Buying Your First Property: Understanding Conveyance

man buying a propertyBuying your first property is an exciting yet challenging experience. A house is a huge investment, after all. What makes it especially complicated is the process of transferring the property title. For the uninitiated, it can be a complex and confusing matter. Fortunately, there are experts who can help you with that.

Indefeasibility of Title

Since the introduction of the Torrens title in 1858, most Australian lands have come under the new system of conveyance. In this scheme, instead of using deeds, land ownership is transferred through title registration. A buyer can only purchase the land if it’s included in the government-managed registry. The whole process allows the registered owner of the property to have superior claim over the others.

Varying Laws and Processes

Australian states and territories have different takes on the matter. In Queensland, for instance, there’s a “cooling off” period for residential contracts. The buyer can choose to pull out the contract within 5 business days after exchanging contracts. Upon termination, the buyer must pay 0.25% of the purchase price to the seller as a form of opportunity cost.

There are contracts which don’t have a cooling off period. One example of this is when buying a property at an auction. In such cases, it’s best to consult with lawyers from Sunshine Coast, Queensland to know which measures to take.

On Having a Good Title

Due to the complicated nature of conveyance, first time buyers often seek legal help. One of the things conveyance lawyers can do is check for legal issues and restrictions on the property. You don’t want to encounter legal problems after the exchange. You’ll have to undergo processes, which are more convoluted and taxing, just to clear these issues. So, it’s better that you know that the property you’re buying comes free of any problem.

Purchasing a property is a huge undertaking, even for the seasoned investors. You need all the help that you can get, from legal documentation to complying with contract requirements. So, when it comes to conveyance and other property legal matters, it’s best to consult with Sunshine Coast lawyers and property experts.

Resources:

http://www.tml.com.au/property
http://www.qld.gov.au/law/your-rights/legal-and-property-rights/property-ownership-laws/
http://www.fairtrading.nsw.gov.au/ftw/Tenants_and_home_owners/Buying_property/Conveyancing.page