Do I Need a Property Conveyancer if I am Buying My Parents House
So, you want to buy your parent’s house? Considering that the sale is between family members, you may be wondering how much of the official process you need to complete. Do you need to conduct a title search? Will there be a contract of sale? Do you need a property conveyancer to assist you with the legalities that are part of the sale process?
When buying or selling property within your family, the process can be a lot more straightforward than a typical real estate transaction between strangers. However, you should be aware that the transfer of property, whether between family members or not, is still a legal transaction. As such, there are laws that need to be observed. Let’s take a look at some of the differences between a traditional property sale and a familial one to find out whether you need a property conveyancer to take you through the process.
Agreeing on a sale price
You and your parents need to find a sale price for the property that you are both comfortable with. You can go about this in several ways. You could hire a property valuer to provide you with an estimation of the market value of the home. If you are going to finance your purchase with a lender, they will likely employ an evaluator to assess the property, so you can easily use their findings to determine a fair purchase price. Or, you and your parents could decide on a price together based on the financial position of both parties. You must know What does conveyancer do that is very important to understand
Once you have agreed on a sale price, you can begin the process of transferring the property title from your parents to you!
Do I need a property conveyancer if I’m buying my parent’s house?
When you are buying your parent’s house, there is usually no need for a Contract of Sale to be prepared. Luckily for you, that means you won’t need to hire separate property conveyancers to assist you. However, there are still many aspects of the sale that are best conducted by a property conveyancer, and you can use the same person for both parties (you and your parents).
A skilled, professional property conveyancer will:
- Prepare documentation for both parties;
- Talk you through the documents to ensure you understand every step of the process;
- Research the property and certificate of title for any outstanding mortgage payments (these will need to be discharged before the sale);
- Conduct the property settlement; and
- Calculate your stamp duty.
Stamp Duty
Although there are instances when stamp duty does not apply to a property transaction, unfortunately a sale between parents and children is not one of them. You will need to pay stamp duty on the purchase of your parent’s property. Do you know conveyancer fees if not ask for conveyancing company
The rate you will pay is based on the property’s market value – not your agreed-upon price, meaning it will need to be evaluated by a professional evaluator at this point of the transfer process. What conveyancers do. There are so many things you must know
Once the valuation is complete, you will need to provide your property conveyancer with a copy of the report. They will then lodge the prepared and signed transfer documents for stamp duty assessment with your local government. Your property conveyancer can then organise to have your stamp duty paid alongside the correct documentation and will be able to then arrange a settlement date. What is conveyancing you must know about it
Purchasing property from a parent is usually a much more straightforward process, but it is still a legal transaction, and as such it needs to meet with your state/territory’s property legislation. Any mistakes that you make during the process could end up costing you, which is why it is always advisable to hire a property conveyancer to conduct the transaction. Luckily, you and your parents can halve the cost by sharing one! Jim’s Property Conveyancing has offices in Melbourne and Brisbane and can provide you with comprehensive advice and assistance moving through your property transaction. Please get in touch with our friendly and experienced staff on 13 15 46. There are some conveyancer in Brisbane try property conveyancing Brisbane which is good company. If you living in Melbourne and looking conveyancer try property conveyancing Melbourne. You also need to contact property conveyancing Sydney. And get advice a quote from professional expert
