Do you ever feel like the more research you do on a subject, the more confused you get? For most of us, purchasing a home will be the single biggest financial decision we’ll make but it doesn’t have to be a stressful one. Armed with the right information and the knowledge and guidance of experienced property conveyancing lawyers, you can navigate through the various stages of home buying with confidence.
Owning property comes with a range of responsibilities and liabilities, both financial and legal. It’s important that you familiarise yourself with the stages involved in a property transaction as removing the unknown elements can reduce stress and leave you better prepared; knowing what questions to ask, understanding the different costs, and getting what you expect out of the transaction.
A reputable conveyancing lawyer can talk you through the various stages of the process of a property transaction so that you know what to expect. These initial stages may include:
- Being Honest about your Finances – Apart from the purchase price of the property, there are a number of peripheral costs that need to be factored in, e.g. valuation fees, pest control certificates, surveys, etc. Even after completion, be sure that you can afford the monthly mortgage repayments, even if the interest rate were to go up slightly.
- Looking for your ideal home – if you have a specific area in mind, contact the estate agents in that area. Be specific about the type of property you’re looking for and the budget available and take the time to view a large number of properties – this will ensure you get value for money and clarify what your actual property needs are.
- Reviewing the sale contract – the seller will have a contract of sale available for review which may include additional information like zoning, sewerage diagrams and restrictive covenants. A specialised property lawyer is best placed to talk you through the key points of the contract and point out any responsibilities, liabilities including ensuring the inclusion of the ‘cooling off’ period.
- Arranging your finances – Apply for and have finance approval in writing before you exchange contracts on the property. Whether the contract of sale includes a ‘cooling off’ period or not, it’s a good idea to ensure that there is sufficient value in the property to secure the loan.
Whether you’re a first time buyer or a seasoned property owner with a large portfolio, the initial legwork could save you a lot of time and money further on down the line. Adding a seasoned property lawyer to your team will reduce the risks, enabling you to make informed and sound property decisions.