Buying a home is one of the most stressful and expensive things you will ever do. It’s vital that you seek legal advice from a trusted, experienced conveyancer who specializes in property law.
Before You Start
The first round of decisions you will likely need to make is in regard to finance. Make sure you read everything thoroughly, from the pre-contractual statement which outlines the fees and charges to which you’ll be subject to the actual mortgage contract itself. Remember you are entitled to legal advice and are under no obligation to sign anything on the spot.
Once you have found a property you like, you will need to arrange a pre-purchase building inspection report and perhaps a pest inspection report. These are written reports about the condition of the property and helps you find out any potentially costly problems. You may be able to use this information to negotiate a reduction in the purchase price. If you’re not sure who to trust to do this inspection, call us for recommendations. We can provide reputable specialists to carry out these inspections.
Making an Offer
If you’re happy to proceed, you can make an offer. You might be asked to pay a small sum as an initial deposit, but this is fully refundable if you don’t end up exchanging the contract. It does not mean that the property is yours yet either, as the agent can take other offers.
Signing the Contract
If your offer is accepted we will discuss the contents of the contract and proceed with negotiating the terms prior to exchanging with the vendor representative. There may be several things which may be negotiated in your favor. we will make it clear to you on your rights and responsibilities before committing to any contract.
When you are in a position to exchange the negotiated deposit will need to be paid. This is held with the real estate agent and is released to the seller after the property is settled. If a cash deposit is not available we will assist with obtaining a deposit guarantee in lieu of the cash.
After the contract has become binding, we carry out the relevant steps to ensure settlement occurs on the correct date, these tasks include:
- Arranging payment of stamp duty.
- Liaising with the lender in regard to the mortgage.
- Checking with various government authorities to see if they have a vested interest in the property.
- Checking to see if there are any outstanding debts to a local council.
- Calculating adjustments for council, water and strata rates.
- Making final checks on the title.
On settlement day we will either attend a meeting where the funds and documents involved will be handed over in exchange for the title and the keys or the transaction will be carried out in the digital platform and these documents and funds will be transferred electronically. Once completed the keys may then be handed out.
Call us to discuss the specific property you are considering buying.