First home buyers - key tips to ensure a smooth purchase experience
Buying your first home is an exciting milestone. Avoid common pitfalls with these key tips when buying your home, whether it is your first home or any home!
Always have the Contract of Sale reviewed by a legal professional BEFORE you sign! Not all Contracts of Sale are the same. When we review the Contract, we will advise you on any areas or conditions of concern, any zoning or planning restrictions, finance clauses and penalties, or conditions that are of detriment to you. Having the Contract reviewed could save you thousands later on!
Ensure the finance clause is understood and achievable. Do not sign a Contract if you are unsure about your finance. You could risk losing your deposit.
Check any conditions for building and pest inspections. Building and Pest inspections must be undertaken by the dates set out in the Contract and must be undertaken by a registered Building Practitioner or in accordance with Australian Standards. If it is not and there are any major defects or pest issues, you may not be able to rely on these reports to end the Contract or seek reimbursement from the Vendor to have these attended to.
Know what is included in the sale, and the condition of the property at the day of sale. Understand what fixtures or fittings will be removed and the condition all appliances are in before you sign.
Understand the title and property restrictions such as any easements, covenants, or owners corporation for the property.
Be sure that you have factored in extra costs of purchasing your home such as stamp duty, adjustments, legal fees, land registry lodgement fees and extra mortgage establishment fees.
Buying a home for the first time or for the third time is one of the biggest decisions you will make in your life! When you come to Wollerman Shacklock Lawyers, we can assist with not only the conveyancing aspect, but we provide you on legal advice every step of the way so that you can be confident knowing you are protected and can be ensured of a smooth and efficient purchase and settlement experience.