Property Conveyancing News

Property Purchase – Pre Settlement Inspection

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February 7, 2012

Property Purchase – Pre Settlement Inspection

 

When you are a Purchaser in a Property Conveyancing Transaction you are entitled to complete a Pre-Settlement Inspection prior to your Conveyancing Settlement being finalised. The property must be in the same state and condition as at the date you entered into the Agreement for Sale and Purchase.

We encounter many problems prior to settlement when our Purchasers have completed their final property inspection who raise concerns with some of the following matters:

1.  The lawns and gardens have been left untidy.

2. The house and carpet have not been professionally cleaned.

3. The is extensive rubbish which has been left at the property.

4. Light bulbs are missing.

5. Electricial fixtures and fittings are not working.

6. The pool has been left unclean or the equipment is not working.

These are just to name a few. The biggest problem from a Property Conveyancers point of view is establishing if the issues raised were factual at the date the Agreement for Sale and Purchase were entered into.

The best way to avoid any issues at a Pre-Settlement Property Inspection is to have relevant clauses and conditions in the Agreement at the time it is being prepared. Here are some of the conditions we would recommend:

  1. The Vendor will at his cost arrange for a  commercial cleaner to clean the interior of the house and  have the carpets commerciallycleaned prior to settlement date.

  2. A warranty from the Vendor that the dwelling and property including the lawns, gardens and surrounds will be left neat and tidy at settlement.

  3. The Vendor/s warrant that all Electrical, Gas and Plumbing fixtures and fittings will be in good working at prior to settlement.

  4. The Vendor/s warrant that the pool will be professionally cleaned prior to settlement, and all pool equipment including the pump will be in good working order at settlement.

If it is clearly spelt out as a condition or warranty in the Agreement for Sale and Purchase we have something to work with, if it not it is pretty hard to determine.

So our recommendation is where you can have the Agreement checked by your Conveyancing Practitioner to make sure the conditions are to your benefit.

Want to know more please visits us @ https://www.propertyconveyancingservices.com

Cheers Kim :)

 

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Property Conveyancing – Types of Property Ownership

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February 1, 2012

Property Conveyancing – Types of Property Ownership

Co-ownership relates to where 2 or more persons are entitled to possession of the same property and land. Each person is entitled to possession of the whole of the land rather than possession of any particular part. There are three types of co-ownership:

  • Tenants In Common.
  • Joint Tenants.
  • Co-ownership under the Joint Family Homes Act 1964.

Tenants in common exists when two or more persons hold defined shares in a property. More so when the stated shares of ownership is noted on the Certificate of Title.

Tenancy in common is usual where the registered proprietors are not in a relationship as defined in the Property Relationship Act, or are not trustees.

Each person is entitled to possession of the whole of the land and is only entitled to a distinct share in the whole of the land.

When parties are registered as Tenants in Common there is no right to Survivorship. It is recommended when being registered as Tenants in Common a provision is made in your estate as to who you want your share to be transferred to.

Joint Tenancy arises when two or more people are registered on the Title without any words to show separate interests in the land. This means that each party owns the land jointly. This type of tenancy is a common form of ownership by spouses. Trustees may also own land as joint tenants.

The characteristics of Joint Tenancy are:

  • The presence of the four unities of title, possession interest and time.
  • The right of Survivorship, and
  • The right to sever the joint tenancy before the death of a joint tenant.

Title – All joint tenants must have obtained Title from the same transfer, or other instrument.

Possession - No joint tenant has an exclusive right to possession of any particular part of the land. Each joint tenant has as much right to possession of all or any part of the land.

Interest - Joint Tenants own one estate, so their interests must be the same as to the nature, extent and duration.

Time - Each joint tenant must vest at the same time except where the land vests by way of a will or trust.

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Property Conveyancing – Cheap Quotes and Advice

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January 25, 2012

Property Conveyancing – Cheap Quotes and Advice

 

We hear all to often about the problems of Conveyancing Companies and Solicitors offering cheap Conveyancing Fees both online and offline. It is also a problem within the Professional Industry as well given the current property market over the last 3 years.

I have been in the Industry since 1984, and have a substantial amount of experience. Over this period I have also seen the lows and highs of the property market.

Many Conveyancing Companies and Solicitors will advertise cheap Conveyancing fees as a method of obtaining Clients based on volume of turnover which in the end only turns into a disaster for the Client and Consumers. The quotes given by these Companies may not include the disbursements and government charges.

The dangers to the Client and Consumer could be overloading Staff, cutting corners in the legal process and transaction, thorough searching, researching and investigation of the paperwork, back log of work together with poor Professional Service delivery just to name a few.

The client file within the firm may also be handled by several people making it exceptionally confusing for the Client not knowing who is actually handling their matter.

When you consider the price of the property you are selling or purchasing together with what you may pay the Agent for their commission, does it really pay to look for the cheapest Conveyancing fee? I would definitely say not.

We hear all to often, but it is a straight forward property transfer. We hear this at the front and then when we received the Agreement for Sale and Purchase we discover there is much more involved. Such as Companies, Guarantee’s, Trusts, collateral security properties, further negotiations in relation to Builders Reports, LIM Reports and Final Inspection just to name a few.

If you are looking for the cheapest Conveyancing Fees and Quotes then you must remember what you pay for is what you get, this also covers paying peanuts you may end up dealing with monkeys.

We recommend you get a quote for your Conveyancing, you need to make sure it covers everything inclusive of Disbursements, Government Charges, GST and any other hidden costs which may not be Disclosed. Also query what is the Charges if the transaction does not proceed.

Are you being charged a fixed fee or an hourly rates and do you have a money back guarantee. Do not be afraid to sight any client testimonials.

We at Property Conveyancing Services Ltd pride ourselves on our Professionalism, Service Delivery and looking after each Client personally. We will never claim to the cheapest Conveyancing Company but we are also not the most expensive. For a no obligation Property Conveyancing Quote please click the this link http://www.propertyconveyancingservices.com/free-property-conveyancing-quote.html

Cheers Kim

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Property Conveyancing – What is a Personal Property Securities Register

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January 24, 2012

Property Conveyancing – What is a Personal Property Securities Register

 

If you purchase items on hire purchase, such as fridges, washing machines, electrical goods, motor vehicles, boats, caravans or utilise any type of credit to complete your purchase you will probably find your details have been registered by the secure part on the Personal Property Securities Register (PPSR).

The details registered will include your name, date of birth, address and a description of the purchase of goods.

Please note that the PPSR record does not record the financial details of the transaction such as the amount borrowed or the value of the item/s.

When your information has been registered by either the Lender, Finance Company or Bank you must be sent a copy of the statement unless you waived this right at the time of signing your agreement. So it is always important to read the fine print in any Contract you enter into.

If you notice that any of the details are incorrect you have the right to ask them to be corrected. If you owe money on the items you wish to sell you should not sell them without the written permission of the company you owe the money to as they may require to the debt to be repaid from the sale proceeds. If you do not you risk the person you sold the goods to of a possible repossession by the Creditor.

When an Agreement for Sale and Purchase is completed and the chattels are listed in the Agreement your Conveyancing Practitioner must complete a Personal Property Securities Register Search to ensure the chattels are not subject to any hire purchase agreement. The last thing you want is to have your property conveyancing completed and then discover someone is knocking on the door to repossess items.

For more information visit us @ https://www.propertyconveyancingservices.com or connect with our facebook @ https://www.facebook.com/conveyancingservices.

To your success Cheers Kim :)

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Property Conveyancing – Buying A Property At Auction

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January 23, 2012

Property Conveyancing – Buying A Property At Auction

 

It is common practice in this Real Estate Market for Vendors to sell their properties by Auction. A sale by Auction is another method to reach an Agreement for Sale and Purchase. The Vendor appoints an Auctioneer to act as their Agent in carrying out the sale.

The Auctioneer will call for bids from prospective Purchasers. Acceptance of a Purchasers bid for the property falls on the Auctioneers hammer. It is important that as a Purchaser you understand that once your bid is accepted the Contract is made and it is not possible to introduce terms and conditions in relation to the property purchase.

The Purchaser is also required to pay the deposit on the fall of the Auctioneers hammer.

If you are considering purchasing a property at an Auction you must complete your due diligence in relation to the property purchase. Some Real Estate Agents have information brochures about the property which may include a copy of the property Title Search together with the encumbrances which are registered on the Title and or a Land Information Memorandum.

If this information is not made available by the Real Estate Agent then you should arrange for your Conveyancing Practitioner to undertake the relevant searches in relation to the property.

There can be dangers in purchasing a property at Auction as you do not have the opportunity of obtaining a Builders or Engineers Report which would otherwise disclose any defects, structural issues, water tightness problems or issues in relation to the land itself.

Also note purchasing at Auction is entering into a cash offer. Even though you as a Purchaser may have a pre-approval of Finance from a Lender or Bank it does constitute an unconditional Finance Approval. You still need to make formal application for Finance.

If you are unsure of the actual Auction procedure we would recommend you attend a few to see how things go or if you would like further information do not hesitate to email Kim directly @ kim@propertyconveyancingservices.com

 

 

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