Do you really need a solicitor to purchase a house?
The answer is that buying a home is often the biggest financial decision you’ll ever make.
So making an offer and entering into a contract for sale without knowing your legal rights can have profound long-term consequences of your finances and your overall quality of life.
Contact us for full information in regard to purchasing a home including information such as:
> how the conveyancing process works.
> what happens when buying at an auction
> buying a strata title property
Making an Offer
So you’ve decided to purchase a property and you have found the one. Firstly you will need to make an offer to the Agent. Once the seller has accepted your offer our experienced teams of Solicitors are notified by the Agent. We receive a contract from the seller’s representative with your details, purchase price and any special conditions filled in where required.
Once we receive the sales advise our team will contact you to enquire if you require any pre-purchase building and/or pest reports to be performed. These inspection reports are prepared by qualified inspectors, providing you with a detailed report regarding the condition of the property and any potential issues. We can arrange these inspections on your behalf.
Before making an offer you should obtain pre-approval from your chosen Bank or Building Society. Once your offer is accepted you should advise your lender the details of the property and our Solicitors details. Your lender will organise a valuation of the property before giving you unconditional loan approval. Generally, it isn’t good practice to exchange a contract without unconditional loan approval.
Deposit & Exchange
Once we receive the Contract from the sellers representative we will arrange to meet with you to go over the Contract and discuss any potential issues contained within the contract and answer any questions you may have. At this appointment we will also discuss the payment of a deposit, normally 10% of the purchase price, and if you qualify for any Government Grants such as Stamp Duty Exemption.
The Contracts are exchanged by the sellers representative once you have paid the deposit and the contract has been signed by both parties. Once exchange of contracts takes place we will liaise with your lender so they can provide the funds on settlement, and if any further funds are required we will discuss this with you.
Settlement is the last step in a conveyancing transaction. The settlement date is prescribed on the front page of the contract and is usually 35 – 42 days, or 5 or 6 weeks after contracts exchange.
We will notify you prior to settlement of the amount owing on settlement after adjustment of council rates, water rates & usage. In some transactions, there may be other adjustments that will be made in accordance with the contract.
Settlements are now conducted online via PEXA. The best feature of online conveyancing for you is that on settlement registration of the Transfer happens instantly providing you with peace of mind that your name is now on the properties Title.
Looking to Sell?
Visit our dedicated Sale Process page to get more information about the steps involved in selling your property.
Contact Us to discuss the sale of your property and to speak to one of our experienced team members.
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