Conveyancing | Buying Property in Tasmania
Conveyancing is the process of transferring the legal ownership of real estate during its sale. Having a legal advisor who is experienced in property law and conveyancing during your property purchase can be invaluable, especially in Tasmania. Each purchase situation has its own nuances, so it’s important to have a trusted advisor on your side who can help cut through the jargon and take stress and uncertainty out of the equation.
In Tasmania, buyers aren’t covered by the same buyer protection laws as those in the rest of Australia. Real estate is usually bought ‘As is, where is’, meaning unless conditions are added to the Contract (i.e. the sale being conditional upon building inspection or finance), you’re buying the property as it is and bearing any potential legal or structural issues that may come with it.
Using a lawyer during conveyancing in Tasmania
A lawyer with sound knowledge of conveyancing in Tasmania will help remove the risk and unknowns from the conveyancing process. They will help manage expectations and negotiate for the conditions you need to be represented in your Contract.
Engaging a lawyer for conveyancing in Tasmania (as opposed to a Licensed Conveyancer) will mean you get the most accurate and current advice should legal issues arise.
Hidden costs of buying in Tasmania
When buying a property in Tasmania, especially if it’s your first, some costs may be overlooked. For example, some may forget to factor Property Transfer Duty (ie Stamp Duty) in their costing calculations. Stamp Duty is a tax which is paid on the purchase of any property and is paid in addition to the sale price.
Foreign residents buying a property in Tasmania should also be aware that there may be additional requirements to fulfil and some extra charges before purchasing.
Legal issues surrounding easements, covenants and strata titles can also arise and result in unexpected costs. A lawyer who specialises in Tasmanian conveyancing will often be able to pre-empt these before the contract is signed. They are qualified to provide advice on your legal entitlements and risks, where a Licensed Conveyancer would refer you to a lawyer, resulting in additional costs.
Ways to buy a property in Tasmania
Most property transactions in Tasmania are done as a simple sale meaning both the person selling and buying sign a contract containing the terms of the sale, with a smaller percentage being made via auction. In the case of an auction, you should ask the real estate agent for a copy of the auction conditions beforehand, for your conveyancer to look over for potential red flags.
Risk can also be mitigated by taking out title insurance to protect against illegal works or potential boundary disputes. Your conveyancing specialist will be able to provide advice on this.
The Tasmanian market
With property in high demand in Tasmania, the housing market is becoming increasingly competitive for buyers. People often find themselves needing to make a quick decision when it comes to placing an offer and finalising their Contract.
Finding the right independent third party to consult with through what can often be an overwhelming process is vital. At Rae & Partners, our legal team have extensive experience in property law and conveyancing in Tasmania, and will act as your advocates ensure your property transaction goes smoothly.
Contact us to meet with a lawyer experienced in Tasmanian conveyancing.