There’s no doubt that many homebuyers find the homebuying process pretty confusing. With all the steps and documents presented in front of you, all of this information can be extremely overwhelming.
On top of that, when it comes to conveyancing, you must speak with reputable conveyancing solicitors to ensure that you’re being guided in the whole home buying process.
If you’re interested in buying a property, read on. In this article, we’ll share with you some of the essential steps you should follow when you’re buying a home.
Step #1: Make an Offer
It is essential that you make an offer to the seller. This might mean that you have to sit down with the seller to establish the price and submit the offer in writing.
The seller may be willing to accept your offer, or he may make a counter-offer. It is crucial that you know your limits and you’re ready to walk away from negotiations if the seller makes an offer that you can’t accept.
Step #2: Pay the Deposit
Once you’ve received a seller’s offer that you’ve accepted, you will need to pay a deposit. The deposit amount is 10% of the purchase price in most cases. You can also pay a deposit through a solicitor, in which case it will be held in a trust account.
Step #3: Work with a Conveyancing Solicitor
The conveyancing process is a legal function of the house buying process that involves the transfer of the property from one person to another. This is a complicated process, which is why you should hire a conveyancing solicitor to handle the paperwork for you.
You should work with the solicitors from the very beginning of the house buying process to the end of the process.
Step #4: Fulfill Your Obligations
- Insurance: Once you have finalised and exchanged the contracts, you need to make sure that the seller ensures the property. This will ensure that the seller is not responsible for anything that happens on the property once it’s officially yours, such as theft and damage.
- Finance: There are several finance options available when it comes to buying a home. You can also take out a personal loan, if you intend to use the money for any other purpose than the house buying process.
- Building and Pest Inspection: It is essential that you get the property inspected by a building and pest inspector. These inspectors will check for any major defects with the property and provide you with a report.
- Transfer Duty: Once you decide on the best home for you, you will need to pay transfer duty on the price of the property. The transfer duty is calculated as a percentage of the property price, so the higher the price, the higher the transfer duty.
Step #5: Prepare for Settlement and Settle
The settlement is the final stage of the conveyancing process, where all the legal paperwork is exchanged at the lawyer’s office. The buyer and the seller need to attend the settlement together with their lawyers and sign the transfer documents to officially transfer the property ownership.
Once the settlement is complete, the property title will show the buyer as the owner of the property.
The Bottom Line: Work with Reputable Conveyancing Solicitors to Ensure a Smooth Home Buying Process
If you are looking to buy a property, know that you don’t have to go through the process alone. Working with the right conveyancing solicitors will ensure that you’re guided through each step of the buying process. You can also rely on a conveyancing solicitor to help you through settlement and check that you comply with all the legal requirements for the settlement to be completed.
How Can We Help You?
At One80 Conveyancing, we are professional conveyancing solicitors in Queensland who strive to simplify the homebuying process for you. Using our services, you can have peace of mind knowing you have an attorney on your side to protect your interests at every point of the transaction.
DISCLAIMER: This article is provided for general information purposes only. Its content is current at the date of preparation. Changes in circumstances or policy or legislation after the time of preparation may impact the accuracy of the information provided. It is not legal advice and is not tailored to meet your individual needs. You should obtain specialist advice from a qualified professional based on your specific circumstances before taking any action concerning the matters discussed in this guide. One80 Conveyancing Pty Ltd will not accept liability for any reliance on this article, including but not limited to, the accuracy, currency or completeness of any information or links.
