This week in the A – Z of Conveyancing, we’ll go through the commonly used terms in relation to conveyancing, looking at the letter I.
Inclusions
The fixtures and fittings which are included in the sale of a property are listed on the front page of the Contract for Sale. The inclusions must be checked by the purchaser when inspecting the property to make sure all items that they wish to be left are listed and are in working order. The inclusions are standard items such as blinds, wardrobes, stove etc… or any additional items such as air-conditioning.
Inspection Reports
When you agree to purchase a property, you take the property “as is” at the time of inspection and exchange. It is therefore imperative that you are satisfied with the condition of the property prior to the exchange of contract and it is strongly recommended you obtain pre-purchase reports for the property such as pest and building reports or a strata report which will provide details of any defects or issues that may affect the property.
Insurance
If you are purchasing a unit, building insurance for your property is included in the Owners Corporation’s insurance policy. However, your contents will not be covered and you will have the option of taking out contents insurance to cover the repair or replacement of items such as furniture or appliances should they be damaged. If you are purchasing a house your mortgagee will require you to take out building (home) insurance to cover the cost of repair or rebuild should the property be damaged. You have the option of also obtaining contents insurance.
For more information on the A – Z of Conveyancing check out our other posts:
The Letter A: Adjustments, Amendments, Auctions
The Letter B: Breach, Broker, Building Contract, By-Laws
The Letter C: Caveat, Certificate of Title, Community Title, Contract for Sale, Cooling off Period
The Letter D: Deposit, Deposit Bond, Deposited Plan, Disbursements, Discharge of Mortgage
The Letter E: Easement, Electronic Notice of Sale, Exchange, Exclusions
The Letter F: Final Inspection, Finance, Fittings & Fixtures
The Letter G: Grants, Guarantee/Guarantor, Goods & Services Tax
The Letter H: Holding Deposit, Home Loan
The Letters J & K: Joint Tenants and Keys
The Letter L: Land Tax, Lease, Lenders Mortgage Insurance, LRV – Loan to Value Ratio
The Letter M: Mortgage, Mortgagor, Mortgagee.
The Letter N: Negotiations, Notice of Rescission, Notice to Complete
The Letter O: Occupation Certificate, Off the Plan, Open House, Owners Corporation
The Letter P: Penalty Interest, PEXA, Principal place of residence, Proprietor
The Letter Q & R: Quiet enjoyment, Registration, Requisitions on Title, Rescission, Reserve price
