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Property Law & Conveyancing
Newcastle Conveyancing Solicitors For Property Purchases
Buying a home is one of the most stressful and expensive things you will ever do. It’s vital that you seek legal advice from someone experienced in property law and who knows the area.
Pre-Purchase Auction Contract Reviews
Buying at auction can be a stressful process. There is a lot to organise within a short amount of time and the auctions are often competitive. When the hammer falls, the buyer is bound to the terms of the contract. Before you commit to buying property at auction, we strongly advise to have your contract reviewed first by a qualified, licensed and experienced conveyancer or conveyancing solicitor.
When we review the auction contract prior, we can request amendments and resolve any issues on your behalf before you buy the property.
Find out more about how we can help Buying Property.
We’re With You Every Step Of The Way
The first step is to start applying for a home loan and obtain a loan pre-approval. Make sure you read everything thoroughly, from the pre-contractual statement which outlines the fees and charges to which you’ll be subject to the actual mortgage contract itself. 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 will need 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.
If you are buying a strata title property, we also recommend you obtain a strata inspection report which reviews the status of the strata scheme, any upcoming special levies, issues with the building or current litigation. It can help to ensure you are not exposed to any unforeseen expenses in the future. We can arrange these reports on your behalf.
Making an Offer
Once you’re ready to proceed, make an offer. You might be asked to pay a small sum as an initial deposit, but this is fully refundable if you don’t end up signing the contract. It does not mean that the property is yours yet either, as the agent can take other offers and continue to market the property until contracts are unconditionally exchanged.
Signing the Contract
If your offer is accepted send the contract through to us so we can review it for you. 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.
At this point, you’ll need to pay a deposit (usually 5 or 10%) that will be held by the real estate agent, unless you’d like us to negotiate a special condition on your behalf to pay the deposit by instalments or arrange a deposit bond.
After the contract has become binding, we will have a number of tasks to perform such as:
- Arranging payment of transfer duty
- Liaising with the lender in regard to the mortgage
- Checking with various government authorities to see if they have a vested interest in the property
- Checking to see if there are any outstanding debts to local council or water board
- Calculating adjustments for council, water and strata rates
- Making final checks on the title
Settlement will take place via an electronic platform called PEXA, where the funds are transferred between the parties and the documents for the transfer of title are electronically lodged at Land Registry Services NSW.
Do you have a specific property you’d like to buy? Speak to us to find out how we can help.