Conveyancing
Buying a Property
When purchasing a property, the first step is to carefully consider and know your requirements and ensure your finances are in order. Once you are financially prepared, you can confidently select a suitable property.
The agent or vendor will provide you with a copy of the Contract of Sale. It is essential that you read and understand all clauses before signing. Importantly, you must also obtain the Form 1 (Vendor’s Statement) from the agent or vendor before making any commitment.
In South Australia, the Form 1 is required under the Land and Business (Sale and Conveyancing) Act 1994. This document sets out important details about the property, including:
- Particulars of the title
- Any encumbrances (such as mortgages, easements, or caveats)
- Details of zoning and relevant planning information and
- Any statutory notices or restrictions affecting the property and many more
You should always seek independent legal advice before signing the contract. Once the contract is executed, the matter can proceed towards settlement.
Prior to settlement, your solicitor or conveyancer will provide you with:
- An adjustment statement from the vendor (showing adjustments for council rates, water rates, etc.)
- A settlement statement outlining the final figures payable
Ensure you understand these documents and have your funds ready well before the settlement date to avoid delays.
For professional guidance throughout your property purchase, contact Troubridge Barristers and Solicitors.