Whether you are a Vendor or Purchaser, you want to be confident all of your ducks are in a row and you have all of the relevant information regarding the property you are buying or selling. As such, when buying or selling a property, Statutory Searches are required under the Real Property Act.
A Vendor will require Searches to be provided to their real estate agent so the agent can prepare the Form 1/Disclosure Statement, which starts the cooling off period for the Purchaser.
A Purchaser requires Searches to ensure that all relevant information regarding the property has been disclosed that may affect their use and enjoyment of the property once they become owners.
The searches reveal information from various government departments who may have an interest in the land. These departments are the Environment Protection Agency, Road Transport, council, to name just a few.
Most common searches required are:
Property Interest Report (PIR) which contains title search, valuation and ownership details and responses from various government departments, SA Water rates, land tax & Emergency Services Levy notices.
Council Search which contains rates for the financial year, zoning of the property, any approvals for improvements to the property such as carports or extensions, any land divisions and ongoing conditions required by the council.
Any documents which affect the title such as Easements, Caveats, Court Orders and Plans
SA Water Special Meter Reading - this is obtained to ensure any water consumption used by the Vendor is paid.
Metro Conveyancing are experts in obtaining these searches and have steps in place to ensure searches are completed in a timely manner as we understand the importance of delivering these documents to your real estate agent.