Buying a home can be daunting because it is usually one of the largest purchases you will make in your life. That is why it is vital that you seek legal advice from someone experienced in property law.
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. Remember you are entitled to legal advice and are under no obligation to sign anything on the spot.
Once you have found a property you like, you may wish to arrange a pre-purchase building inspection report and perhaps a pest inspection report. These are written reports about the condition of the property and helps you find out any potentially costly problems. You may be able to use this information to negotiate a reduction in the purchase price. If you’re not sure who to trust to do this inspection, talk to us. We can assist you to find a reputable building inspector and/or pest inspector in your area.
If your offer to purchase is accepted then take the contract you’ve been given to your lawyer/conveyancer and discuss your situation with them. There may be several things that can be negotiated in your favour, and you need to be absolutely clear on your rights and responsibilities before signing.
When you do sign the contract you will need to pay the 10% deposit, unless you have negotiated a special condition otherwise. This is held with the real estate agent or the Solicitor/Conveyancer for the Vendor and is released to the seller after the property is settled. In some cases, the Vendor can also apply to have the deposit released to them early with your consent.
On settlement day your lawyer/conveyancer will attend a meeting that will include the seller’s lawyer/conveyancer as well as any lenders involved and the funds will be handed over in exchange for the title and the keys.
Contact us to discuss the specific property you are considering buying with an experienced property lawyer/conveyancer in Geelong.