Buying a property
Before you exchange contracts.
Contact Conveyancing Bondi for a free consultation on buying a property.
Arranging finance.
If need be we can help you find finance fast. What is your borrowing capacity?
Get pre-approval, and written unconditional loan approval once your lender has carried out a valuation on the property. We can work out if you are eligible for the $7000 first home owner grant & first home plus stamp duty. Calculate the amount you have to spend on the purchase allowing for stamp duty, if applicable, and other purchase costs. Be sure that you can meet any conditions that your lender will impose.
Setup the structure that you use to buy your property.
Consider whether you will purchase the property in your own name or in another entity. If you will plan to use an entity other than yourself to purchase the property set up that structure. If you do not set up the structure early then you may not have enough time to set the structure up before exchange of contracts because there is another buyer that is ready to purchase the property
Look for and find property that you like.
Obtain a copy of the contract for the property.
Bring the contract to us and our conveyancing lawyer will advise you on it.
Arrange to forward the contract to our office by hardcopy or by email and our conveyancing solicitors can review the contract for you. We will order any pest, building, survey or strata reports you require and instruct us to order for you. Alternatively if the property is a strata property we will on your instructions order a strata report. You decide on your next steps based on the information in the inspection reports.
Negotiate the purchase price
Noting the information in the reports.
We will negotiate the terms of the contract based on your instructions.
Consider your cooling off rights
Our conveyancing solicitors can advise you on your cooling off rights and give you information to help you decide whether you would like to waive these rights. Cooling off rights are automatically waived at auction.
Exchange of contracts
You approve and sign the contract. If you have instructed that you would like to waive your cooling off rights then our conveyancing solicitor can sign the section 66W certificate. It is at this point that you pay the deposit. Our solicitor will arrange exchange of contracts.
Post exchange and pre-settlement
We will, on your instructions
Order and check certain searches such as rate and departmental enquires. Assist you to meet any requirements imposed on you by your lender. Send requisitions (questions about the property) to the vendor's lawyer. Contact your lender to arrange preparation of mortgage documentation. Liaise with your lender to ensure they are prepared for settlement. Prepare settlement figures and book settlement with your lender and the seller's solicitor. Prepare a property transfer and arrange to have the Transfer and Contract for Sale stamped (stamp duty paid). Advise you and your lender of cheque details for settlement.
If you request us to do so we can also
Explain mortgage documents to you. Send loan requirements back to lender. Help you complete the First Home Owners Grant Forms, if applicable. Help you complete the First Home Buyers Stamp Duty Exemption Form, if applicable.
You need to arrange for the balance of payment for the property, including the stamp duty (where applicable) to be paid to us by the settlement date, with bank cheques, as directed by us.
The day before settlement you will need to do a final inspection of the property and notify us if there are any issues to be resolved.
Settlement
We will attend settlement. This is the day on which you pay the balance of the purchase price to the vendor You collect the keys;
The property is yours to move in to. You can arrange connection of services. Alternatively your property will be available to lease out to your tenant.
