Tips For Buyers
Buying real estate is likely to be one of the most important financial decisions you make in life, so we have compiled these tips for buyers to help make the process easier.
At Mildwaters Lawyers, our Registered Conveyancer is here to make sure you are fully informed and ready to proceed.
Real estate transactions are complex, but we’re here to guide you through what is likely to be an unfamiliar process for you.
To get you started, here are some tips from us.
1. Be careful
There is a legal concept known as “let the buyer beware”.
It means that it is incumbent upon you to make full and proper investigations about the property before you sign a contract that binds you to purchase it, because once you sign the contract, what you see is what you get.
It is a big investment and you pay government duties and fees on the purchase, so you don’t want to get it wrong.
2. Be aware
There are many hidden costs when purchasing property and many buyers are caught short because they haven’t borrowed enough money or allowed enough money for the purchase.
Make sure that you are aware of all the costs that you need to cover and that you have organised sufficient funds to cover those costs.
3. Be active
Once you have signed the contract to buy a property, you must comply with the terms of the contract and this requires action by you.
Know the dates in the contract by which you have to have things done, and get them done on time.
Respond promptly to requests for information from us or your bank, so that we can get your matter organised.
If you don’t actively participate in the conveyancing process in a timely manner, then you may find yourself in default and having to pay interest on outstanding monies or losing your deposit for some reason.
4. Be curious
Being curious can avoid problems later and help you take advantage of your knowledge.
If you aren’t sure about something, then just ask us.
Questions that you may have could include:
- What name should I buy the property in – joint tenants or tenants in common?
- What grants, concessions or rebates am I entitled to?
- Can I get out of the contract and if so how?
5. Be ready
Be ready for change.
Research suggests that change can be stressful and that buying property, particularly if you are moving into the property after settlement, is one of the most stressful things you can do.
Try to prepare yourself for this change and be ready for our phone call in the early afternoon of the settlement day saying “congratulations on your purchase”.
Please contact us today so we can help you navigate the contractual complexities of buying real estate.
And visit our Buyer FAQ page for more information.