As a Conveyancer or Property Lawyer, you would be familiar with all the due diligence required to prepare a contract. While every property will be different and require unique searches, here is a guide for all VIC Conveyancers of Searches that go into a purchase matter.
Verifying your client identity is the first step in the conveyancing process. All buyers and sellers are required to have their identity verified to prevent fraud. Solutions like triVOI, can be used to easily and securely identify your clients from any location.
2. VIC Title Search
A Title Search also known as a Certificate of Title or deed reference, is a legal document that outlines the specifics of a property. It provides details of the current owner, any associated dealings, and a land description.
A title search is used to assure the current owners’ details, information on a mortgage registered and to see if the property has any issues that could change the outcome of the transaction.
3. VicRoads Certificate
A VicRoads Certificate is a property certificate that provides further detail to a prospective buyer about a certain property. The VicRoads Statement details any proposals to undertake road works that may affect the property.
4. Land Tax Certificate
A Land Tax Clearance Certificate or Property Clearance certificate presents how much land tax is due and unpaid on a property or parcel of land. This isn’t a compulsory inclusion into your section 32 however this certificate protects a purchaser from any outstanding land tax liability by the previous owner.
This certificate details:
- Land Tax owning for the year in which the application was made.
- Outstanding liabilities from prior years.
Land tax needs to be paid by the seller prior to land being settled.
5. Owners Corp
The Owners Corporation Certificate, formerly referred to as body corporate is a disclosure of Owners Corporation matters to prospective purchasers. The Owners Corporation certificate forms part of the Section 32.
According to the VIC Government this certificate will includes some of the below:
- current quarterly or annual fees for the lot
- the date to which fees have been paid
- total unpaid fees or charges for the lot
- the date that special fees or levies were approved and the due date for payment
- details of repairs, maintenance or other work that may incur extra charges to those already budgeted or approved
- details of insurance cover
- a total of funds held by the owners corp.
6. Pre-purchase Reports
Pre-Purchase Reports, aren’t compulsory however it provides information about the condition of the property before the exchange of contracts. For due diligence you should include this in your contracts as approximately 26% of home buyers discover problems with their home after buying it.
Pre-purchase reports include:
- Building & pest Inspection reports: A Building and Pest Inspection report is an inspection carried out by a technician on a property to ensure there are no visual pest infestations or building defects.
- Development Application Reports: A DA, or a Development Application is a request to council to execute a proposed development. All new structures require a DA and they are commonly lodged by a Developer or Architect.
- Strata Reports: A Strata report is an inspection on a unit, apartment or villa to determine the physical condition of the dwelling/building as well as other intangible attributes such as financials.
- Valuation reports: A Valuation Report is an inspection of a property that will determine its value.
- Tax Depreciation Reports: A Tax Depreciation Report is a report that outlines the building costs and asset values of a particular property.
All these Searches, Certificates and services are available through the triSearch platform, at the industries lowest cost. You can book in an obligation-free demonstration at anytime to see how easy the platform is or click here to start searching.
You can also Contact Us via the website for any questions.