Buying property is one of the biggest financial decisions you will ever make in your lifetime. Currently interest rates are low enticing prospective home buyers to enter the market. So have you found your dream home and looking to make a purchase but you are not familiar with the process? Our conveyancing team can help you!
Purchasing property begins with the making of an offer. A real estate agent will normally draft a Contract and present this to the Seller. It is at this point that you should engage our conveyancing team. We can review the Contract, provide you with advice, negotiate on any Contract terms and draft any special conditions. We will also let you know the costs that you are facing such as legal costs, registration fees, transfer duty and whether you are eligible for any concessions. Once you and the Seller are satisfied with the Contract terms the Contract can be executed and the conveyancing process begins.
Deposit and insurance
The Contract will specify any deposit to be paid and it is common for the Buyer to be required to pay the deposit upon execution. It is essential that the deposit is paid on time so that you are not in default of the Contract. The Contract also provides that the property is at the buyer’s risk so now is the time to arrange appropriate insurance cover over the property.
The Conditional Contract
The next steps are the Contract conditions such as finance and building and pest. Our conveyancing team will do all things necessary to ensure that you are able to meet the critical deadlines of the Contract.
Preparing for settlement
At this point you have obtained satisfactory finance and you are satisfied with your Building and Pest report. We will now liaise with your financier to ensure funds are available for settlement. We will prepare the Transfer documents, obtain the transfer duty monies from you and stamp the Contract and Transfer. We will calculate settlement adjustments and organise the cheques to be drawn by your financier for settlement. You may also inspect the property once more (under the standard terms of the Contract) prior to settlement to undertake a final inspection to ensure that the Seller has been using the property reasonably.
Settlement is where the property is finally transferred to you! We will meet with the seller’s representative and hand over monies in exchange for unencumbered title to the property. Your financier will then take the transfer and mortgage and lodge the documents for registration with the Titles Office. Once settlement has been effected the transaction is complete and you can move in!
By Katie Winton