Congratulations! Buying a home will most likely be your biggest single purchase and unfortunately, it can also be one of the most stressful things you will ever do. But don’t worry we’re here to help make it a smooth and stress-free transaction.
IN A NUT SHELL
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.
Making an Offer
Once you’ve found a property you like and 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 Contract
If your offer is accepted, then take the contract you’ve been given to your conveyancer and discuss your situation with them. There may be several things that can be negotiated in your favour, and you need to be clear on your rights and responsibilities before signing.
When you do sign the contract, in most cases you will need to pay a 10% deposit, unless you or your conveyancer has negotiated a deposit less than 10%. The deposit is held by the real estate agent and is released to the seller after the property is settled.
You will also need to arrange Pest & Building inspection. The inspector you choose will visit the property and prepared a report as to the properties condition.
After the contract has become binding, your conveyancer has a number of tasks to perform including, but not limited too:
- Checking to see if there are any outstanding debts to local council (ie. rates)
- Calculating adjustments for water usage;
- Liaising with your bank in regard to the mortgage;
- Arranging payment of stamp duty; and
- Making final checks on the title.
On settlement day your conveyancer will attend settlement along with the sellers conveyance as well as any lenders involved and the funds will be handed over in exchange for the title. The keys to your new home can then be collected from the real estate agent.
Contact us to discuss the specific property you are considering buying with an experienced property lawyer/conveyancer in Rockhampton.