Conveyancing is the legal process involved in the sale or purchase of a house, unit, commercial premises or vacant land.
Conveyancers and Solicitors are both capable of handling a Conveyancing transaction. Conveyancers are trained in the step by step process of the transfer only, whereas Solicitors are trained and knowledgeable in property law in general and so can offer additional services such as Contract advice and can deal with problems arising from the transaction which Read more about What is the difference between using a Solicitor and a Conveyancer?[…]
Adjustments are an apportionment of the rates, taxes and outgoings between the Vendor and Purchaser. Adjustments are made to ensure that the Vendor pays their portion as to the date of settlement (or date detailed in the Contract) and then the Purchaser assumes liability for the remaining portion.
A subdivision is when a larger block or apportionment of land is split into two or more individual blocks. They are often vacant land but they can contain established or newly built dwellings. Buying a subdivision property means waiting for the subdivision process to be completed before being able to settle on the property. This Read more about What about subdivisions?[…]
If a property is being sold Off the Plan it means that, at the time of the Contract being signed, the dwelling on the land is either about to be built or is in the process of being built. There are advantages and disadvantages to this type of purchase. On the plus side you receive Read more about What is an Off the Plan Purchase?[…]
If a property is said to have Clear Title, it means that there is no mortgage affecting the property and the vendor or vendor’s representative holds the original Title in their possession.
This is achievable and happens quite a bit. There is increased risk of settlement not occurring on the chosen date however as there are many more parties involved including banks and so much more potential for someone not to be ready for settlement.