Buying real estate is one of the biggest moments in your life. It’s exciting, yet stressful. Most people are not familiar with the conveyancing process and that’s why you should speak to an expert conveyancing lawyer prior to signing a real estate contract. The property and conveyancing lawyers at Parke Lawyers can review the contract and make recommendations regarding the terms, timelines or need for special conditions. Pre-contract advice is crucial in off-the-plan purchases and strata-titled units. Your lawyer can also give you an estimate of transfer duty, registration fees and other costs, to help with budgeting.
Once the contract is signed, consideration needs to be given to lodgement of a caveat and whether title insurance should be taken out. Searches need to be undertaken and specific advice sought where issues such as adverse possession, boundary issues or contaminated land are relevant. In those circumstances, there is no substitute for experience and a keen eye for detail.
If you’re planning to buy at auction, it’s important to establish the upper limit you can afford to bid, factoring in how much you can borrow on that property. Clear discussion with your bank or financier is crucial, since auction contracts are not subject to finance.
Consideration also needs to be given about exactly who will be the purchaser – an individual, a couple, a company, trustee. If you’re unsure when signing the contract, include a nominee provision. Once that issue is resolved, if the property is to be owned by more than one buyer, you then must decide whether the property will be held as joint tenants or tenants in common.
Parke Lawyers has extensive experience in conveyancing in Melbourne and throughout Victoria. Our expertise takes out the stress from the process and our expert lawyers will assist you with the contract, as well as the deposit payments and specific conditions of sale applying to your purchase.
A conditional sale simply means the contract may be subject to certain requirements, for example:
- finance for the purchase
- building inspection
- sale of the buyer’s existing home
These conditions will only apply if they are in the contract when you sign. It’s your own responsibility to ensure you include these conditions, but Parke Lawyers can help you with this and handle the contract on your behalf.
Try to arrange for a property inspection prior to starting negotiations with the owner. This will help you to determine a fair selling price and factor in any future repairs that may add to the purchase price. Inspections include property assessments, timber pest inspections, residential dilapidation surveys and home warranty insurance inspections. Ensure you find out exactly what the inspection covers and what it doesn’t. Our property lawyers can recommend experienced inspectors.
Buying a property can be much easier with the right legal advice and representation. Let Parke Lawyers work with you to facilitate the purchase of a property and make sure your interests are protected.