- All records should be kept when buying a property
- It is vital the Title reflects the correct perosn or entity
- It is worth paying a good amount to get advice
As a basic rule of thumb, when buying a property you should keep all your records. You should also ensure that the Title reflects the correct ownership entity/person.
Also, as a warning, cheap can be dear if that is what you are looking for with property transactions.
Retain your records
Retain all your records (copies of the Sales Contract and Transfer Duty Certificate) in case you need it at a later date.
This may arise when you wish to transfer from a Trust to beneficiaries. You will need to prove duty was paid when you purchased the property.
You should scan them or keep a hard copy. This will save time, effort and costs when you need the documents, otherwise it will be time consuming and costly.
Ensure that the Title reflects correct ownership
If you are buying a property for a Discretionary Trust or Super Fund it will be registered in the name of a Corporate Trustee or individual trustee/s.
Property cannot be registered in a Trust; it needs to be a Trustee who hold the property for the beneficiaries.
You should have a Declaration of Trust to be registered against the Title reflecting the Trustee holds the property on behalf of the beneficiaries. If a third party searches the Title, this will be recorded and reflect the correct ownership.
When buying in a self-managed Super Fund, ensure you buy in the correct entity e.g. bare trust and that the contract is correctly worded. Failure to do so may result in double stamp duty or the documents being rejected by your bank.
Be prepared to pay for good service
The property market is buoyant and if you are looking for the cheapest quote expect that type of service in return.
Choose settlement agent or solicitor recommended to you or that you have previously used. You may find a cheaper quote will lead to inability to get through or updates on your matter.