It doesn’t matter if you’re wanting to buy a new unit, a family home or an investment property, there’s a lot of organising and process that exists between finding your dream property and getting the keys. The conveyancing process of buying property can be daunting as there are several parties that all need to communicate clearly with one another.
As one of Sydney’s leading Conveyancing firms we firmly believe in open communication, honesty and due diligence which is why we have put together our top tips to help you throughout your own purchasing journey.
Before you buy:
- Get your finances in order and obtain finance approval with a lender before you go house-hunting. This is especially important in Sydney because once you find what you’re looking for you will want to move quickly.
- Decide what you can afford and stay within your budget so you’re not over-extended and under financial pressure. In addition to the purchase price, you need to budget for stamp duty, legal fees, pest and building inspections. If you are borrowing more than 80% of the property cost you may need to pay lenders mortgage insurance as part of your loan.
- Consider ongoing costs such as council and water rates, strata levies, home and contents insurance and utilities (e.g. electricity, gas, etc). Factoring these costs in early will help you set a realistic budget and manage your new mortgage.
When you’re ready to sign:
- Once you’ve found the right property for you, negotiated a great price and you’re ready to sign the contract…. DON’T! Before you sign please seek out our services. You should never sign a property contract without first seeking legal advice. Real estate agents, property developers and mortgage brokers can’t manage the purchase process for you.
- We will review the contract of sale and ensure that the property is able to be sold to you, that there are no pending legalities against the property, that the property is compliant and of sound quality.
- We can also negotiate contract terms for you, such as: delayed settlement and special inclusions.
Once you have signed the contract, you will need to exchange contracts with the property owner and then wait for settlement. This process usually takes 6-7 weeks and here are some things to keep in mind:
- Be available: it’s really important to be available to sign original documents or at least be contactable.
- Engage a building and pest inspector: You should do this before you sign the contract. In some cases the property owner will organise these inspections and have the reports available. You will need to purchase the report from the property owner for it to be of legal use to you. Ask the real estate agent if such reports are available and if you can purchase them.
- Complete and return all documents to us as early as possible to ensure all deadlines are met.
- Don’t forget to arrange insurance cover on the property so that you’re protected as soon as possible.
- Be available on settlement day so that we can get in touch with you for any last-minute queries that might come from the other party.
Once everything is done you will be ready to settle. This means you will be able to pick up the keys for your new property and celebrate your purchase!