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Home Buying Solicitor | Penrith | Property Purchase Solicitor
Buying a home or property is an exciting time! ALA Law (formally Amanda Little And Associates) can assist you to buy your home, be it your first home, subsequent or investment property. We understand that making the decision to buy property and invest in the property market, is one of the most important decisions that you will make in your life.
After you have decided to start looking for the perfect house or apartment, there are several things that you should think about which go beyond how much you can afford to spend or where you want to buy.
What do I need to do if I want to buy a property?
Prior to searching for your perfect property or investment here are a few things to consider:
- Make sure you have pre approval from your bank;
- Calculate what you can afford by combining your savings and how much you can borrow;
- Consider your repayments;
- Allow for lender fees, stamp duty, legal and moving costs;
Once you have that sorted you can then start your property search and find the perfect property for your needs.
Additional questions to ask yourself include:
Are you going to be purchasing the property at auction or by private treaty?
It is important to be aware of the provisions that apply to ‘cooling-off’ periods and whether the Contract is binding on you straight away or whether you have some time to liaise with your solicitor or conveyancer to seek advice on the terms of the Contract and, where necessary, request changes.
What inspections, if any, should you be ordering?
It is a standard term of the NSW Contract for Sale that you take any property or land that you purchase ‘as you find it’. This means that you need to ensure that you have as much information as possible about the structure and condition of the property and is why we recommend having a building and pest inspection carried out on the property. We will take away the stress of organising this from you and will provide you with our comments on the inspection reports once they are received.
How will you be financing the purchase?
It is well known that most people will approach a bank or other lending institution to borrow the money that is required to finalise the purchase. On top of the purchase price that has been agreed to, you will also need to consider the additional expenses which will be payable on the purchase, particularly the payment of stamp duty. A home buying solicitor at ALA Law can assist you with calculating the amount of stamp duty that will be payable on your purchase and can also discuss with you any possible exemptions from stamp duty that you might be eligible for, such as the First Home Owner’s Grant.
What is the process of purchasing a property?
Once you have found the perfect property, negotiate a purchase price, and obtain a copy of the contract for review by us – you are then ready to exchange!
Upon exchange you will need to consider how you want to hold the property as joint tenants or tenants in common – and we can advise you on this and arrange a building and pest inspections report.
Prior to cooling off – which is usually 5 – 10 business days from signing the contract we will discuss with you:
- your contract and any amendments required
- we will negotiate any changes required to the contract
- we will request extensions to cooling off period if required
- You will obtain formal loan approval for funds for the purchase
- We will calculate stamp duty payable
It is a standard term of the NSW Contract for Sale that you take any property or land that you purchase ‘as you find it’. This means that you need to ensure that you have as much information as possible about the structure and condition of the property and is why we recommend having a building and pest inspection carried out on the property. We will take away the stress of organising this from you and will provide you with our comments on the inspection reports once they are received.
When the property “cools off” you will then pay the deposit.
Once you have cooled off, we move into the settlement stage wherein you will sign loan contracts, the banks will be ready for settlement, we will send off requisitions on title, and then effect settlement on your behalf.
Once this is complete – you are then the proud owner of your property!
At ALA Law (formally Amanda Little & Associates) we wish to make the purchase of a property as stress-free as possible and enjoy being part of your growth and future goals.
Wish to discuss your situation with Our Conveyancing Lawyer?
Step by Step Guide
Please contact us for a step-by-step guide to assist you to purchase your property.
Where to from here?
Please contact a home buying solicitor at ALA Law on 0247 616 935 or head to the “getting started” to discuss your purchase and the steps going forward!
Links:
First Home Buyers
Buying a property – Fair Trading
Contract for Sale – Compliance
Property Inspections prior to cooling off – Fair Trading
NSW Government – First Home Buyers
Revenue NSW – First Home Buyers
Revenue NSW – First Home Buyers Assistance calculator
Revenue NSW – First Home benefits forms and factsheets
Stamp Duty Calculator
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