When you build a house, the entire process can seem somewhat overwhelming. However, at iBuildNew we believe it’s important that you understand all aspects involved when you build a house. Conveyancing, the process of transferring ownership of property from one person to another, is one process in particular that can seem confusing and involves a lot of jargon.
iBuildNew are here to make the process as simple and clear as possible when you build your dream house. So we have spoken to Titlexchange who specialise in conveyancing, and put together a list to help you decipher the jargon that could potentially trip you up.
The secret language of lawyers
Exchange:
The exchange happens when a binding contract to buy and sell is created. This is when it is expected that a 5-10% deposit of the total purchase price is paid. This is held, in most instances, by the vendor’s lawyer, an estate agent or conveyancer until the contract is finalised.
Completion or settlement:
The completion or settlement of the property occurs when the final amount is paid. The possession of the property is officially handed over and the buyer is now in possession of the land. It is an exciting time that means that you are now able start to build a house.
Property:
A property is not as simple as a structure or a piece of land. It’s a broader term that includes;
– Goods
– Land
– Fixtures (goods attached to land)
– Non-physical rights (intellectual property)
– Choice in action (the right to sue)
Person:
When it comes to legal jargon, a person is more complicated than one would think. A person is a legal entity. This can include;
– Strata bodies corporate
– Statutory corporations
– Companies
– Individual humans
Written contracts:
A binding agreement is more complicated than a handshake. Unfortunately, that will not suffice, and a written agreement is required. This is needed to buy, sell or mortgage real estate.
When you build a house- Titlexchange can help
When you build a house, from inspiration to settlement, it is a massive transaction and potentially the biggest you will ever make. This stress can create problems and sometimes result in legal disputes. It is essential to protect yourself, your family and your future. Organising for a lawyer to review your contract before you build a house will mitigate many problems and delays.
If you want more information on the conveyancing process, simply head over to titlexchange.com.au.
iBuildNew are dedicated to helping you get the most out of your new house building process. You can contact one of our independent experts for free advice on building a new home. Simply call 1800 184 284.
Zoe Langenberg
Zoe is passionate about coffee and interior design. You can find her most weekends exploring an art gallery or devouring a good book.
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