When a property solicitor handles your conveyancing they usually quote an amount expected to be spent on property searches.
Common questions often arise like what are all these searches for and do I really need to pay extra for them? The simple answer is the searches are conducted to protect your interests.
Most searches are obtained from government or council records and they confirm particular details on your property, independently from what the other party on the contract has told you.
The Queensland Law Society recommends a list of general searches that should be completed at a bare minimum.
For example, the following is a list of some of the searches completed when you are purchasing a property in a body corporate:
|Title||Confirms property details, current owner, any mortgages, caveats or other encumbrances.|
|Plan||Confirms boundaries and property lines.|
|CTS & CMS||Confirms body corporate information and entitlements.|
|Rates||Shows the rates applicable to the property and allows for adjustments to be made.|
|Body Corporate & Insurance||Ensures the building is insured & levies paid.|
|Certificate of Classification||Confirms the council approved building use.|
|Land Tax||Confirms there is no land tax owing|
|Body Corporate Orders||Shows any body corporate disputes.|
|PPSR||Confirms there are no encumbrances over the property inclusions or chattels.|
|Bankruptcy (x2)||Confirms the seller is not a bankrupt and can sell his/her property to you.|
MacGregor O’Reilly are Conveyancing Solicitors and can assist with all types of residential conveyancing, whether you are buying or selling. We ensure the process is as seamless as possible.
Contact us on (07) 5570 6766 to discuss the above further or complete the quick enquiry tab on the right-hand side.