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 someone experienced in property law and who knows the area. We are your experienced property Local Lawyer & Conveyancer based in Laurieton and Wauchope.
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, we can help you arrange a pre-purchase building inspection report and 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 Local Lawyer & Conveyancer. Being in a rural area a property being purchased will have it’s own onsite sewer management system and we strongly advice that a pre-purchase inspection of that system is warranted. If the property is under a Strata Plan we can assist you in obtaining a Strata Report.
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. There is a possibility of entering a contract with a cooling off period in place which will allow you to lock in your purchase with time to carry out inspections or obtain your finance.
Signing the Contract
If your offer is accepted then contact your Local Lawyer & Conveyancer and discuss your situation with us. 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 your Local Lawyer & Conveyancer has negotiated 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 the money for a deposit available your Local Lawyer & Conveyancer can advise you in regard to getting a deposit guarantee in lieu of the cash.
After the contract has become binding on you, your Local Lawyer & 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 Local Lawyer & Conveyancer will ensure all parties are ready to proceed and the funds ready and available for settlement. Your Local Lawyer & Conveyancer are accredited PEXA subscribers and will look after your settlement via electronic conveyancing and, once settled will let the agent know that settlement has occurred so that they will be able to release the keys.
Contact us to discuss the specific property you are considering buying with your experienced Local Lawyer & Conveyancer in Laurieton or Wauchope today.