- We review your contract and negotiate any amendments.
- We search and investigate the title of the property (and bring any relevant matters to your attention before you proceed with the purchase). We can ascertain whether you’re due any stamp duty concessions.
- We’ll finalise settlement for you and answer any queries you may have throughout the process.
Unfortunately sometimes things don’t go as planned. For instance:
- What you think you’re buying may not be the same as what you are actually buying. For instance, you might find out that YOUR new driveway is a shared driveway… that a body corporate owns YOUR new front yard… or that you cannot extend your new house due to council restrictions.
- Extensions and additions you think are part of the house may actually be illegal! (The former owner may never have got council permission to build them. And you may have to pay a fine or tear it down.)
- Are there any restrictions that burden or benefit the property? For instance, if it’s heritage listed, you may not be able to renovate or repaint… How will these affect your use of the property and will they affect my ability to resell the property?
It’s best to address most of these issues before you exchange contracts, but sometimes this is not possible. At Albury Conveyancing Service we will provide you with sensible, practical guidance as to your rights and obligations and how to best resolve issues if and when they arise.
We communicate with you, your agent and your lender promptly and regularly throughout the transaction to make the process as smooth as possible.
We aim to make the process as stress free for you as it can be.
Before you exchange contracts with the vendor
- Speak to your lender and work out how much you can borrow and what you can pay for a property.
- Ask your lender for a loan pre-approval. This pre-approval will usually be conditional on two things.
- 1: That the lender is satisfied with the value of the property you decide to buy.
- 2: That your situation has not changed since the pre-approval was given.
- Once you have found your property and negotiated the price contact Albury Conveyancing Service so we can arrange to review the contract for you and negotiate any amendments.
- Let your lender know that you have found a property and ask for an unconditional loan approval.
- Organise a pest and building report (if you’re a buying a house) or a strata report (if you’re buying a unit, apartment, villa or townhouse). We can assist you with this if you need.
- Once you are ready to proceed you will need to organise the deposit, which is paid on exchange, and sign the contract. We will guide you through this process and arrange for contracts to be exchanged.
After you exchange contracts with the vendor
- Arrange to sign the loan and mortgage documents with your lender
- We will help you satisfy the requirements of your lender.
- If you are a first home buyer you may be eligible for the First Home Owners Grant. Check your eligibility here: www.osr.nsw.gov.au
- We can help you complete and submit your application for the First Home Grant if you are eligible.
- We will order and check remaining searches and let you know if your lender requires any additional searches.
- We will liaise with you prior to the settlement date to arrange for you to let us have funds for the payment of stamp duty and the balance of the settlement monies (i.e the difference between the sale price (plus all usual settlement adjustments and less the deposit already paid) and the amount being provided by your lender.
- We will arrange for the Contract and transfer to be stamped in readiness for settlement.
- We will liaise with your lender and the vendor’s solicitor or conveyance to co-ordinate settlement. This includes the preparation of settlement figures and the calculation of all usual settlement adjustments.
- Arrange a final inspection of the property with the real estate agent for the day of settlement.
Settling your property purchase
- We will attend at settlement and deliver to the vendor’s solicitor the settlement money. In return, we will receive the certificate of title and signed transfer or alternatively ensure all the required documents are handed to your mortgagee.
- We will let you and the real estate agent know that settlement has taken place
- We will send you a letter reporting on the settlement.
- We will arrange to forward payments of council rates, water rates and strata levies (if appropriate) to the relevant authority.
If you’d like to know more about buying a residential property contact us. Or request a free no-obligation quote now.