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.
Signing the Contract
If you wish to make an offer on a property then take the contract you’ve been given to your conveyancer 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 deposit as per the terms of the contract.
This is held with the real estate agent and is released to the seller after the property is settled.
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 your offer has been accepted you will need to arrange a building inspection report. These are written reports about the condition of the property and helps you find out any potentially costly problems.
After the contract has become binding, your 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 rates
- Making final checks on the title
On settlement day your conveyancer will attend a meeting that will include the seller’s lawyer/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.