Conveyancing is the process by which ownership of a property is transferred from a seller to a buyer.
We provide conveyancing services for matters ranging from residential properties to business and commercial properties. Documents relating to conveyancing must contain correct and complete information. Our lawyers can assist you in the preparation of or review of all the documentation required for a property sale or purchase.
You need to work out a budget so you know how much you can afford to repay every week. Once you know your savings goal, you can work out how long it will take you to reach the amount for the deposit. You may have to calculate your extra costs such as stamp duty, conveyancing fees, inspection fees and rates.
For First Home Buyers in Victoria, the State Revenue Office has a complete list of all concessions and discounts which apply including:
As you won’t have to pay lender’s mortgage insurance, a deposit of 20% is suitable.
You may need to attend property auctions or private inspections. This is important as you can get a realistic picture of how much properties are selling for compared to the advertised price of your property. You can decide if private sale is an option in your area or you have to bid at auction.
You need to research and make decisions on:
Arrange a pre-approved loan if you plan to buy at auction you cannot make the contract of sale subject to finance without the vendor’s agreement if you buy at auction.
Please get a statement of information from agents. Please ask the agent about any items that appear to be fixtures on the property but could instead be items (personal chattels), which the seller may remove at settlement.
Make sure you get the inspection report before the auction if buying in this manner. Without obtaining agreement from the vendor, you cannot put conditions on the contract of sale at an auction. If you are choosing to purchase via a private sale, see if you can make the purchase subject to a building inspection. Make sure to get a building inspection and pest inspection of the property.
Gather all the documentation required to apply for a home loan and apply for pre-approval. The documentation should include: proof of identity, payslips or a tax return to demonstrate your capacity of repayment, plus your savings account statements or evidence of a deposit.
Please make sure your deposit is available, so you can pay when required by the agent.
You need to develop a strategy for bidding at auction or for making an offer for a private sale. You need to understand your cooling-off rights in a private sale.
Even though the seller’s insurance may cover the property up to the date of settlement, the buyer is recommended to take out building and contents insurance effective from the date buyer sign the contract. This is to defend the lender’s interest in the property, as well as the buyer’