Buying a home or other property can be one of the most expensive things you will ever do and can also be a stressful time. It’s vital that you seek legal advice from someone experienced 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 all your loan fees and charges, to the actual mortgage contract itself.
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 you can email a copy or bring the contract to us and discuss your particular situation at no charge. 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 deposit. This is held with the real estate agent and is released to the seller after the property is settled.
It is wise to organise a building and pest inspection before the cooling off period expires to ensure you are fully aware of the condition of the property. You should also insure the property immediately as you don’t want to suffer any loss should something happen to, or on your property that you could be held responsible for before settlement occurs.
After the contract has become binding, as your Conveyancer we have a number of tasks to perform 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
On settlement day we will attend a meeting that will include the seller’s Conveyancer as well as any lenders involved and the funds will be handed over in exchange for the title.