Buying Property

Buying a home can be one of the most stressful and expensive things you will do in life. Seeking legal advice from someone experienced in property law is essential.

Before You Start

The first decisions you will need to make is about your finance. You must read everything, from the pre-contractual statement which outlines the fees that you will 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.

Pre-purchase Inspections

When you have found a property you like, you will need to arrange a pre-purchase building inspection report and possibly a pest inspection report. These are written reports about the condition of the property and can reveal any 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, talk to a solicitor at M D DI RE Solicitor & Attorney. We will be aware of which inspectors to hire.

Making an Offer

If you are happy to proceed, you can make an offer. You might be asked to pay a small sum as an initial deposit, which 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

If your offer is accepted then take the contract you have been given to your property lawyer and discuss your situation with them. Several things can be negotiated in your favour, and you need to be certain of your rights and responsibilities before signing.

When you sign the contract you will need to pay a 10% deposit, unless your lawyer has negotiated a special condition otherwise. If you do not have 10% available your lawyer can advise in regard to getting a deposit guarantee in lieu of the cash.

Settlement

After the contract has become binding, your lawyer 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 the day of settlement, your lawyer 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 of the property and the keys.

Please Contact Us to discuss the specific property you are considering buying.