Australia is undergoing an uncertain time in relation to the property market. Covid-19 has wrought havoc across all sectors, from the employment sector to the real estate sector. Despite that, now is a good time to purchase your first home. But for first-time buyers, purchasing a property is fraught with pitfalls. That’s why you need a property lawyer on your side.
Purchasing a home is complicated. The legal side of things can overwhelm you if you aren’t prepared. With the help of a property lawyer, you can negotiate your way through the mountains of paperwork to the successful purchase of your first home.
Make sense of the paperwork
From pre-contract to post-completion, you’ll encounter various types of important paperwork and legal documents. Documents such as the contract of sale and Section 32, among many others, can be difficult to understand. It’s important that you know when to prepare these documents and where to send them.
Examine the contract of sale and identify hidden conditions
The contract of sale is the most important document in the property purchase process. Only once you are completely happy with its terms and conditions should you sign it. But if you aren’t familiar with legal jargon, you might overlook a detail that requires you to pay an additional sum in the future, for example.
And when faced with an experienced property seller and their lawyer, going over the contract alone can be daunting.
Arrange for important property surveys and inspections
A property lawyer can also refer you to a building and pest inspector before you commit to purchasing a property. The inspector’s report will identify any structural problems with the property. Sellers won’t always tell a potential buyer about existing issues with their property. It’s up to you to conduct your due diligence before you commit to a purchase.
Ensure that you have the financial aspects covered
There are many financial aspects of a property purchase that first time buyers aren’t aware of without expert guidance. For example, buyers pay for lodgment fees, rate adjustments and stamp duty during the purchase process. And these are just three examples of the various costs that first time buyers generally aren’t aware of.
Keep you up to date with each step of the process
With a property lawyer on your team, you’ll never be unsure of what comes next. This is crucial when you are working with multiple people, such as the seller, your banker or mortgage broker and the real estate agent. Their guidance is crucial if you are unfamiliar with the intricacies of property purchase.
Are you about to enter the property market to buy your first home? Then you need the services of an experienced and qualified property lawyer to see you through the purchasing process smoothly. Contact W Legal Group today at hello@wlegalgroup.com.au, and you’ll have more than a decade of property experience behind you to help you secure your dream home.
