Title searches in settling a property is firstly to ensure that the person you are dealing with has the legal right to sell the property in the first place. A title search with Landgate will find out who the registered land owner is, and will identify if the person selling the land is truly acting on their behalf. Also, the details on an Offer & Acceptance form are checked for a match the details on the property’s registered title deed. The simplest of typing mistakes can delay an offer substantially, potentially resulting in penalty interest, so a title search is vital in every instance.
The Australian Taxation office brought in new requirements for property sellers to assist with the collection of foreign resident’s tax liabilities.