Mon, Sep 26, 2022

Regardless of whether you’ve sold the family home, found a replacement dream apartment, or just negotiated a great price on new interstate investment property, a thousand organisations lie ahead of you before the deal is done. You can enjoy your brand-new property. To make the budget conveyancing process easy, hire a lawyer for a smooth transaction.

 Before you purchase

  • Get your finances and obtain budget conveyancing process approval with your lender before you go house-hunting. This is often especially important if you’re buying in a state where it is common practice for the contract not to be conditional on finance approval.
  • Decide what you’ll afford and stay within your budget, so you’re not over-extended and under financial pressure. Additionally, to the purchase price, buyers have to budget for stamp duty, budget conveyancing costs, inspections, lenders’ mortgage insurance (if borrowing over 80% LVR), registration, and lender fees.
  • Consider ongoing costs like council and water rates, strata levies (if the property is an apartment or townhouse), home and contents insurance, and utilities (e.g. electricity, gas, telephone, and internet) for the budget conveyancing process.

 Between contract and settlement

  • Be available: While it’s OK to celebrate your new purchase, it’s essential to be open to signing original documents or a minimum of being contactable by your conveyancing lawyer – so heading overseas on holiday isn’t a great idea.
  • Engage a building and pest inspector: you ought to do this before you sign the contract, or in some states, it’s common for the agreement to be conditional on satisfactory inspection reports. If you’ve bought off the plan, ensure you have the property inspected before the budget conveyancing settlement and make a list of defects. The developer fixes these during the defects rectification period. Do a radical review of the inspection results and discuss your concerns with your conveyancing lawyer.
  • Complete and return all relevant documents to your conveyancing lawyer as early as possible to ensure all deadlines are met. Ensure your conveyancing lawyer has the information needed to complete the transaction, including details of your broker or lender.
  • Don’t forget to rearrange insurance cover on the property so that you’re protected as soon as the property is at risk (in some states, this is from contract exchange and, in others, from settlement).
  • Arrange a final inspection of the property as near the settlement date as possible. If a settlement is within the afternoon, do a last check that morning. This may ensure you aren’t faced with any nasty surprises and are happy with the condition a property has been left in.
  • Be available on settlement day so your conveyancing lawyer can get in-tuned with you for any last-minute queries from the other party.

 Post settlement

Your conveyancing lawyer will contact you as soon as settlement occurs, so you’ll hold the keys or cash in no time. Finally, you’ll relax as the owner of your new home!

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