Want to purchase property in Victoria? Have a look at our checklist to make sure you’re ready!
Engage a conveyancer/solicitor
It is recommended to engage a conveyancer or solicitor before making an offer or signing a contract. This is so they can review the contract and advise you on the contract conditions and contents in the Section 32. With the help of the contract review, you will be ready to negotiate contract terms with the Vendor. Click here for more information on how a legal representative can help you.
Prepare Loan Application
If you need a loan to buy a property, talk to a mortgage broker or banker as early as possible, even before you start looking for a property. Getting a loan pre-approval is a great start, but when negotiating deposit dates with the Vendor you need to consider giving your bank enough time to finalise things on their end to secure your loan unconditionally.
Have your funds ready
If you are getting a loan or you have saved up enough to cover the house price, keep in mind that there are still external fees you are required to pay. The most significant expense most buyers overlook is stamp duty. While you may be eligible for stamp duty exemptions or concessions, if the purchase price does not meet stamp duty requirements, you can still find yourself paying more than what you earned.
Schedule Inspections with the Agent
Even though you can trust your conveyancer/solicitor to take care of things on their end, it’s up to you to ensure a final inspection is conducted before the settlement date. First and last inspections must be undertaken to ensure you are fully aware of the property’s condition and state of repair. Click here for more details on what to consider when buying a property.
Book a Backup Property
Due to unforeseen circumstances, you must prepare for potential delays on settlement day. Suppose the property you are buying is intended to be your primary home. In that case, it is recommended you have alternative accommodation ready (e.g. hotel, stay with family, etc.) just in case the settlement does not go through.
W Legal Group Can Help!
W Legal Group has dedicated and qualified property experts who can help you from start to settlement. Contact us to talk to one of our team members!