As a Conveyancer or Property Lawyer, you would be familiar with all the due diligence required to prepare a contract. While every property will be different and require unique searches, here is a guide of all Search that go into a VIC Sale Matter.
1. VOI
Verifying your client identity is the first step in the conveyancing process. All buyers and sellers are required to have their identity verified before transacting to prevent fraud. Solutions like triVOI, can be used to easily and securely identify your clients from any location.
2. VIC Title Search
A Title Search also known as a Certificate of Title or deed reference, is a legal document that outlines the specifics of a property. It provides details of the current owner, any associated dealings, and a land description.
A title search is used to assure the current owners’ details, information on a mortgage registered and to see if the property has any issues that could change the outcome of the transaction.
4. Plans and Instrument listed on the Title Search
Plans and instruments are used to find out the land boundary information.
A plan, also known as a title diagram or survey plan, depicts the boundaries of a parcel of land when it was registered. Plans are commonly conducted by surveyors include dimensions of the land, the type of the boundary (i.e. roads, walls or fences) and possible restrictions.
An instrument is a dealing which can be registered or capable of being registered on a title of land. It relates to a transaction that has affected the land and needs to be noted on the Title.
Instruments include:
- Mortgage
- Caveat
- transfer or discharge of a mortgage
5. LIV Contract for Sale of Land
The Law Institute of Victoria Contract for Sale is a legally binding agreement between you and the owner of the property.
It protects both the sellers and buyers’ rights. The contract of sale includes:
- The names of the vendor and purchaser.
- The property address.
- The deposit to be paid.
- The sale price of the property.
- The date of the property settlement.
- Certificate of title information.
- If the property will be available as a vacant possession, or if it is subject to a lease.
- Conditions of the sale including financing information or if additional building inspections are required.
- Other general and special conditions/encumbrances (mortgage or a lease agreement).
6. Land Information Certificate
A Land information certificate is required when selling a property to ensure that the correct settlement is organised. The land information certificate details:
- Outstanding rate charges
- Interest due
- Property valuation information
- flood levels (if any)
- building regulations
- water
- sewers and drains
- planning restrictions
- bushfire areas
- heritage listings
- land tax
- VicRoads
This certificate is given to prospective buyers with a Section 32 or a Contract of Sale.
As a registered information broker, by ordering through triSearch, the relevant council will receive your application and you will receive the certificate in return.
7. Building Approval Certificate
A Building Approval Certificate for a VIC Sale Matter, also known as a Building permit, is a written approval from a licensed building surveyor certifying that a proposed building complies with the relevant building restrictions. A Building Approval Certificate will cover a building that is taking place or about to take place.
This Certificate provides you with protection by ensuring:
- the builder working on your development are licensed and have the required insurance
- adequate documentation to show the works were carried with the appropriate permissions.
- key stages of the development are inspected.
Not all proposed buildings require this Certificate, some of these include:
- Small demolitions or alterations
- Pergolas associated with houses.
- Garden sheds with a floor area less then 10m2
- Repair work (maintenance)
The Building Approval Certificate is one of the many Property Enquiries triSearch offers.
All these Searches, Certificates and services are available through the triSearch platform, at the industries lowest cost. You can book a demonstration at anytime to see how easy the platform is or click here to start searching.
You can also Contact Us via the website for any questions.
