Your Definitive Guide To Property Search
You are ready to invest in Australian property. Well, not quite. One of the things you have to go through when investing in real estate is the property search or title search, more than knowing about the property value, land tax, and other information. With several and a wide range of houses or properties to choose from in Australia, this step can be daunting. This is the reason we created this article to give you access to the information when you are searching for your property.
Real estate investors should know that property searches are crucial when you desire to purchase Australian property. Property searches happen after accepting the offer. You can make use of this article as a guide to property search in the Gold Coast. In your search, you can also use other similar technologies and other media, such as using third parties like the Internet in uncovering recent sales, analytics information, and other data from the website of your choosing. Let us get to it.
What Is A Property Search?
When you are eyeing buying a property, you should understand what a property search is about. Remember, the seller has no obligation to tell you everything you need to know about the property. It is why property searches are very important.
A property search is used to present in detail any changes or risks associated with the property and its surrounding areas.
Moreover, a property search is important when you are purchasing a property with a mortgage. This search will save you from all the stresses as you move along.
If the search presents issues with the property, mortgage lenders may choose not to grant the mortgage of the property. A property search also makes it easier to sell the property.
What Are The Different Types Of Property Search?
1. Local Authority Searches
There are two sub-types of local authority searches; the first looks at planning permissions relevant to purchasing the property. The other search tells you about whether the property is listed or located in a conservation area. These properties often come with a listing of things you can and cannot do, so the property keeps its original design.
Then, this type of property search may also look at proposals, including whether there are establishments to be constructed nearby the property. For instance, your property is nearby a green field. This search will inform you about the plans.
2. Environmental Searches
Environmental searches focus on the land where your property is situated on. It may provide information on whether the property is at risk when there is flooding, for one. This type of property search also takes a look at gas hazards.
3. Water Searches
A water search shows if the property is connected to major water supplies, where they are, and so much more. It also offers details on the location of sewers and the people responsible for the repair, among others.
4. Land Registry Searches
The land registry search is among the last searches that will take place. This search checks the title plan and title register, ensuring the seller definitely is the property owner.
The land registry search typically happens prior to the sale's legal completion. At the same time, the solicitor registers your property ownership.
5. Other Searches
There are also other searches when it comes to the property, such as location-specific searches. Solicitors recommend location-specific searches if properties are located in particular areas where the environmental report shows causes for concern. The location-specific search may also constitute a flood risk report or river search.
Then, there are commons searches if the property is adjacent to common land. There are regulations when common land is part of the purchase.
There could also be chancel repair searches if the property is close to a church. This helps in establishing if you will be liable for church repair costs.
Frequently Asked Questions About Real Estate Property Searches
How Long Does A Property Search Take?
Most of the time, property searches can take up to 10 days. Commons registration searches and local authority searches may take several months, depending on the complexity of the purchase. Plus, depending on market performance, property searches may take longer.
What Should You Look For In The Property Search?
You will often receive a copy of the reports once the property search is complete. They tell you about the points that could affect your decision-making process when buying real estate. Real estate searches will ensure you are making better decisions. Then, you will have to connect with your solicitor for further understanding of the findings.
What Happens After?
Once the property searches have returned and you are satisfied with the findings, both parties shall agree on the completion date. The solicitor will coordinate with you on when the exchanging of contracts will happen.
With this information on searching for the property, you will be more than ready to venture into owning your real estate.
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