Some people get frustrated with the cost of a conveyance and choose to purchase a do it yourself conveyance kit instead of going the traditional route. This can be a benefit if you are willing to put the time and attention into doing all the paperwork yourself. Here are a few things to keep in mind when you are thinking of buying a do it yourself conveyance kit.

DIY Conveyance Considerations

• Do it yourself conveyance kits are the most advantageous when dealing with straightforward property transactions. Be prepared for things to get complicated though and sometimes even the most straightforward transaction can get complicated very quickly.

• Various legislation and rules can also make a simple transaction seem much more complicated.

• If you are concerned about what is going on with your real estate transaction make sure you tell your solicitor about it. In most cases they will be happy to keep you in the loop of what is going on and let you know what all the arrangements being made on your real estate transaction.

If you have any problems, questions, concerns or doubts about the things that are going on with you property and the steps that are being taken or the paperwork that is being done make sure that you talk to your solicitor about it. Communication is the key to making sure that everyone has a happy and successful experience and transaction.

Cutting Expenses Can Add Up To Serious Trouble

Another thing to consider is that sometimes homes will look good on the outside but have a wide array of problems on the inside that the untrained eye can not see. Make sure you get the proper building inspections done. This is not an area where you want to skimp on expenses!

For more helpful tips, be sure to see Part 1 of this series.

Property Options Australia
Property Options Blog © 2006 - 2009

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Owning real estate seems to be the dream of many Australians. When you own your own property you are free to do what you please with it. Unlike renting, home owners are able to renovate their home, paint it to suit their tastes, add an addition if need be, use it as an investment property, sell it or will it to loved ones. Real Estate has also proven to be an excellent investment. In most instances the money that is invested into real estate is profitable and has a good return. Some Australians are put off from buying real estate due to all of the legal paperwork, permit requests, planning control boards and other things that needs to be taken care of. With this simple checklist we will help to break down the legal process of purchasing a home and make the process easier to understand and less daunting.

Understanding Conveyance In Australian Real Estate

The conveyance process does not have to be a cause for headaches. Conveyances in Australia vary from state to state but typically they all involve:

• Contract paperwork that includes a contract note or contract of sale which includes details about the property. The contract paperwork should also have a fixed settlement date on it, generally 30, 60 or 90 days.

• Certificate of Title will confirm the current ownership of the property and tell whether the property has any encumbrances on it.

• A land transfer document will be finalized at the time of the settlement

• If you are purchasing an apartment the body corporate certificate will discuss the maintenance of the buildings and list out the current maintenance payments that are being made.

• The mortgage paperwork will be done to by your solicitor or conveyance. Specific paperwork will need to be provided to show your ability to pay the mortgage and verify other important information.

• Other costs involved with purchasing real estate include utility fees and council fees. These fees will be discussed during the settlement.

Property Options Australia
Property Options Blog © 2006 - 2009

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In this post you we will explore some more real estate terminology to help guide you through the world of real estate with a better understanding of what all those phrases mean.

• • Capital Gain is the tax that you have to pay on any capital gain that you make. It is an additional component of your annual income tax. When you make a net capital gain, as in from the sale of a real estate investment property, you are taxed at your marginal tax rate.
  • Clear Title pertains to land or property that does not have any liens debts against it including a mortgage. This is property that is owned free and clear.
  • Collateral is something of value that you would use as an asset to secure a loan.
  • Conveyancing is the legal work that is involved in the preparing of sales contracts, mortgage paperwork and any related documents that are used when you buy or sell a home, land or investment property. Conveyencing can be done by a licensed conveyancer, a solicitor, or you can do it yourself.
  • Covenant is the agreement of one party to adhere to certain terms, conditions or restrictions in regards to a certain property. Covenants are usually only valid if they are noted on the title to the land. A covenant is also defined as a lawful restriction on the use of the property or on improvements permitted on the property. For instance, some lake side properties may have covenants restricting the building of an addition or dwelling closer to the lake.
  • Decrement is a decrease in the size of a property due to erosion.
  • Developer is the company or person who purchases a property with the express purpose of developing the property and reselling it for a profit. Some areas are trying to restrict developers from purchasing land in Australia in order to protect the ecological system.
  • Dual Occupancy refers to a block of land or a building that is zoned to allow the owner of the property to reside with additional living quarters, separate from the owner. An example of a dual occupancy dwelling would be a duplex, or a granny flat.

Check back next time as we continue to explore the fascinating world of real estate terminology.

Sean Rasmussen
Property Options Australia
Property Options Blog © 2006 - 2008

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