Buying a house is an exciting time full of emotions. Before you buy a property, here are 5 tips to help with the process:
- Ensure the Contract for Sale is reviewed, before signing
- When considering a property ask the agent to provide you with the Contract for Sale of Land (Contract). The Contract is a legal document outlining the terms and conditions of the sale, including the purchase price, inclusions, settlement date and special conditions. It is crucial to thoroughly review the Contract prior to signing. Our expert team of lawyers can help you understand the legal implications of the contract, explain your rights and obligations and suggest any necessary changes or additions to protect your interests.
- Ensure your finances are in order, prior to bidding at auction
- When purchasing a property at auction, it’s important to note that there is No Cooling-Off Period. This means that if you are the winning bidder at an auction, you are legally obligated to proceed with the purchase immediately and pay the agreed deposit at the time of signing the Contract. It is imperative to have all your due diligence completed and finances in order before participating in an auction to avoid any legal consequences.
- Obtain Building and Pest Inspection or Strata Report (for units)
- A building and pest inspection is a critical step when buying a house, while a strata report is essential when purchasing a unit in a strata-titled building. These inspections assess the property’s structural integrity and identify any potential issues or pest infestations. A thorough inspection report can help you make an informed decision and negotiate repairs or price adjustments if necessary.
- Obtain Pre-Approval and Unconditional Finance Approval
- If you require finance to complete your purchase, it’s advisable to obtain pre-approval, prior to attending an auction or signing the Contract. This will help increase your confidence and strengthen your position as a purchaser.
- A pre-approval indicates the amount you are eligible to borrow. However, it’s crucial to understand that having pre-approval does not guarantee your loan will be approved.
- An unconditional finance approval means your lender has completed their assessment and is ready to fund your purchase. You should work towards obtaining unconditional finance approval before the cooling off period expires.
- If you require finance to complete your purchase, it’s advisable to obtain pre-approval, prior to attending an auction or signing the Contract. This will help increase your confidence and strengthen your position as a purchaser.
- Check your eligibility for Stamp Duty exemption (First Home Buyers Assistance Scheme)
- Revenue NSW offers stamp duty exemptions or concessions to first-time homebuyers as a form of financial assistance. It’s essential to check if you are eligible for such exemptions under the First Home Buyers Assistance Scheme in your area. To qualify, you typically need to meet specific criteria related to the property’s value, your residency status, and whether you plan to live in the property as your primary residence. We can help you navigate the application process and ensure you take advantage of any available benefits.
Our expert team of lawyers can help you understand the legal implications of the contract, explain your rights and obligations, and suggest any necessary changes or additions to protect your interests. Let our team of experts take away the stress. Call us on 02 9119 2232 or we can contact you via Contact Us | One Law Group Parramatta.
