Buying a home can be one of the most stressful and expensive things you will ever do. It’s vital that you seek legal advice from a conveyancing lawyer at Henry Street Law. We have over 25 years experience in conveyancing and property law.
An experienced property lawyer at Henry Street Law can advise you in relation to your contract of sale before you sign it, and can offer you advice throughout the contract process.
Before You Start
The first round of decisions you will likely need to make is in relation 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 you have found a property you like, you will need to arrange a pre-purchase building inspection report and perhaps a pest inspection report. These are written reports about the condition of the property and help you find 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 us.
Making an Offer on the Property
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 Property Contract
If your offer is accepted then take the contract you’ve been given to your lawyer 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, unless your lawyer has negotiated a special condition otherwise. This is held with the real estate agent and is released to the seller after the property is settled. If you don’t have the deposit available your lawyer can advise in regard to getting a deposit guarantee in lieu of the cash.
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 settlement day 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 and the keys. This usually takes place electronically. Henry Street Law is a registered PEXA agent.
Contact us on (03) 5181 6363 to discuss the specific property you are considering buying with an experienced property lawyer at our office in Traralgon, or email us at firstname.lastname@example.org.