Legal Checklist For Buying Property

Rosebud is a seaside town an hour and a half south of Melbourne, it’s a beautiful spot on the Mornington Peninsula. It offers a lot of properties for buyers to choose from. When you decide to buy a property, apart from considering its location and features, there are also legal requirements to take care of. 

There are some basic legalities that a buyer must consider as part of their property purchase checklist. It helps to safeguard the investment and provides a clear title for the property. Investment in a property is highly capital intensive, and any error can cause a huge financial loss. Thus, the buyer needs to practise due caution when looking for property for sale in Rosebud. The ownership of a property can’t simply be claimed but needs to be validated with several documents which support the ownership status of the property. 

Here’s a look at the legal documents to check for when purchasing houses for sale in Rosebud:

  • Checklist for purchase

The buyer needs to ascertain that the title is with the seller and the capability of the seller to convey a clear title free from encumbrance.  The seller should be able to provide title documents of the property and documents supporting it. The documents should be stamped and registered. The original title documents should be available. 

  • Identity of the seller

Just like verifying the title of the property, it is important to ensure the identity of the seller as well. You must take into consideration the residential status and nationality of the seller and identification of all owners if the property is jointly owned. The buyer must see if the seller is a company, trust or society. A lawyer or conveyancer can assist with these matters at the time of purchase and will check that all relevant legal documents have been sited and recorded.  

  • Construction approvals

There are several documents which should be verified before buying a property. Potential buyers need to verify building plans for any extensions or alterations to check they have been approved by local authorities and meet all regulatory requirements.  

  • Physical survey

The buyers should conduct a physical survey to confirm the measurements and dimensions of the property. If you are buying land, demarcate the boundaries or access points to the property. Also verify other key features and amenities of the property as advertised by the seller. 

  • Owners Corporation

If the property shares common ownership of areas such as gardens, reception areas or driveways these may come under the jurisdiction of an Owners Corporation. Establish the annual fees that are required to be paid and be aware of any restrictions it imposes, such as ownership of pets or use of particular colours for exterior decoration.

Due Diligence Checklist

Prior to purchasing a property, it is important to go through what is referred to as a ‘due diligence checklist’, this will ensure that vital information is checked and any areas of lack or uncertainty are uncovered. There are lots of issues that can impact a property and nasty surprises can appear down the track for those that fail to check all aspects before making a purchase. It is recommended to engage professionals such as real estate agents, solicitors and / or conveyancers to handle some of these matters on your behalf, unless you have a solid understanding of these areas.

  • Fire or Flood Risk

As we feel the effects of climate change more than ever, it is imperative to thoroughly research if the property, or nearby locations, have ever been impacted by floods or bushfires, and if so, that home and contents insurance is possible.

  • City Living

If you are new to the city, or moving to a different area, be aware that with the convenience of amenities so close at hand, there is also the potential for unwanted or unexpected noise, pollution or even smells. Spend some time in the location at different times and days to understand what traffic, entertainment and pedestrian activity takes place. It’s too late once you have moved in and discover the nightclub that opens at midnight on your street.

  • Country Living

Whilst having acreage may sound appealing, it comes with a lot of maintenance requirements. Be sure that your lifestyle expectations are a match with the land size you are considering. Also be aware of any obligations landholders in the area are subject to in terms of managing weeds or pest animals.
When looking for a property for sale in Rosebud, it is important to verify all the documents and considerations mentioned above to safely move ahead with your buying decision. It is recommended to hire real estate agents when hunting for houses for sale in Rosebudas their expertise can ensure compliance with legal requirements. Their experience and knowledge will ensure that all procedures are adhered to and the seller fulfils their obligations, whilst the purchasers interests are protected.

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