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 NSW Conveyancers. Below is all the Searches that go into a NSW 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. Applications like triVOI, can be used to easily and securely identify your clients from any location.
2. Council Rates
Council Rates, known as the Section 603 Certificate details the amount payable to council on the lot of land. It provides the following details:
- Description of the property
- Current owner’s name
- Property address
- Outstanding rates and charges
- Rates and charges levied in the current year
- Outstanding water usage charges.
3. Water Rates
Water Rate Certificates provide information on a property that is needed in the purchasing, development or building of a property. This information is supplied to triSearch through Sydney Water.
Sydney Water Certificates available through triSearch include: Section 66, Service Location Print, Sewer Service Diagram, Section 88G, Special Meter Reading BOS/BAS Letter and Statement of Available Pressure and Flow.
- Section 66: This certificate identifies the current water rate charges remaining on a property. This allows for the charges to be allocated accordingly between the previous and new owners.
- Service Location Print: This diagram shows the pipes and structures on the property and the point of connection to the wastewater system.
- Sewer Service Diagram: This diagram shows the private sewer pipes on the property. They are used to check if the plumbing on the property has been inspected and where the private pipes are crossing the property.
- Section 88G This certificate provides all the charges billed to the previous property owners that are not covered by the normal charges on a bill.
- Special Meter Reading: A meter reading enables a last bill to be issued before the leasing or selling of a property.
- BOS/BAS letter: A Building over Sewer or Building adjacent to Sewer (BOS/BAS) details if an approved building is close to sewer pipes.
- Statement of Available Pressure and Flow: This certificate identifies available flow and pressure at any hydrant in the area. This assists with the design on internal water services.
4. 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.
5. Body Corporate
A Body Corporate Certificate is a disclosure of Body Corporate matters to prospective purchasers. This certificate is only needed if the purchase is a Unit or Strata Property.
This Certificate includes:
- meeting minutes
- lot entitlements
- pool compliance
- pest inspections
- building valuation (if applicable)
- levies & insurance
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 you might have on a NSW purchase matter.