Get Ahead Of Potential Problems In Your Transfer Process
Selling your property should be a relatively painless process. However, it is important to note that the obligations of the Seller do not end at simply signing the Offer to Purchase and moving out of the Property. Some of the most common issues that come up during the sale of the Property are as follows:
Rates & Taxes
When a freehold Property is transferred, the Rates, Taxes and Utilities account with the relevant local authority must be paid up in full, together with a forward projection amount for the time the matter will lie in the Deeds Office. It is a good idea to pay your rates and taxes account on time every month so that arrears do not build up, and that a Rates Clearance Certificate (RCC) may be issued timeously and does not become an impediment to transfer.
If there are existing disputes or other issues with the account, dealing with them at time of listing the Property with an Agent, instead of dealing with these issues when the Transfer Process is well underway, can give you a headstart and ensure timeous transfer. Engaging the services of a Rates Consultant can be highly beneficial here, as the Rates Consultant can attend to all of the administrative work, saving enormous amounts of time.
While it is not a legal requirement for Building Plans to be up-to-date and handed over at time of Transfer, many of the large Banks now make it a requirement of the Purchaser’s bond grant, especially where there have been additions or renovations to the Property. If building plans have been lost, these will need to be applied for from the Local Authority. It is important to note that in some cases Council has in fact lost or accidentally destroyed building plans kept in archive.
If building plans have been lost by Council, or if illegal (non-approved) structures have been erected on the Property, this can lead to disputes down the line. Engaging an architect to attend to drawing of revised plans and submitting so council early on in the process can prevent this.
Having a reputable electrician inspect your Property’s electrical systems is not only a requirement of the Offer to Purchase but also ensures there are no disputes relating to electrical systems after Transfer. If work on the electrical systems needs to be carried out to make it compliant, having the inspection done well ahead of time can prevent delays with scheduling the electrician to perform remedial work and having the ECC issued timeously.
The same is applicable if an Electric Fence Certificate or Gas Compliance certificate needs to be issued.