Buying a Property? Get Conveyancing Guidance from SLA Conveyancing
Buying a property can be a significant financial commitment. Before signing a contract, it may be helpful to obtain advice from a conveyancer or legal practitioner. SLA Conveyancing can work with property buying agents and other professionals involved in the transaction to provide assistance. Continue reading to learn more about the process of purchasing a property and discover how a property conveyancer may help.
Before You Start
The first decisions you will likely need to make relate 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 through to the actual mortgage contract itself. Remember: whether you’re buying investment property or a home to live in, you’re entitled to consult with a property conveyancer or seek legal advice. Before signing finance or property documents, make sure you understand the terms. Different rules apply to auction purchases, so obtain advice before bidding.
Pre-Purchase Inspections
Once you have found a property you like, consider arranging a pre-purchase building inspection and pest inspection. These inspections may identify defects or potential problems, and you might be able to use this information to negotiate a reduction in the purchase price. If you’re not sure who to trust to do these inspections, talk to your lawyer or conveyancer for buying a property. They may be able to suggest ways to find a suitably qualified and insured inspector.
Making an Offer
If you’re happy to proceed, you can make an offer. You might be asked to pay a deposit when making a written offer. If the seller doesn’t accept the offer, the deposit should be returned. Making an offer also doesn’t mean that the property is yours, as the agent can continue to receive other offers.
Signing the Contract
Before signing or submitting a formal written offer, provide the contract and Section 32 statement to your buyer’s conveyancer or legal practitioner for review. Once both parties have signed, the contract will generally be binding, subject to any applicable conditions or cooling-off rights. 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, you will usually need to pay the agreed deposit, which is often 10% but can vary depending on the contract and whether or not your conveyancer for property purchase in Melbourne has negotiated a special condition. The deposit is commonly held by an authorised stakeholder and is usually released according to the contract and Victorian deposit rules. If you can’t provide the agreed cash deposit, your conveyancer can explain whether the contract might permit a deposit bond or guarantee.
Settlement
After the contract has become binding, your property conveyancer has a number of tasks to perform. These property conveyancing tasks include:
- Arranging payment of stamp duty
- Liaising with the lender regarding the mortgage
- Obtaining relevant title, council, water, planning and authority searches to identify recorded interests, charges, restrictions and property information
On settlement day, a conveyancer for home buyers will coordinate settlement with the seller’s representative and any lenders involved, usually through an electronic settlement platform. Settlement is when the balance of the purchase price is paid, title transfer steps are completed and possession is arranged, unless the contract states otherwise.
A More Organised and Manageable Process
Understanding buying property conveyancing in Victoria may help reduce the risk of avoidable delays associated with contracts and documentation. With conveyancing for home buyers, a property conveyancer can explain each stage in plain language and identify issues early while coordinating the property conveyancing process so that buying a property feels more manageable.
How a Buyer’s Conveyancer Can Help First Home Buyers
For first home buyers looking into buying a property, navigating the property market can feel overwhelming. A dedicated conveyancer for first home buyers can help simplify the process by handling key conveyancing steps, assisting with settlement-related requirements, and liaising with sellers’ representatives and lenders where required. With first home buyer conveyancing in Melbourne, you can receive guidance on key conveyancing obligations and settlement steps.
Contact SLA Conveyancing
Whether you’re buying your first home or have gone through the process before, contact us to arrange an appointment.