SELLING A HOUSE

Am I Required to Get a Valuation of the Property Done?

When you go to sell a house, a valuation of the property will help you gauge how much the house is worth. This is not to be confused with how much you will get for the property. Just because the value of your property may be high does not mean that people will pay that much to purchase it, it is merely an indication of where you should start.

There are two ways of getting a property price; one is to get an appraisal done and the other is to have a property valuation completed. Many people prefer to get appraisals done because they can be completed by a real estate agent and there is no charge for one. Often, people will obtain two or three appraisal’s and then meet in the middle of them to determine what value their property is sitting at.

Alternatively, you can seek a proper valuation but there are costs associated. This will provide you with an in-depth evaluation of the current market and where your property is sitting in light of that. As most people will have seen, property values have skyrocketed since the beginning of the coronavirus pandemic and they have yet to plateau. This is the most accurate way of determining what the sale price of your house should be in the current property market.

What is an Easement and How do I Know Whether There is an Easement on my Property?

An easement is an interest in a property. This may be a third party interest or a company interest in a property. The easement is normally registered on the title for the property so that it is well known and documented that the interest exists. Often, the easement may only affect a small section of the property such as a paddock.

When you go to buy or sell a house, your conveyancer or lawyer will do a title search on the property. This will tell them whether there are any easement or special interests in the property before the parties proceed with negotiations and contracts. Prospective buyers can also complete a title search if they are looking at purchasing your property and want to know what conditions might come with the sale. This is particularly relevant to companies who want to purchase a commercial

What is a Special Condition?

Special conditions of a contract means the conditions which amend or revise any of the General Conditions through either addition, deletion or substitution. Generally, these conditions are used to emphasize a standard condition to extend it to make it crystal clear to both parties what is expected.

An example of a special condition may be that the tenants agree not to rent, sublet or lease any part of the premises to another tenant. Another important condition may be the specifics of when the finance is to be finalized or what is to happen if the finance falls through for the buyer.

What is a Strata Title?

A strata title is a form of ownership that relates to multi-level apartment blocks and horizontal subdivisions with shared areas. The “strata” part of the term refers to the apartments being on different levels. If you are purchasing an apartment, unit or townhouse then your property will most likely be subject to a strata title. This is different to an individual property title where there are not multiple interested parties to the same piece of land. .