In this article, we will highlight four important factors that you should consider when buying a property.
Get your Solicitor to Review the Contract:
Once you find your dream property and agree with the purchase price, the next important thing is to immediately arrange for your contract to be reviewed by an experienced property lawyer before you sign the contract. Your property may have restrictions preventing you from undertaking work that you intended to do. A property lawyer will examine the existing covenant and easement along with special conditions of the contract and advise you accordingly.
Know Whether you are eligible for Stamp Duty Exemption/Concession and First Home Owners Grant:
Depending upon the purchase price of the property, your residential status in Australia, and the purpose of your purchase you may be eligible for Stamp duty exemption/concession as well as First Home Owners Grant money.
Securing Unconditional Loan Approval Before Cooling off Expires:
Generally, once you sign the contract, you will have five days cooling off periods unless you buy it in an auction. Before signing the contract, you could negotiate for an extended 10 days cooling off period so that you have adequate time to arrange your unconditional finance approval. Securing unconditional finance approval before the expiration of the cooling off period is the single most important thing in the conveyancing transaction.
Building, Pest and/or Strata Inspection:
Arranging building, pest and/or strata inspection of the property is very important as the report would reveal the existence of structural defect in the property, whether the property is pest infested and strata report reveals important information about the property itself as well as the way the property has been managed.
If you are buying a property, you can contact us on (02) 8379 1811 or email@example.com