Purchaser

 

The purchaser in a conveyancing transaction is the party who contracts to buy the property from the vendor. The purchaser is usually, but not always, the party who signs the contract of sale.

 

The purchaser:

• Inspects the property and any documents available. This could include the draft or proposed contract and vendor’s disclosure statement.
• Negotiates with the vendor either directly or through an agent or representative for the purchase of the property.
• Finance is not automatically granted by Lenders! If you require finance to complete the purchase then ask that a Finance Condition be included in the Contract – it is usual to allow about 14 days for finance approval.
• Makes an offer for the purchase of the property and usually, but not always, pays a deposit.
• Arranges for the investigation of the vendor’s statement. At this stage a title search of the property should be undertaken.
• Arranges for a caveat to be lodged on the title to the property to warn anyone searching the title that there is a contract in existence.
• Measures the land.
• Arranges for requisitions on title to be sent to the vendor.
• If applicable, makes an application for finance to assist with the purchase of the property. If successful, the purchaser will sign mortgage and ancillary documents to secure the loan against the title of the property being purchased.
• Arranges for a transfer of land and notice of acquisition to be prepared and signed.
• Sometimes signs a statement (or statements) required by the State Revenue Office in relation to goods and chattels. This is usually provided by the vendor.
• Arranges for a statement of adjustments of outgoings and a settlement statement to be prepared and ratified by the vendor.
• Participates in settlement arrangements.
• Arranges to inspect the property as close as possible to the settlement date.
• Arranges for a final or check search on the title to the property being purchased.
• Arranges for the purchase funds to be made available at settlement.
• Arranges for title documents to be stamped and lodged for registration at settlement.
• Arranges for notices to be sent to statutory authorities advising them of the Land Registry change in ownership.

The aim is to ensure that the purchaser is registered as the proprietor on the title to the

Property, the title is a clear title free from all but disclosed encumbrances, and that the purchaser obtains possession of, or the income from, the property.