Real Estate Documents and What They Mean for your Investment.
Property investments need a significant amount of capital, and any mistakes throughout the process may cost the buyer a lot of money. For this reason, a buyer must proceed with care while reviewing Real Estate Title Documents.
In fact, according to the Australian Competition and Consumer Competition, Australians were scammed almost $300,000 in rental and housing frauds last year, a 76% rise from the same period in 2019. Scamwatch received 560 complaints of rental and real estate scams, a 56 % rise, with many deploying COVID-19 pandemic-related tricks.
“Scammers prey on individuals looking for a new place to live by posing as landlords or home sellers and convincing them to pay over cash. Don’t fall victim to these crooks because nowadays, you can do a title search and get basic information regarding a title or property ownership using online platforms such as Property Registry. Land titles are crucial for safeguarding ownership rights and minimising risks in real estate transactions. Bear this in mind the next time you consider acquiring property or getting into a deal with a homeowner.” advised land title search specialists from Property Registry.
If you’re going to buy or sell real estate, you need to check three crucial documents. Read on to know more about these documents and understand what they necessarily imply for your investment in the business.
1. Certificate of Occupancy
The Certificate of Occupancy, otherwise known as the C of O, is an ownership document. Whoever’s name appears on it is legally acknowledged as the land’s owner or original receiver.
It is vital to check the legitimacy of your land title and other papers on your own or through another trustworthy third party as part of your homeownership journey. A legal C of O is essential for both your ownership and investments because it ensures that you would be compensated either financially or by relocation to another place in the unfortunate case of the state repossessing your property. Furthermore, you can use the C of O as collateral if you want to get financing from a bank.
2. Deed of Assignment
A Deed of Assignment, also known as Conveyance, is a legal document indicating the transfer of land ownership from one person to another. This document is only required when the original receiver of the property desires to transfer their claim on the asset to another person or if several ownership transfers have happened.
A legal Deed of Assignment should include the name of the certificate of ownership holder who wishes to transfer the ownership and the party to whom the assets’ rights are transferred. Also, perfection at the state’s Land Registry is essential to ensure that a Deed of Assignment meets all legal criteria.
3. The Survey Plan
A Survey Plan is a critical document for ensuring that your property investment continues to increase in value. It is a legally binding document that contains essential information about a piece of property, such as its dimensions, descriptions, and owner. Valid Survey Plans are typically carried out by Surveyors registered with the Surveyor-General of the property’s area. The purpose of surveys is to determine if the proposed property is subject to government purchase, whether it is leased, and whether it is available for allocation.
Buying or Selling a Property – Organise Your Finances With Financial Mappers
Interestingly, although land and property are tangible assets, who owns it cannot be determined only by claims; the claim must be supported by many documents proving the property’s ownership standing. Moreover, you can guarantee that your investment is secured, and you’ll have peace of mind if you keep track of your finances.
Financial Mappers Financial Planning Software can help you organise, monitor, and analyse funds associated with your investments. We’ll help you make a road map for how, when, and why you’ll make each choice to get the best results.
Contact us to learn more about how we can effectively and efficiently help you grow your investment.
Disclaimer: Financial Mappers does not have an Australian Financial Services License, does not offer financial planning advice and does not recommend financial products.