Tips to making buying a home easy
Whether you’re buying your first home or you just want to make the process of buying a property a little bit easier, our checklist walks you through the process of buying a property step-by-step, to settlement.
Steps required to secure your new property
This allows us to act on your behalf as your legal representative. It also tells us about you, the property you’re buying, your lender’s detail (if you’re borrowing money) and any other important information we require in order to advise you correctly. Without this, we legally cannot provide you with advice.
Fill in our buyer questionnaire.
Have you called a Pest and Building Inspector?
This is optional, but we highly recommend them. You are free to use anyone for the pest and building report. Find one, give them a call, book in a day and let the agent know to expect a phone call from them. If you need any recommendations, feel free to ask us or the agent.
Call your lender or broker and organise a time to sign all the necessary paperwork
If you haven’t done this, you won’t get UNCONDITIONAL APPROVAL and you’ll need that in order to buy your new home. Give your lender a call and ask them if there is anything you need to do.
Do you have the trust account details from the real estate agent?
If not, ask them for it. You’ll need those details in order to pay the deposit. Remember, no deposit means no exchange. No exchange means someone else can buy the property. Tick this once you have the account details.
Have you paid the DEPOSIT to the Real Estate Agent or Agency?
Although a deposit DOES NOT HOLD the property from other people buying, you will still need to place a deposit in order to exchange the contracts. Exchanging contracts DOES stop other buyers. The minimum deposit you can pay is 0.25% of the purchase price. i.e. $(purchase price) x 0.25% = Deposit Amount
Give your lender or broker and Real Estate Agent RM Property Conveyancing's contact details
Ask them to email us if they want a copy of the contract of sale. There is a very good chance they will need it for a valuation. If they do want it, ask them to email us and request it.
Check your email and phone daily
Our team will email you regularly with important information, explanation letters and of course, ask you when you would like to sign the contract.
In our experience, those who read this information seem to be less confused and know about deadlines.
Pay the remainder of the 10% deposit
The full amount of the 10% deposit has to be paid BEFORE the cooling-off period expires
You need to be verified
On the 1st July 2016, the government required that everyone who is buying or selling a property (whose name is on or will be on the contract of sale) needs to have a Verification of Identity Check completed. This can be completed at the post office or by us. All the details can be found on our website here: New Verification Laws for NSW
What is a Cooling Off Period?
This is a simple slideshow explaining a Cooling Off Period.
Here’s What To Do After Your Offer Has Been Accepted
Offer Accepted? Here’s What Happens Next | RM Property Conveyancing rm property conveyancing Offer Accepted?Here’s What Happens Next. Follow these steps and you’ll never miss
Questions Vendors Must Answer Before A Buyer Signs A Contract
Before a buyer signs a contract, their legal representative will want answers to several questions about your property. Here’s a list of the most common questions asked:
What is a 66w? Waiving your Cooling-Off Period: Benefits and Disadvantages
Buying a house is a monumental decision, and in New South Wales (NSW), the cooling-off period offers a safety net for buyers, giving them a final opportunity to reconsider their purchase.
However, there are situations where a buyer might choose to waive these cooling-off rights. But what does this mean, and what are the implications? Let’s explore the concept in detail.
Beat the price rise in July | NSW Contract for Sale
https://rmpropertyconveyancing.com.au/wp-content/uploads/2024/06/Govt-fees-increase-on-the-1st-July2024-1.mp4 If you want to save $100 to $200 on conveyancing fees, get your contract for sale made up now. If you’re thinking of
Strata fees: Things to know before purchasing a strata property
Before you buy a property it’s essential to review strata fees to understand exactly what you’re getting into.
When do you start paying stamp duty on property?
If you’re looking to buy a property in NSW, you’ve probably heard of stamp duty, also known as transfer duty. But what is it, and does it apply to you?