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 professionals experienced in conveyancing.
Before You Start
The first round of decisions you will likely need to make is in regard to finance. Make sure you seek financial advice from a qualified mortgage broker or lending manager.
Once you have found a property you like, you will need to arrange pre-purchase building and pest inspection reports. These are written reports about the condition of the property and help 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, we can recommend reputable inspectors.
Making an Offer and Signing the Contract
If you’re happy to proceed, you can make an offer to the seller or their real estate agent. If your offer is accepted, you will be asked to pay a 0.25% holding deposit and sign the contract after which the cooling off period will begin. The agent will send your solicitor/conveyancer the contract signed by the agent so that they can negotiate any terms within the cooling off period.
Aside from negotiating terms in the contract, you and your solicitor/conveyancer will ensure that you also obtain formal loan approval and order inspection reports before the cooling-off period expires.
After the cooling-off period expires, your solicitor/conveyancer has 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 your solicitor/conveyancer will attend a meeting that will include the solicitor/conveyancer as well as any lenders involved and the funds will be handed over in exchange for the title and the keys.
Contact us to discuss the specific property you are considering buying with one of our solicitors.