Buying or Selling? Stay in the loop.

Understanding your property law transaction

Buying or selling a home can be one of, if not, the biggest transaction that you might make. At times it's easy to get lost in the blur of legal jargon, or the excitement of making such a big purchase or sale of real estate, but it's hugely important to stay on top of it all and understand what's going on. You'll hear agents telling you one thing, or friends in family maybe saying something else, but at the end of the day the property will be yours, and so you have to be comfortable with the end result. In that regard, knowledge is power in the conveyancing process.

• Make sure you know the basics of the transaction process. Really get to understand what happens at the start, middle and end of the experience so you know what's coming next. Do you know what the Property Law Act says?
• Take stock of your loan versus your finances. Be responsible and make sure it's a loan you can cover.
• Chat to your property lawyer about what you do and don't have to tell the buyer/seller. Do you need to let the buyer know the house is water damaged? Probably...
• Be certain you know all the financial implications involved with the transaction. Will there be ongoing costs on the property? If so what are they? The sale price isn't the only dollar figure you need to keep in mind.
• Always ask about a Will. When something as large as property is exchanging hands you should be taking the opportunity to check that your affairs are in order in case of the worst.
• Consider if there are any other legal mechanisms you should put in place. Should the property be in a Trust? Do you need a power of attorney?
• Find out the tax implications of the transaction.
• Finally, know what the agent's role will be in the process. If you understand what they should be doing you can get the most out of that potentially valuable resource.