Buying property is a landmark event in life but we also understand it can be a stressful time too. We endeavor to support you from your first step until the last. If you have questions along the way, then we are available with answers.
BEFORE YOU BUY
For peace of mind, before you make an offer on or bid for a property, allow us to review the Contract of Sale, including the Vendor’s Statement (often referred to as a section 32). We can look for red flags and determine whether it is in your best interests to go ahead.
Before You Buy – Private Sale
We can advise you of any special conditions that should be added to the contract. For example, if you have applied for finance and it has not yet been granted, an added special condition will allow you to terminate the contract if finance has not been obtained within a specified time. If you are also selling a property, then a special condition can allow your purchase to proceed only if your existing property sells within a nominated timeframe.
In addition to adding conditions, you may wish to negotiate the settlement date (which is usually 60 or 90 days and less often 30 or 120 days).
When making a written offer, it is important to name an expiry date so that the seller has a limited period in which to accept the offer and you are in control of the timeframe.
It is important to know that a cooling off period of three clear business days applies from the date that you sign the contract (not the seller). This allows you to change your mind and not proceed by giving notice in writing. You will receive a refund of any deposit you paid less $100.00 or 0.2% of the purchase price, whichever is greater. However, you cannot cool off within three clear business days before or after an auction.
Before You Buy – Auction Sale
Be aware that if you are the successful bidder, you cannot add conditions to the contract unless the seller agrees.
Also be aware that there is no cooling off period for residential property and small rural property purchased at an auction or within three clear business days before or after an auction.
ONCE YOU HAVE SIGNED THE CONTRACT
You will need to pay a deposit or part of the deposit with the balance to be paid by a specified date. The agent will give you a signed copy of the contract to take to your lawyer.
Note that in addition to the purchase price (less the deposit), there will be Stamp Duty, Land Titles Office fees and legal fees payable at settlement.
At settlement, adjustments will be made between the seller and purchaser, including council rates, water rates and owner’s corporation fees.
We will notify you once settlement has occurred and you can collect the keys from the agent.
You will receive a Settlement Report from us and your purchase will be complete.
LAWYER OR CONVEYANCER?
We know that you have a choice. Conveyancers are favoured as a cheaper alternative to lawyers, but we have a greater depth and breadth of knowledge. Our experience extends to other areas of law that may be relevant to your sale or purchase.
If, in the hands of a conveyancer, your sale or purchase becomes complex, technical or the subject of a dispute, then the conveyancer will hand over your file to a lawyer. We receive referrals from conveyancers in our area on a regular basis.
Buying and selling properties are often the largest legal and financial transactions in life. We can manage these transactions by providing you with excellent legal advice and support.
When reviewing your budget, consider whether saving money on legal advice is saving at all.
In Victoria, at least 90% of conveyancing is conducted electronically via PEXA (Property Exchange Australia). Around Australia, there are 153 financial institutions and 8,267 practitioner firms subscribed to e-conveyancing. PEXA is not only efficient, it also allows you to track your settlement online.
Mackinnon Jacobs Lawyers ensures you are protected from every angle and can assist with all legal aspects in relation to buying property. If you would like our lawyers to provide you with personal, tailored advice, call or contact us via email.
YOU MAY FIND THE FOLLOWING LINKS HELPFUL:
Grants & Finance
Bidding & Buying
Would you like to know more?Contact our property law expert Brian Irving on 1300 424 452 to receive personalised advice about your case.