely to pay more for it.
Now that you've privy to some clever conveyancing steps, your home buying process should go through seamlessly.