Legal Requirments
To undertake the conveyancing work for your purchase you will need to engage a solicitor or a registered conveyancer. Solicitors are often recommended when contracts are not straightforward and are likely to require complicated legal work. Experienced conveyancers specialise in conveyancing work can complete the transaction competently in most circumstances. Many law firms employ registered conveyancers to undertake their conveyancing work.
Finance?
If you need finance to fund your purchase, meet with your chosen lender or mortgage broker early on in your search in order to get loan pre-approval (sometimes called approval in principle) and ascertain how much money you can borrow. This way you will be ready to act as soon as you see something you’re keen to buy, with your lender quickly able to give you final loan approval for your purchase if you meet all of the necessary criteria.
Inspections.
In the A.C.T. the building inspection, the pest inspection report and an energy rating report forms part of the legal contract for buying a home. This inspection involves ensuring the electrics and plumbing have been installed to meet requirements, that any renovations have been approved, that the boundaries are in the correct position and that any pest issues are identified.
This inspection process is not always necessary for units and townhouses and Team Robson can advise what is required for your property.
Deposit
When buying at auction you will need to pay a 10% deposit on the day to secure your purchase. This can be done in the form of a personal or bank cheque, deposit bond or electronic transfer. If you are buying a property via private treaty, you will usually need to pay the deposit upon exchange of contracts. Make sure you have the deposit organised several days in advance if possible to avoid any complications.