Understand These Legal Implications before Buying or Selling a House

Who does not dream of buying a house? A permanent address where you would live with their families happily ever after- is the dream of many. However, buying a house is not easy. Apart from the overwhelming financial issue, there are legal issues when you are going to buy a house.

 One must understand some terms before buying a house, such as a vendor, auction, private treaty, joint tenants, tenants in common, caveat, easements, land taxation, etc. To find a suitable property, these terms must be kept an eye on.

 Vendor:

The person who is selling the property is known as the vendor. The one who wants to buy the property is the purchaser. The vendor sets the value of the property. A private treaty is established after the vendor’s mutual agreement and the purchaser after negotiation, where the property’s ownership is transferred.

Joint Tenants:

 If there is more than one owner, the term “joint tenants” come to play. These co-owners must have an identical interest, the same right of possession and ownership of survivorship. This means after a co-owner’s death, and another co-owner may claim the dead owner’s share. Tenants in common possess the undivided equal or unequal right to the same property with no right of survivorship.

Easement:

Easements include shares of the individual in a property that allows them to use some property aspects but provides no ownership.

Caveat:

The caveat is the stipulation added to the property, like what sort of boundary it will have.

Land Tax:

Land tax is a crucial aspect that must be considered before buying a house as it adds to the cost. It is a stamp duty that must be paid within three months of purchasing the property.

The same implications apply for selling houses as well. Buying or selling a house is complicated and often advised to seek professional help while doing so. Many Australian law firms provide legal aid in property purchasing or selling, such as Jameson Law. Law firms wills and estates ensure you the system is being followed properly.

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elain john Joined: July 28th, 2019