Finding the right property can be incredibly exciting. But after finding the perfect home, unfortunately, there are still a few more steps required in the transfer process from qualifying for finance to conducting all the necessary inspections,
Some parts of the buying process can be very tedious, whether you are buying commercial or residential real estate. Your buyer’s agent will typically help you through the search process, but transferring ownership involves the work of a solicitor. This step in the acquisition of property is called conveyancing. It includes disclosures, certificates, and of the documentation involved in transferring legal title.
Both residential and commercial conveyancing require the work of a solicitor or conveyancer who coordinates settlement and ensures all necessary documents and certificates relating to the property are in order.
Residential Conveyancing
Transferring ownership of residential property is usually straightforward. The solicitor will steer you through the process of obtaining disclosures from the seller and they will also liaise with your mortgage lender in relation to the bank’s requirements.
During the standard cooling off period, the buyer may rescind the agreement. Once the “cooling-off” period ends, then the purchase contract becomes unconditional and the buyer is obligated to fulfill the terms of the contract.
Commercial Conveyancing
Buying a commercial property, whether for your own business or to let to another, can be a more complex and detailed process than a standard residential purchase. The process involves local searches and inquiries with government agencies, as well as reviewing other documents such as lease agreements with existing tenants if any.
Your solicitor or conveyancer will need to ensure that taxes and fees are duly paid and updated and check compliance with local property zoning laws, permitted uses of the land, any encumbrances, claims to title, and environmental risks.
If there are tenants currently operating their business within the premises, the conveyancer will have to review their existing lease contracts as well. The larger the property and the more tenants occupying it, the more complex the conveyancing process.
The Take-Away
Whether you are investing in residential or commercial property, knowing the process and understanding the work of the solicitor will help guide you through the transaction. A good buyer’s agent will also act in your best interests to identify any issues or queries with a property early on to make sure they can be dealt with. Otherwise they will help you move on and find the next property!
Are you looking for an experienced buyer’s agent who can help you identify the right property for you? We are the leading buyer’s agency in Sydney. Call us today and see how we can help you with your real estate purchase!
