Buying a home is one of the most stressful and expensive things you will ever do. It is vital that you seek legal advice from someone experienced.
Before You Start
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 you will have to pay, to the actual mortgage contract itself. Remember you are entitled to legal advice and are under no obligation to sign anything on the spot. Make sure that you are approved for any government concessions where necessary, such as the Help to buy a Home Scheme.
Pre-purchase Inspections
Once you have found a property you like, you should arrange a pre-purchase building inspection report and perhaps a pest inspection report. These are written reports about the condition of the property and will 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 are not sure who to trust to do this inspection, call Charmain for information about which property inspectors are worth hiring.
Making an Offer
When you have found a property that you like, I recommend that you have the contract and section 32 reviewed by CCS Lawyers to advise you of your obligations and any specific issues that are identified in the documents. If after speaking with CCS lawyers you are happy to proceed with the property purchase, 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 do not 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
When you do sign the contract, you will need to pay the 10% deposit, unless a special condition has been negotiated. Your deposit is held with the real estate agent and is released to the seller after the property is settled.
Settlement
After the contract becomes unconditional I will act on your behalf in:
- Arranging payment of stamp duty or ensuring that any concessions are applied
- 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 I will ensure that title passes to you and when settlement is finalised, I will contact you and you can arrange to pick up keys from the Real Estate Agent.
Call Charmain for specific and personalised advice about your conveyancing needs.
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