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Property Conveyancing

Purchasing a Property

The conveyancer’s role in the purchase process is;

  • check the contract and Form 1 and advise the purchaser of any easements, encumbrances or other charges
  • discuss the need for property insurance and property inspection
  • conduct statutory searches
  • advise stamp duty and government LTO document fees applicable
  • prepare a settlement statement calculating the adjustment of rates and taxes and the amount that the purchaser will be required to pay
  • prepare all legal documentation required to transfer the property
  • advise the purchaser about ownership as either “joint tenants” or “tenants in common”
  • liaise with the financial institution in regard to the mortgage
  • coordinate the transaction and attend the lands Titles Office
  • advise SA Water, local council , SA land tax office , Emergency Services and any strata or community title bodies of the new owner's details

The major costs associated with the property purchase are;

  • SA government stamp duty on the transfer
  • SA lands Title office transfer registration fee
  • conveyancing fees
  • search costs and disbursements
  • adjustments of rates and rates
  • finance institution settlement fees and charges

Building Inspections

If you are purchasing a property which is more than 10 years old, it is recommended that the purchaser obtain and pay for a pre-purchase building inspection.

Pre-purchase building inspections are recommended;

  • to be informed on likely problems and remedial costs
  • to get documented information to improve the property
  • for professional advice on action to preserve the condition of the building and improve its long term structural performance
  • for a professional opinion on the feasibility of possible changes or extensions
  • in order to make a better investment decision

Valuations

Valuations are useful when you do not know the local property market  and in particular, prices in so called “hot” areas. Government data on values is never meant to be accurate and really only reflects the property values for the purposes of rates and taxes calculation.

We can recommend AAIV valuers and often the lending institutions will be happy to accept these valuations, thus saving time and money (ask the lender first).