A GUIDE TO Buying Property in Tasmania

WHAT IS PROPERTY CONVEYANCING?

Property conveyancing refers to the legal process of transferring property ownership from the seller to the buyer. It involves several stages, including pre-Contract, Conditional, Unconditional and Settlement, each with its own set of tasks and requirements you should know about.

PRE-CONTRACT PHASE

Before entering into the property market, buyers can go through a few preliminary steps. These steps can include the following: 

• Perform property market research and align your budget with the available options. Getting pre-approved for a mortgage can streamline the buying process and provide a clearer picture of your financial capacity.

• Inspect the properties. This assessment is available to help you gauge the property's condition, ensuring you're making a well-informed decision.

• Negotiate Contract of Sale. The Contract of Sale outlines the terms and conditions of the sale, including the sale price, settlement date, and any special conditions. It is best to seek legal assistance to ensure the Contract aligns with your interests and complies with Tasmanian laws.

CONDITIONAL PHASE

During this period, thorough due diligence is being undertaken by your Conveyancer. Property title searches are done to verify the ownership and legal status of the property you’re purchasing. Double-check for any easements, encumbrances, or land use zoning that might affect your intended use of the property.

You should also consider and invest in home insurance to protect you and your investment from potential risks before and after settlement.

UNCONDITIONAL PHASE

During this period, further due diligence is undertaken. Your Conveyancer will complete all the legal documentation required for the transaction. These documents protect your interests and show who and how the property will be held. They will also liaise with your lender, ensuring all documents are lodged, and the funds required for settlement are ready for the next phase.

SETTLEMENT PHASE

The most exciting (and most anticipated step) is settlement day. On this day, the transfer of ownership officially happens. Key tasks during settlement include funds being paid to the Vendor and the lodgement of the transfer. 

Seamless collaboration between Conveyancers, financial institutions, and government authorities ensures a worry-free settlement. However, unforeseen challenges may sometimes arise, such as documentation discrepancies or delayed fund transfers. Having a Conveyancer by your side can help lessen the stress these issues may bring and facilitate a successful settlement.

KEY LEGAL ASPECTS AND REGULATIONS IN TASMANIA

Tasmania has unique property laws and regulations. These laws govern property transactions, ensuring transparency, fairness, and compliance with local regulations. The Land Titles Office oversees the registration transfers and plays a pivotal role in maintaining the integrity of property ownership records.

PROFESSIONAL SUPPORT AND COSTS

Choosing a qualified conveyancer is paramount to a successful conveyancing process. Their expertise simplifies the legal complexities and provides peace of mind throughout the transaction. Costs associated with conveyancing include professional fees, stamp duty, searches, and filing fees. Budgeting for these costs is essential to avoid any financial surprises. You can ask for an itemised list of fees from your conveyancer.