Buying Property
Before You Start
Buying a home is one of the most stressful and expensive things you will ever do. It’s absolutely vital that you seek professional legal advice from someone experienced in property law and who knows the area.
The first decision you will 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 the actual mortgage contract itself. Remember you are entitled to legal advice and are under no obligation to sign anything on the spot.
Pre-purchase Inspections
Once you have found a property you like, you will need to arrange a pre-purchase building inspection report and 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, talk to your lawyer. They will be well aware of which inspectors are worth hiring.
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 signing 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 then bring the contract you’ve been given to one of our trained conveyancers and discuss your situation with them. There may be several things that can be negotiated in your favour, and you need to be absolutely clear on your rights and responsibilities before signing.
When you do sign the contract you will need to pay the 10% deposit, unless we have negotiated a special condition otherwise. This is held with the real estate agent and is released to the seller after the property is settled. If you don’t have 10% available, one of our trained conveyancers can advise in regard to getting a deposit guarantee in lieu of the cash.
Settlement
After the contract has become binding, we will attend to a number of tasks including:
- 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 local council
- Calculating adjustments for council, water and strata rates
- Making final checks on the title
Prior to the settlement date, one of our trained conveyancers will generate and organise the settlement of the sale through the PEXA online settlement platform which includes the seller’s conveyancer as well as any lenders involved. On the day of settlement, all funds will be disbursed and the transfer completed automatically. You will then be able to occupy your new property.
Contact us today to discuss the specific property you are considering buying with one of our experienced conveyancers.
