Buying a Property

Buying a home may be one of the most expensive steps you will ever make in your life. It is vital that you seek professional advice from someone experienced in the conveyancing practice.

Your first step should be your finance enquiries. Once you have found a suitable lender it is always prudent to seek a pre-approval letter and then commence searching for your property.

Once you have found a suitable property you should have your conveyancer review the Contract of Sale including Vendors Statement. If satisfactory, you can make an offer. If your offer is accepted by the Vendor then you should immediately provide a copy of the Contract of Sale to your conveyancer and discuss your personal situation with them. You will need to pay the 10% deposit, unless your conveyancer or agent has negotiated a special condition which may include a partial deposit.

Time is always of the essence, and your conveyancer must immediately embark upon numerous tasks. These may include checking the accuracy and performance of the Contract of Sale and Vendors Statement by ensuring compliance with any special conditions, the option of lodging a Purchaser’s Caveat, conducting property title searches, certificates from the relevant authorities, building permits if applicable, and the particulars of a Vendor’s Section 27 Statement if a release of deposit is sought. In situations where the purchaser is a first home buyer, all government grants and assistances should be applied for. A Transfer of Land and Statement of Adjustments should then be prepared for the seller’s approval, during which your conveyancer would liaise with the mortgagee (if applicable) as to their mortgage requirements for settlement. If your lender is not providing all funds at settlement or you are not using a lender, your conveyancer will require you to transfer settlement funds into a Trust Account or provide you with a PEXA Deposit Form. We strongly advise that you contact your conveyancer via telephone to confirm the account details prior to transferring any amount of monies. The conveyancer will then attend to settlement electronically and lodge the necessary Notices of Acquisitions to the relevant authorities.