It is imperative to procure the services of a real estate agent in order to expedite the transfer process. For example, a buyer’s agent is able to facilitate the transfer of title from the seller in good time without unnecessary delays that are prevalent in such transactions. A buyer’s agent is equipped with the necessary expertise and knowledge to secure a house in an appropriate location. Also, these professionals will use their negotiation skills to guarantee that you land a home for the best market prices. Real estate business is competitive, and therefore it is probable that the prices will be equally exorbitant, but the indulgence of a good agent will cushion you from such market adversities.
As a buyer, after the completion of a sale, it is important to be assured that you have all the required documents in your possession. These documents are important because they substantively prove the ownership of your new home and the legality of the process. Various documents are involved in a conveyancing transaction but you ought to be mindful enough to retain the basic ones as listed below;
Copy of approval
Before commencing the transaction process, the parties to a sale must seek and acquire the consent of the government through established organs. Such consent signals the beginning of a process that will be recognized in the eyes of the law of the land.
This is the most important document in any land transfer agreement. It is the formal document that establishes the proprietors to any given property. At the end of the transfer, the agents or attorneys must have effectively transferred proprietorship on the title deed from the seller to the buyer. Also, you should ensure that the title is free from encumbrances like charges and caveats.
Copy of lease
Leasehold is a transfer of ownership from the lessor to a lessee for a stipulated amount of time. Within the prescribed timeframe, the tenant is required to pay rent and adhere to the terms and conditions of the lease. The agreements/covenants between parties are enshrined in an executed and witnessed lease agreement. In this regard must endeavor to acquire a copy of the lease that has registered in accordance with the law.
Stamp duty receipts
Stamp duty is accruable in any transfer of land within a given state. These payments are made at the rates that are prescribed by the government. Any transfer that is done without making such payments can be rendered void in its entirety. Therefore stamp duty payment receipts are evidentiary documents that a buyer requires to show the legality of the transfer.