An Australian real estate is a legal term that means freehold or leasehold property that is on land. It also includes the land itself. The property that is on land may consist of natural resources such as crops, water, mineral resources and any other immovable property such as buildings. The agents and brokers who deal with this property make a lot of money.
One of the largest issues that surround dealership in this property is transfer of ownership. There are several issues and conditions that are involved in the transfer of ownership of property. There are a number of documents and people that are required for this transfer and they include title company, estate deed, an agent, a bank or a financial institution, filing fees and photo identification.
In the transfer of property there has to be first an agreement to the terms of transfer of the property between the two parties. The two parties comprise of the person who is selling and the person who is buying. This agreement should be both orally and in black and white.
The agreement must have the terms of sale and the time frame of sale of property. These statements of agreement are a major section of the sales contract. In some occasions an agent and an attorney may be required for the negotiation of terms of acquisition of property.
Often the buyers will require to get funds from a bank or any other money lending institution. At this point a proof of identification is required. The proof of identification may be a drivers license an identification card and a photo.
The property has to be given a unique title and for a person to get a title he or she can hire a title company. The importance of a title is to discover any liens, infringements on the property, delinquent taxes or any mineral rights agreement. If the title has any infringements the lender the services of an attorney will be necessary to remove any issue from the title.
The process of clearing a title may take a few days or months depending on the severity of the cost of removing the liens and the nature of the liens. In some cases the owner may use the proceeds from the sale to clear any liens. The final process is usually issuing the deed a new title. This process is usually charged a small fee. Acquiring an Australian real estate is one of the best investments.
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