The transfer of real property to a new owner is quite complicated. Inform a trusted conveyance agent regarding related matters that can have an effect on your interests in said transaction. Financial information and dates must be accurate at all times.
Common Concerns in Real Property Transfer
Sign and submit documents related to real property conveyance promptly. This is crucial especially if the settlement period is short and both parties are rushing the transaction. Study all conditions or provisions in the Contract for Sale by Offer and Acceptance. Settle payments, make deposits or complete balances on the date that you stipulate in the contract for real property transfer. Sign all papers before you travel. Some land regulatory officials require original signatures for documents such as the Transfer of Land.
Comply with requirements of loan institutions if you need finance. Submit documents for real property mortgage to avoid delays. Contact your agent after accepting a loan offer or once the lender approves the credit. The lending facility is obliged to inform borrowers about the status of application, fees for mortgage processing or stamp duties. Conveyance agents send documentation and settlement statements to buyers of real property.
Transfer of Land documents are forwarded to the owner of the real property along with settlement fees and expenses. Statements will divide current charges and taxes. It can also include the amount in the trust account while awaiting receipt of details. Coordinate any water utility bills or Local Government Authority following payment because these accounts may have been settled.
Rebates and Inspection for Real Property Transactions
You may be eligible for rebates, concessions or exemptions depending on the property’s purchase cost. These incentives are for exemptions on stamp duties even if you are not the original buyer. First owners of real property should be approved to receive this First Home Owners Grant.
The contract provides the right to an inspection of the real property once within five business days before settlement or possession date. Get in touch with the real estate broker concerned and finalize arrangements for this inspection. This is an assurance that the property is in the same condition as it was when you submitted your initial offer to purchase. Make sure that all items are in good condition and maintained properly based on your contract.
Certificate of Titles for real property are held by the Lender as mortgage security. The property conveyance firm will send you the Certificate of Title through registered mail. This official document will come from the Department of Land Information. Buyers are responsible for arrangements with regards to connection of utilities. These are electricity, telephone services and gas.
With regards to insurance coverage, the property is your risk on the settlement or possession date whichever will be earlier. Agents cannot make arrangements on your behalf except for common policies on strata title properties. Almost all lending companies require adequate insurance in Certificate of Currency format before settlements are made.