- Contact us to give you information on the process to purchase a property.
Arrange finance
- We may refer you to a broker.
- Find out how much you can borrow.
- Obtain written loan pre-approval, and preferably written unconditional loan approval (which usually occurs after any lender that you re using has carried out a valuation of the property).
- Clarify and be certain before exchange of contracts whether you are eligible for any government or other assistance including any grant or stamp/transfer duty exemption/concession.
- Ascertain the amount you have to spend on the purchase allowing for stamp/transfer duty, if applicable, and other purchase costs.
- Be sure that you can meet any conditions that your lender will impose
Decide upon and setup the structure that you will use to acquire the property
- Consider whether you will purchase the property in your own name or in another entity.
- If you will plan to use an entity other than yourself to purchase the property set up that structure.
- If you do not set up the structure early then you may not have enough time to set the structure up before exchange of contracts because there is another buyer that is ready to purchase the property
Look for and find property that you like
- Obtain a copy of the contract for the property
Bring the contract in to us and our conveyancing solicitors can advise you on it
- Arrange to forward the contract to our office preferably by email to lawyer@conveylaw.com.au and our conveyancing solicitors can review the contract for you
- We recommend that you order any pest, building, survey or strata reports you require
- You decide on your next steps based on the information in the inspection reports. We can guide you on all of the steps.
Negotiate the purchase price
- noting the information in the reports
We will negotiate the terms of the contract based on your instructions
Consider your cooling off rights
- Our conveyancing solicitors can advise you on your cooling off rights and give you information to help you decide whether you would like to waive (give up) these rights by instructing us to sign a section 66W certificate. Cooling off rights are automatically waived (given away) at auction.
- Before exchanging contracts please ensure that you have resolved all pre exchange issues otherwise it may be costly or not possible to change some issues after exchange of contracts.
Exchange of contracts
- You approve and sign the contract
- If you have instructed that you would like to waive your cooling off rights then our conveyancing solicitor can sign the section 66W certificate
- It is at this point that you pay the deposit;
- Our solicitor can arrange exchange of contracts
Post exchange and pre settlement
We may if possible, available and/or appropriate, on your instructions,
- order and check certain searches such as rate and departmental enquires
- assist you to meet any requirements imposed on you by your lender
- send requisitions (questions about the property) to the vendor's lawyer
- contact your lender to arrange preparation of mortgage documentation
- liase with your lender to ensure they are prepared for settlement
- Prepare settlement figures and book settlement with your lender and the seller's solicitor
- Prepare a property transfer and arrange to have the Transfer and Contract for Sale assessed for transfer (stamp) duty
- Advise you and your lender of payment details for settlement
If you request us to do so we may prepare and:
- help you complete relevant forms including
- help you complete Purchaser/Transferee declaration
- help you complete government grant applications
- help you complete the First Home New Home Grant Forms, if applicable
- help you complete the Home Builder Bonus Scheme Forms, if applicable
- help you complete the First Home Buyers Stamp/Transfer Duty Exemption Form, if applicable
You need to arrange for the balance of funds for the purchase to be available, including the stamp/transfer duty (where applicable) so the funds can be paid on settlement.
Usually before settlement you will need to do a final inspection of the property
and notify us if there are any issues to be resolved;
Settlement
- We will attend settlement.
- This is the day on which you pay the balance of the purchase price to the vendor
- You collect the keys;
Post settlement
The property is yours to move in to.
You can arrange connection of services.
Alternatively your property will be available to lease out to your tenant.
This is general information only. For advice on your specific situation then please telephone us on 02 9232 0050.
Find out more about how our conveyancing solicitors can help you buy your property.
Call 9232 0050 or send us an email to lawyer@conveylaw.com.au.
|
Our mission is to provide you with the best service.
Contact us to see how we can help you
Phone:02 9232 0050
|
|
