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For homebuyers and investors, the purchase of real estate is a large financial commitment. It is important to engage an experienced conveyancing lawyer to ensure that common and costly mistakes are avoided.
We are experienced Conveyancing lawyers and can assist you in all stages of the process. In a fast moving market you will need a Conveyancing lawyer who can respond very quickly after you have made an offer to purchase a property. Our Conveyancing lawyers will meet you at a place convenient to you or after normal business hours.
Before you purchase:
Finding Finance
The most important first step for buyers is to find out if finance will be available to purchase the kind of property they wish to buy. Most buyers will sit down with a broker or banker and work out the figures. Pre-approval means that the bank is willing to lend you up to a defined amount should you find a property which fits their criteria. Buyers should never sign a contact until they have finance approved. Your Conveyancing lawyer can explain the consequences of signing a contract before finance has been approved.
Remember that the amount of money needed for a purchase includes stamp duty and legal costs. You may be eligible for First Home Owners Grant or First Home Plus. You broker or banker or Conveyancing lawyer will help you decide if you are eligible for these grants and help you complete the paper work.
Remember also the when you eventually sign a contract to purchase a property, you will be required to put down a deposit - usually 10% but you Conveyancing lawyer may be able to get this amount reduced to 5%. Banks will usually not make the deposit available so you must have this amount yourselves.
Finding the property
Most buyers look around for a few months before buying. This allows buyers to become familiar with their chosen area, where the schools and shops are and where the bus stops and train station are located. Get to know local agents and ask them about properties on the market and most importantly, get an understanding of the type and quality of property your finance will buy. Open houses and auctions are a great way for purchases to see what is available. Do not just rely on looking at properties on line which can be misleading.
For buyers who do not have the time to do this search themselves – buyer’s agents are now commonly used.
Make an offer
Once you have found a property which fits your needs and budget, ensure that you finance is approved and – make an offer. There is usually a process of offer and counter offer back and forth between the agent and the purchaser. When agreement has been reached, the contract will be sent to you Conveyancing lawyer for review.
Reviewing the Contact
Your Conveyancing lawyer will read the contact and ensure that the property, purchaser and vendor are correctly described and that all the inclusions are recoded. You Conveyancing lawyer will make sure that there are no impediments to purchasing the property such as caveats and that the conditions imposed by the vendor’s lawyer in the Special Conditions are not unfair to the purchase.
Your Conveyancing lawyer will order reports such as Strata Records, building and pest inspections.
Exchange of Contacts
Once the contract has been reviewed and changes made your Conveyancing lawyer will meet with you, or send the contract to you to be signed by you as purchaser. The signed contract is sent with the deposit cheque to the solicitor for the vendor who exchanges the contract with the contact signed by the vendor.
Once the contracts are exchanged (subject to any cooling off period) the vendor and purchaser are committed to the sale and purchase.
After Exchange
The period between exchange and settlement can be any period agreed to by the purchaser and vendor but is usually 42days. In this period your Conveyancing lawyer will purchase searches and enquires to check that all matters which are required to be disclosed by the vendor have in fact been disclosed. Your Conveyancing lawyers will also make inquiries with the water authority and council to make sure the vendor has paid all the rates up to settlement.
Your Conveyancing lawyer will also assist you to make sure all information required by the lender is provided in plenty of time before settlement and that all arrangements are made for settlement to take place
Settlement
At settlement lawyers for the vendor and purchaser plus their banks get together to ensure that the purchase and the purchaser’s bank receive title documents in return for paying the correct amount of money. Purchasers do not generally attend settlement. After settlement your Conveyancing lawyer will let you know that settlement has taken place and that you are now the owner of the property. The purchaser is then free to pick up the keys from the agent.
After Settlement
You Conveyancing lawyer will ensure that the puchaser is registered as the new owner and that all authorities such as the council and water authorities are notified of the changed ownership.
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