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Conveyancing Searches

Discussion in 'The Buying & Selling Process' started by MadMedic, 13th Aug, 2015.

  1. MadMedic

    MadMedic Member

    Joined:
    11th Aug, 2015
    Posts:
    7
    Location:
    Brisbane
    Hey Guys,

    I'm just in the the process of purchasing another IP. Its a 3 bedroom, 2 bath Townshouse.

    My Lawyer has recommend doing 7 searches which they are obliged to recommend. The question is are they worth doing?? I'm happy with just the normal basic searches.

    They are:
    - Title Search
    - Registered Plan
    - Commnity Management Statement and By Laws
    - Local Authority Rates and Special Water Meter Reading
    - QCAT Physical Inspection of Records
    - Full Body Corporate Records Inspection Report
    - Land Tax

    Thanks. Regards,

    MM
     
  2. RPI

    RPI Property Lawyer, Town Planner Business Member

    Joined:
    19th Jun, 2015
    Posts:
    713
    Location:
    Brisbane
    You can see the different searches in lists here http://www.certuslegal.com.au/conveyancing/pricing/
    You can do a lot more then that.

    the Full BC search often shows up some interesting things, eg neighbouring property suing over dodgy retaining wall.

    Rates, Land Tax and Water is what you need to adjust the settlement price.

    QCAT not bad but often nothing.

    Title search and Plan is important
     
    House likes this.
  3. MadMedic

    MadMedic Member

    Joined:
    11th Aug, 2015
    Posts:
    7
    Location:
    Brisbane
    Thanks RPI.

    I went with all of them but the Full BC Search. From the docs I've seen the BC is in good order, meets twice a year and has good amount of cash in the Sinking fund.
     
  4. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,573
    Location:
    Sydney or NSW or Australia
    Thorough conveyancer looking after your interests.
     
  5. RPI

    RPI Property Lawyer, Town Planner Business Member

    Joined:
    19th Jun, 2015
    Posts:
    713
    Location:
    Brisbane
    Having cash in the SF is a great start. Sometimes you still see things foreshadowed in the minutes of BC meetings that can wipe out the cash and cause special levies. Congrats on the purchase