Whilst it may be stating the obvious the party who contracts to buy from the vendor in a conveyancing transaction is the purchaser. In most, but not necessarily all, such transactions it is the purchaser who signs the Contract of Sale.
In a conveyancing transaction the functions of the purchaser or the purchaser’s representative include;
- Inspecting the property and any documents available including the proposed Contract and Vendors Statement;
- Negotiating terms for the purchase either directly with the vendor or the vendors estate agent or representative;
- Having the Vendors Statement checked by a solicitor. At this stage further searches or enquiries can be made to further investigate the title to the property;
- Making an offer to purchase the property (usually by signing a contract and paying a deposit). When that offer is accepted in writing by the vendor (usually by countersigning the contract) a formal and binding agreement is in place;
- Arranging for a caveat to be lodged on the title to the property as a warning to anyone conducting a search of the title that there is a pre-existing contract of sale in existence;
- Measuring the land to check that title boundaries accord with the land as occupied;
- If necessary or required, making application for finance to assist with the property purchase. If that application is accepted, a purchaser will be required to sign a mortgage and related documents in order that the loan can be secured by the financier against the title of the property being purchased;
- Arranging for a transfer of land and notice of acquisition to be prepared and signed in readiness for settlement;
- Preparing a statement of adjustments in respect of the property outgoings (rates, owners corporation fees etc.) and settlement statement and having same agreed by the vendor;
- Making settlement arrangements with the vendor, the vendor’s lender (if any) and any financier taking security over the property for any loan to the purchaser;
- Inspecting the property shortly prior to the proposed settlement date;
- Arranging a final check search on the title to the property before settlement;
- Arranging to make the purchase funds available at settlement;
- Receiving title documents, or overseeing the receipt of those documents by a lender and having them assessed for duty purposes and lodged for registration at the Land Titles Office;
- Arranging for notice of acquisition to be sent to all relevant statutory authorities notifying the change of ownership.
If you would like us to represent and assist you in working through and completing this process simply contact us or complete and return the Purchaser Checklist and we will be in touch with you.