Conveyancers have to examine a wide range of documents as they help you purchase a property. It ensures that your purchase does not lead to legal or financial liabilities in the future. Below is a guide discussing the various conveyancing documents.
The property you intend to purchase should have the following documents:
- A title registered in the seller's name. The conveyancer will examine the authenticity of the document by checking the lands registry. Besides, they will check land maps to know the dimensions and boundaries of the property.
- A construction permit from the local council and an occupation certificate from a qualified certifier.
- Zoning and land planning documents to determine whether you are allowed to renovate the property or change its current use.
- Strata bylaws, AGM minutes and financial papers if the property is located in a strata development.
Loan And Financing Documents
If you are interested in purchasing the property, the seller will ask you to prove that you can afford the property. When buying in cash, the conveyancer will ask the bank to write a letter indicating that you have sufficient funds. Alternatively, you could provide your bank statement. When buying through bank finance, your conveyancer will ask the bank to give a loan approval letter once they agree to the interest and repayment terms.
Contract Of Sale
It details the terms of sale agreed by the seller and buyer. Your conveyancer will negotiate the following aspects of the contract of sale:
- The price of the property. More often than not, sellers will overquote the property. As such, your conveyancer will negotiate the asking price to ensure you buy the property at a reasonable price.
- The conditions of sale. For example, you would need the seller to surrender property documents or repair the property.
- The conditions of contract termination. For instance, you could cancel the contract if the bank denies you financing.
- Penalties and fines. The seller could suffer penalties if they accept offers from other parties. On the other hand, you could be fined if you cancel the contract without due cause.
Pre-Purchase Inspection Report
The pre-purchase inspection is an in-depth examination of the condition of the property. Typically, it is conducted by a qualified building inspector. The inspection report details the condition of structural features, whether the contractor followed the building code, the presence of pests or salt damping, the quality of fixtures, the building's safety features and its susceptibility to floods, fires and storms.
Conveyancing documents include property records, loan and financing papers, the contract of sale and the pre-purchase inspection report.Share