Buying a home is one of the most stressful and expensive things you will ever do. It’s vital that you seek legal advice from someone experienced in property law and who knows the area, and our Licensed Conveyancer, Amanda Mallia can help you with this process.
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 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
Once you have found a property you like, we can assist you with arrangements to contacting a local Pest/Building Inspector to complete their inspection reports on your behalf. These are written reports about the condition of the property and will help you find out any potentially costly problems. Once you have received your reports and if there are any issues that you were not aware of or additional costs that were not factored into we can assist you with contacting the sellers legal representative and ask for a price reduction or to ask the owner to attend to the works at their own expense and prior to settlement.
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 provided you have not signed a Contract and entered into a cooling off period.
Signing the Contract
If your offer is accepted then take the contract you’ve been given to our License Conveyancer so that arrangements can be made to review the contract as 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 10% deposit, unless the parties have negotiated a special condition otherwise. The deposit is held with the real estate agent and is released to the seller after the property is settled. If you don’t have a 10% deposit available we can request the payment of deposit be to the value of 5% or discuss with you using a deposit bond in lieu of the cash.
Settlement
After the contract has become binding, we will have a number of tasks to perform including:
- Arranging payment of stamp duty and attending to clients for completing any forms as required by Revenue NSW
- Liaising with the lender in regard to the mortgage and forwarding any requirements as requested
- 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
- Booking in settlement with all relevant parties
- Preparing the file for settlement
- Water Authority
On settlement day the parties, legal representatives or their appointed settlement clerk will attend a meeting that will include the seller’s legal representative as well as any lenders involved and the funds will be handed over in exchange for the title deeds and the parties legal representatives will then forward their written authority to the Real Estate Agent to release the keys to the purchaser.
Contact Mallia Conveyancing to find out more or to arrange a consultation with our experienced conveyancer, Amanda Mallia. At Mallia Conveyancing we can work around your schedule and offer mobile serivce, after-hours or weekend appointments available upon request.