Buying a house is more than likely the most expensive purchase in your life. We will provide a brief outline here to some of the steps involved.
You have carefully considered and inspected properties, and you have found the house or unit you want to be your new home.
The seller will or should have the contract prepared before offering the house on the market. The contract must have certain documents attached. This will include such items as a zoning certificate, sewerage diagram, a copy of the title, cooling-off statements, and documents relating to any easements or other restrictions.
The contract is sent to your solicitor where it is checked. Without legal advice, you should not enter into any contracts. Inspections such as building and pest checks are carried out and then if you haven’t done so, finance is arranged. It is dangerous to enter the contract for the purchase of a property until your finance has been approved in writing.
When the reports from the inspections have been received and the loan is in order, your solicitor will organise the exchange of contracts. The deposit is then paid which is typically 10% of the price. The five day cooling off period applies, unless at auction or you told your solicitor to waive that right. Your Building insurance should be in place from the date of exchange of contracts.
Stamp duty is now paid (or an exemption sought if you are a first home buyer) and the solicitor undertakes searches and enquiries to ensure you are getting what you are paying for. Transfer documents are prepared and signed. Mortgage documents are prepared and signed and the various other documents and requirements stipulated by the financier are attended to. Requisitions are sent and responses considered and the settlement adjustments are calculated and sent to the seller’s solicitor for approval by them.
The final checks are done to make sure the property is going to be all yours and there are no outstanding payments or issues and then the all important settlement day where the balance of the purchase price is paid. Your solicitor will receive the transfer and title deed, and you have the keys to your new home!
This is a brief overview the process that we will detail over the next few weeks.
If you have any questions you would like answered either confidentially or via this medium, please email us at firstname.lastname@example.org
This is intended for general information and does not constitute legal advice and should not be relied upon as such. Formal legal advice should be sought.