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Conveyancing - A first home buyers guide

Conveyancing is the legal process of transferring ownership of property.

The purpose is to ensure that the buyer gets the land together with all the rights that go with it, and knows about any restrictions in advance.

There are several questions many home buyers find helpful when narrowing down the daunting task of purchasing a home:

Once you have found your property, it is useful to know:

The following information has been compiled to assist you - if you need more information and you are in the Sydney area, please feel free to call at any stage of your home hunting process. We know lots of licensed conveyancers that can help you. We would also be pleased to assist you with a pest or building inspection to ensure your new home is not hiding any expensive surprises!

 

Where am I planning to buy a property?

Think of areas that suit your lifestyle. Evaluate transport possibilities and proximity to schools, sports facilities, shopping centres, etc. Try to get information about crime rate compared to other areas of town. Find out what's going to be built next to you in the future, or what restrictions there may be on what you can do in your home. Go to the property at various times of the day and compare the noise level.

 

What kind of house am I looking for?

Try to figure out what type of living will suit your needs better, if it is a flat, studio, house, etc. Decide how many bedrooms and bathrooms are required, the size of the kitchen, think of your life style and activities, if you need a garden, garage, or something else. Make a list of things you absolutely need, for example: 4 bedrooms, backyard, 2 bathrooms, etc., as well as a list of the things you want, like: hardwood floors, skylights, and a gas fireplace. Then prioritize those things. Consider if it fits your preferred architectural style, how old and in what condition your property should be. Read some architectural magazines and check the Internet for ideas.

 

How much do I want to pay?

If you haven't set up a budget that shows you how much you're spending on everyday things, do it now. A good budget will help guide you to the right price range of homes as well as prevent you from spending more than you should on your house.
As well as the price of the property itself, evaluate the renovation costs and different fees concerning the transferring of ownership. Think of the deposit and repayments. Deposit is usually at least 10 per cent of the selling price. For more information on duties, land titles and fees see:

 

How to look for my house?

If you have chosen your location/s, you can start to search. You can do it alone using local newspapers, magazines, websites on the Internet, or simply asking around. Look for properties, as well as inspection and auction times. Other options are to use a real estate agent, or sign a contract with a buyer's agent. Even if you in the end decide to use an agency for finding your home, a good idea is to do first a bit of research by yourself using the Internet:

 

When I've found what I am looking for

When you've found several properties of your interest, find about the inspection times or make an appointment with the agents. It's good to see the property several times and at different times of the day. You may find there are things that are apparent in the morning or at night that weren't when you saw it the first time. If everything seems to be right, register your name and requirements with real estate agents and ask them to inform you about news. If you are planning larger renovations, a good idea is to inspect the property with a professional, whether builder or architect. You can contact a company for inspection service.

 

Making an offer

The agent will submit all offers to the vendor. The property remains on the market while the vendor considers all offers.  Just because your offer is the first one submitted, does not necessarily mean that it will be accepted. Your offer may include a date by which it will lapse if not accepted. Be realistic in your offer for the house. Don't make a low-ball offer on a house you really want. If your research has shown that the price is realistic then offering a really low price is only going to annoy the sellers and potentially upset your chances of getting the house. An offer is not legally binding on both parties until the buyer and seller have signed a contract.

 

Conveyancing

You can decide who will do the paperwork associated with the property purchase, it can be a solicitor, certified practising conveyancer, or you can do it yourself. It is strongly recommended for inexperienced buyers to seek professional advice on the conveyancing process, as licensed conveyancer take out the necessary professional indemnity insurances.

 

The contract

If you decided to buy your property, either by private sale or before a scheduled auction, the solicitor or conveyancer will prepare a contract for you to sign. If you are buying at auction, you will be able to inspect the contract prior to and at the auction.
The contract will include details of the terms and conditions of the sale, such as the deposit required, the settlement date and the chattels included with the property.
The contract is a legally binding document, so it is important that you fully understand your obligations before signing. For more information contact the Australian Institute of Conveyancers in your State or Territory.

 

H & K Ryan use's and recommend's the following Conveyancers.

As always, we offer free advice and always welcome your call - if we can help, we will!

We are available 7 days a week, if required.
Call 0412 233 977 and ask for Howard!