Selecting a solicitor
You will need to nominate a solicitor to act on your behalf once your offer has been accepted.
By using Strand Conveyancing for your conveyancing needs you can at least take some of the stress out of this important process and rest assured that you are being looked after by a qualified conveyancer or solicitor. Phone Strand Conveyancing on 1300 STRAND, or click here for the web link Strand Conveyancing.
Paying the deposit
Once all parties have signed the contract you will be asked to pay a deposit. This usually equates to 10% of the purchase price.
We can refer you to Harcourts Financial Services who can assist you with this.
Once paid, this deposit is held in a Trust Account until the contract is confirmed i.e. becomes unconditional in all respects. It is then paid to the seller. If the contract does not become unconditional the deposit will be repaid to you.
Once the contract becomes unconditional, you will need to take out insurance on the property. Harcourts can arrange a 30 day temporary cover to provide you with immediate, temporary insurance cover and “peace of mind”. This service is complimentary and can save you hours spent researching the many insurance providers on the market today.Property purchase costs
Financial fees vary greatly, depending on such matters as what percentage of the property value that you will be borrowing, the amount of the loan, the amount of the purchase and which bank you are borrowing funds from. If you speak to your local Harcourts Financial Services representative you can quickly ascertain approximate costs for your particular circumstances.
Possible expenses you may incur are:
· Bank fees
· Solicitor’s charges may include legal searches (please consult your solicitor)
· Stamp Duty on Purchase
· Home protection insurance
Miscellaneous costs (Building inspection, rates, removalists, etc)Completing the purchase
Before settlement your solicitor will undertake the necessary searches with respect to the property and your financier will prepare the mortgage documentation.
On settlement your solicitor will exchange with the seller's solicitor:
- Transfer documentation
- Keys to the property
Within a few days of settlement your solicitor or financier will register the necessary documentation and mortgage transfer with the Land Titles Registry.
Possession of the property usually takes place on the settlement day although the seller and buyer can agree for these dates to be different.
One of our team members will contact you to arrange a "pre settlement" inspection. This is your opportunity to ensure all appliances at the property are in working order and that the property is "as you recall" from the time you signed the contract. If issues arise at this inspection, you should immediately contact your solicitor to postpose settlement until your concerns are address.