Property Buying Advice From Property Conveyancing Experts
Buying property is one of the most stressful and expensive things you will ever do. It’s therefore vital that you seek legal advice from someone experienced in property law and who knows the area. Fortunately, the property buying agents at SLA Conveyancing can provide assistance. Continue reading to learn more about the process of purchasing a property and discover how a property conveyancer can help.
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 through to the actual mortgage contract itself. Remember: you are entitled to consult with a property conveyancer or seek legal advice and are under no obligation to sign anything on the spot.
Pre-Purchase Inspections
Once you have found a property you like, almost all house buying companies will recommend that you arrange a pre-purchase building inspection report and perhaps a pest inspection report. These are written reports about the condition of the property, and they can 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, talk to your lawyer or property conveyancing company. They will be well aware of which inspectors are worth hiring.
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’ll then need to take the contract you’ve been given to your property 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’ll need to pay the 10% deposit, unless your property conveyancing expert has negotiated a special condition. The contract is then held with the real estate agent and is released to the seller after the property is settled. If you don’t have 10% available, property buying agents can advise in regard to getting a deposit guarantee in lieu of the cash.
Settlement
After the contract has become binding, your property conveyancer has a number of tasks to perform. These property conveyancing tasks include:
- 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 property conveyancer will attend a meeting that will include the seller’s conveyancer as well as any lenders involved. The funds will then be handed over in exchange for the title and the keys.Contact us today to arrange an appointment with a conveyancer from one of the leading house buying companies in Melbourne.