Buying a home is one of the biggest purchases you are going to make in your life. If you do not take the time to get legal advice from an experienced property lawyer first, it could end up being a whole lot costlier than it needs to be.
While it might be tempting to dive in an get the contract sorted out as soon as you can, it pays to get legal advice so you can consider all the possible issues.
Seeking advice from an experienced property lawyer means peace of mind for you as you make your property purchase. We have included a few key steps you need to take prior to buying in the hopes that it helps you secure a better property at a great price.
ALF Lawyers are experienced in working with clients who are buying property. We can provide professional advice and guidance throughout your purchase process. Contact us today on (07) 3088 6161 or get in touch online.
Organise Finance And Ensure You Can Afford The Home
You want to know that you can afford to make the purchase you are hoping to make. Remember that when buying a home, you are not just going to be paying the purchase price, either.
You are going to have to pay inspection report costs, search costs, certificate costs, conveyancing fees, bank fees, adjustment of property charges, stamp duty, connection fees, rates (if applicable) and insurances.
It is important that you have access to these funds in time so that you can settle on the date you are obligated to settle on. The consequences of failing to settle your contract on time can range from minor to serious; the vendor can seek compensation from you for failing to complete the contract on time and may seek damages from you.
- Ensure you have access to enough money to pay for all purchase costs.
- Seek pre-approval from your lender to ensure that you can access the funds as soon as the purchase is arranged.
- If buying at auction, be aware that the contract will not be subject to finance, so you need to know what this means for you.
Speak To Your Lawyer About The Purchase Contract
Once you are in the happy position of knowing that you can afford to buy the property, you will need to get legal advice on the contact you are entering into. Your lawyer can give you advice on things like the:
- Cooling off period
- Special conditions of the vendor
- Title and plan information
- Owners’ corporation
The contract forms the entire agreement between the parties to the contract. What this means is that if you promise something that is not contained in the contract as it stands, then you need to include it in the contract.
It must be written in the contract. If you do not get something in writing in the contract, then the seller is not obligated to do it.
Speak To Your Accountant
Buying a property is a financial decision as well as a decision for your future. You need to make sure that this purchase is going to have a positive impact on your financial future. An accountant is going to be able to tell you if your tax, entitlements, and obligations are going to be affected, and in what way.
You might be looking to purchase your property through a superannuation fund, or you might want to buy the property through a company or trust. Whatever the situation, an accountant can advise you on how you can structure your purchase.
Once you are satisfied that you can afford the property, that you know how to structure the purchase, and that the contract for purchase is fair and in your best interests, then you can go about the process of arranging a property inspection and beginning the property purchase process.
We would love to play a part in the successful purchase of your property, so contact us at ALF Lawyers today and benefit from our years of experience and our commitment to your successful property purchase. Call us on (07) 3088 6161 or contact us online.