The first round of decisions you will likely need to make is concerning finance. Make sure you read everything thoroughly, from the pre-contractual statement, which outlines the fees and charges to which you’ll be subject to the actual mortgage contract itself. Remember, you are entitled to legal advice and are under no obligation to sign anything on the spot.

Once you have found a property you like, you will need to arrange a pre-purchase building inspection report and perhaps a pest inspection report. These are written reports about the condition of the property and help you find out any potentially costly problems. You may be able to use this information to negotiate a reduction in the purchase price. If you’re not sure whom to trust to do this inspection, talk to Williams & Lay Lawyers; we will be well aware of which inspectors are worth hiring.

If you’re happy to proceed, you can make an offer. You might be asked to pay a small sum as an initial deposit, but this is fully refundable if you don’t end up signing the contract. It does not mean that the property is yours yet, either, as the agent can take other offers.

If your offer is accepted, then take the contract you’ve been given to your lawyer/conveyancer and discuss your situation with them. There may be several things that can be negotiated in your favour, and you need to be absolutely clear on your rights and responsibilities before signing.

When you do sign the contract, you will need to pay the 10% deposit unless your lawyer/conveyancer has negotiated a special condition otherwise. This is held with the real estate agent and is released to the seller after the property is settled. If you don’t have 10% available, your lawyer/conveyancer can advise on getting a deposit guarantee instead of the cash.

After the contract has become binding, your lawyer/conveyancer has a number of tasks to perform, including:

• Arranging payment of stamp duty
• Liaising with the lender in regard to the mortgage
• Checking with various government authorities to see if they have a vested interest in the property
• Checking to see if there are any outstanding debts to the local council
• Calculating adjustments for council, water, and strata rates
• Making final checks on the title

On settlement day, your lawyer/conveyancer will attend a meeting that will include the seller’s lawyer/conveyancer and any lenders involved. The funds will be handed over in exchange for the title and the keys.

Contact us to discuss the specific property you are considering buying with an experienced property lawyer over the phone or in Lilydale. We can communicate by email, phone, and post so that you do not need to attend our office in person. However, if you would like to come into the office, you are more than welcome to between the hours of 9 am to 5 pm Monday to Friday.

Once you’ve decided to sell your property, one of the first tasks is to have the Vendors Statement (section 32) and Contract for Sale of Land drawn up. The contract will include not only the legal terms and conditions of sale but will also specify what items are included or excluded from the sale and any other special requirements you might have, like a longer or shorter settlement than usual, or perhaps that the contract is conditional upon another contract for you to buy your next property. There are many ways a contract can be varied, so it’s important to discuss your situation in detail with your lawyer/conveyancer. You also need to know your disclosure responsibilities, as failing to disclose certain things can lead you into a lot of trouble.

Once a purchaser has been found, and the contract has been signed and is legally binding, then a deposit is usually paid by the purchaser and is usually held in the trust account of the selling agent.

Settlement (the day the money is exchanged for the property and keys handed over) is scheduled in accordance with the contract and is usually six weeks after signing contracts. During the wait for settlement, your lawyer/conveyancer will liaise with your bank in relation to releasing any mortgage held on the property. At this time, you should arrange a disconnection of electricity and other services.

Before settlement, the purchase price will be adjusted to reflect the council rates, water rates and strata fees that need to be shared between the parties. There may be other adjustments based on the Contract for Sale. Once settlement takes place, the real estate agent will be authorised to release the deposit to you, less their fees.