Buying a home is one of the most exciting and gratifying experiences in life.
It is also one of the most stressful. This is because selecting and buying a home is one of the biggest purchase decisions people make in their lives.
In addition, there are numerous legal, financial and other considerations involved in the purchase of a home. Therefore, it is important to be aware of the hurdles that are involved in what should be one of the most enjoyable times in your life.
Always Explore Your Options with a Critical Eye
Tip #1: Look Beyond the House’s Face Value and Assess All Documents Involved
When you are looking at buying a house, make sure you look at all the documentation involved. This is because the documents can reveal hidden problems with a property that you might not be able to see with your naked eye.
For example, you can request a professional building and pest inspection of the house for termites, structural problems and other hidden issues. Your conveyancer will also conduct other searches to check that you are not buying a lemon.
Tip #2: Know the Essentials of a Contract
You should also be aware of the essential clauses that are included in a contract. When buying a house, make sure you are aware of the following clauses:
- Finance – If you are getting a loan to purchase your house, make sure that your contract is subject to finance. If your contract is subject to finance and you are unable to get finance, then you will be able to terminate your contract.
- Building and Pest Inspection – This clause allows a buyer to get a building and pest inspector to inspect the property and report back on issues such as structural issues, items that need repair and even the presence of pests or terminates..
- Fixtures and Chattels – Add any fixtures and chattels to the relevant portion of your contract. This clause can help you save a lot of money as you will not need to purchase included fixtures and chattels.
- Settlement Date – This is the day the home buying transaction is completed and you get keys to the house.
Tip #3: Be Extra Thorough on Special Considerations, and Ensure the Contract Clearly Defines Your Terms
In Queensland, the most common Contract or Sale of Property is the REIQ Contract. You can amend the standard terms of the REIQ contract to suit your particular circumstances.
Speak to your solicitor or conveyancer about your particular circumstances so that appropriate special conditions can be drafted and inserted into the contract.
The Bottom Line: To be Safe, Work with a Conveyancer to Help Protect Your Interests
Solicitors are trained to take care of the legal aspects of the home buying process. At One80 Conveyancing, our mission is to get home buyers into their dream homes efficiently and trouble-free with the game-changing One80 Prime System™ and the One80 App™. We will help you understand the ins and outs of the legal aspects of the home-buying process and we provide you with a complimentary contract review (before it is signed).
Are You Looking for a Conveyancer in Queensland?
One80 Conveyancing can assist with all your conveyancing needs in Queensland. Our system is built so that the entire conveyancing process can be conducted online. Using our services, you can have peace of mind knowing you have a law firm 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.
