Buying a residential property will be one of the most important decisions you make. Your Solicitors, Rebecca, Neil, and Madeline together with the team of paralegals at Maxwell & Lancaster Solicitors are conveyancing experts who have been trained in this area of law to competently and efficiently guide you through a transaction to ensure your interests are protected.
We always recommend you give a copy of the Contract to your solicitor and speak to them about it before you sign. However as a general guide we recommend you work through the following checklist before you sign:
- Have you touched base with your bank or mortgage broker? Do you know how much you may be able to borrow?
- Have you figured out the total cost of the purchase? Remember to account for stamp duty, transfer fees, searches, legal costs, bank fees and charges, building and pest inspections, property insurance and rates adjustments.
- Have you inspected the property thoroughly? Check to see that the electrical appliances and plumbing works; look for cracked tiles, broken screens or cracked glass; check the internal and external doors, do they close properly and lock. Also look around the outside of the property, check the gutters, see if there is there dampness in the soil around the house or gardens touching the house as this environment may encourage termites.
- Are you happy with the price you offered to pay for the property given the condition that it is in?
- Are the timeframes in the Contract realistic? Most Contracts will be subject to finance approval and building & pest inspections within 21 days with settlement being approximately two weeks later, so a total of 35 days.
- Are there any sheds, carports, patios on the property or any extensions to the building? These items may require their own building approval and final inspections so we recommend including a Special Condition in the Contract to allow for those enquiries.
- Do you want to conduct any specific searches in relation to the property? For example you may want to know if the property is in a flood zone, or if it affected by any easements.
Don’t wait until after you sign the Contract – we are committed to helping you buy and our conveyancing fixed fees include reviewing the Contract and answering any questions or concerns you have right from the start.