Buying a Property.
The decision of buying a property is one of the biggest and most life-changing decisions of your life. Whether you are a first home buyer or looking to make the best investment for your portfolio, your conveyancing matters are in the best hands of the most experienced NSW conveyancers.
The team at Strictly Conveyancing’s main goal is to ensure that your conveyancing transaction is affected as simply as possible and to make your experience stress-free.
If you are a first-time purchaser, they will give you many helpful hints and the best conveyancing advice to simplify your buying process.
Guides of buying a property:
Know what you want to make a list?
- of your preferred areas
- Essential features
- Non- Essential features (this step helps you to make the best choice when multiple properties include your essential features)
- Inspect the property
- Ask the agent to forward the contract to us for your free contract review
Knowing what you want will help you to buy a property that fulfills your requirements.
Determine your budget:
The most important step before buying a property is to determine your budget. Being mindful of your wages and living costs is an important part of creating a healthy budget. The team at Strictly Conveyancing can help you by providing you with a list of expenses involved with your purchase.
The costs associated with buying a property include:
- Legal and conveyancing fees
- Stamp Duty
- Government charges
- Pest/building & strata inspection fees
- Land tax (if applicable)
- Other fees may apply depending on your individual situation.
Find the right home property loan:
When buying a property in NSW, you should compare the different home loans and find the best one that suits you best
When searching for a property, you should at least apply for conditional approval on your home loan. This will give you an indication of how much you can spend.
When you apply for your loan you will usually need proof of your income, such as salary slips or recent tax returns. Some brokers or lenders require proof of your savings history and other documents.
Know the deals in the market:
Borrowers need to know about the different loans in the market places to get the best deal. Ads on the radio and TV, newspapers, and mortgage magazines are the best places to find out the current offering deals.
Don’t hesitate to negotiate a better rate. The home loan market is very competitive, and lenders are prepared to win your business. And remember the most important thing, if you don’t ask, you don’t get it.
Don’t forget the Building inspections:
When you are buying a property, you should have to inspect the building. There are different inspections to be done depending on the type of property. Some are given below:
- Building Inspections
- Pest Inspections
- Strata Inspections
- Property Surveys
Each of these inspections is expected to cost between $200 and $600. It’s important to know about hidden dangers, such as building defects and termite infestation and damage.
These are some important guides that you should have to know before purchasing a property in NSW.
Conveyancing before exchange:
The team at Strictly Conveyancing reviews your contract and gives you the best advice on the terms and conditions. They understand that you may have to look at several properties before committing, and they are happy to advise you on an unlimited number of contracts free of charge and unlike other firms, there are no conditions attached.
They will warn you of any potential risks and unfavorable disclosures. Once your offer has been accepted they will assist you in obtaining the required inspection reports and negotiate the terms and conditions of your contract.
Conveyancing after the exchange:
The next step is to “exchange” contracts. This is the point at which both you and the seller are legally obligated to complete the transaction. The team at Strictly Conveyancing will advise you on the correct method of contract exchange.
They will guide you through the legal process from start to finish, letting you know what you need to do and when it needs to be done. If you are entitled to a ‘cooling-off period, it is imperative that all inquiries, searches, negotiations, and unconditional loan approval are obtained prior to the expiration of the ‘cooling-off period’. This is arguably the most important time in the conveyancing transaction.
Once the ‘cooling-off period has expired, you are legally bound to complete the transaction and settle in accordance with the contract for sale.
By this time, you should have your loan approval, your inspections should return satisfactorily and your contract negotiated in accordance with your instructions.
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