Discover the different types of searches involved in conveyancing in Victoria and why they’re essential to protect your property interests.
Typically your Victorian conveyancer will carry out several several types of searches that are essential to protect your property interests. These searches help to identify any potential issues that may affect the property and ensure that the transaction is lawful and valid. Below are the different types of searches involved in conveyancing in Victoria and their importance:
Title Search:
A Title search is a critical search that helps determine the legal owner of the property, whether there are any mortgages, easements, or restrictive covenants affecting the property. A title search ensures that the seller has the legal right to sell the property, and the buyer is aware of any encumbrances affecting the property.
Certificate of Title:
A certificate of title is an official document issued by the Victorian Land Registry Services that confirms the ownership of the property. It also lists any registered interests, such as mortgages or caveats, that may affect the property.
A certificate of title helps ensure that the buyer is purchasing the property from the rightful owner and that there are no third-party interests that may affect the property’s sale.
Planning and Zoning Searches
Planning and zoning searches help determine whether the property is zoned correctly and whether any planning restrictions apply. This search also checks for any proposed roadworks, railway lines, or other developments that may impact the property.
It is essential to ensure that the property is suitable for the buyer’s intended use, and there are no future plans for the property that may impact its value.
Land Tax and Council Rates Search
A land tax and council rates search checks for any outstanding taxes or rates payable on the property. It is essential to ensure that these charges are paid up to date, and there are no outstanding debts that the buyer may inherit after purchasing the property.
Building and Pest Inspection
A building and pest inspection is a report that outlines the condition of the property and whether any pest infestations or structural defects exist. This search helps the buyer to determine the overall condition of the property and whether any repairs or maintenance may be required.
In conclusion, conducting the above searches is crucial when purchasing a property in Victoria, Australia. These searches help to protect the buyer’s interests and ensure that the transaction is lawful and valid. A failure to undertake these searches may lead to unforeseen legal and financial issues, and it is therefore recommended that buyers engage a qualified conveyancer or solicitor to assist with these searches and the overall conveyancing process.