Buying a property whether it be a house or a unit in Sydney’s hot property market, will be one of the biggest and most exciting decisions you will make in your life! It can however, also be quite a complex and overwhelming process. Let us help you understand the process of buying. To ease you into this journey try following the below simple step by step process.
- Speak with your bank or mortgage broker about your borrowing capacity and get a pre-approval. This will help you determine how much finance will be available for you, and what your budget will be when looking for a property.
- When you find a property you like, you will be given a copy of the Contract for Sale for the property. This is the agreement between the vendor and purchaser which will outline in detail all the obligations in relation to buying that specific property. Best practice would be to have property lawyer review the contract before you sign.
- If the contract seems okay, you should view the property physically and check if it is right for you. Some documents you may wish to obtain during the inspection could include:
a. Strata Inspection Report;
b. Building Report;
c. Pest Report;
d. Survey Report;
e. Transport for NSW Enquiry; and
f. Many other reports that may be recommended by your property lawyer. - Once you are happy with the property, you will be asked to pay a deposit and sign the contract.
- Lastly, if you not already done so, now is the time to engage in a property lawyer or conveyancer who will assist you with the conveyancing process.
Some other things you will need to look out for include consideration of any stamp duty, and the relevant cooling off period. GW Lawyers can help you ensure a smooth process from start to end and help get you into your new property. Similarly, selling your home, or an investment property can be exciting, emotional, and again somewhat overwhelming. Below is an easy checklist that can help you simplify the selling process:
- Speak with local sales agents to get an appraisal on your property and choose an agent that you believe will work with the best to get you the best outcome.
- You will now need to contact a property lawyer to prepare a Contract for Sale for the property. This Contract needs to be detailed, and can be tailored to include any special conditions that you may require to form part of the sale.
- Once you receive an offer that you are happy with and have accepted, the Contract for Sale will be signed by both the purchasers and yourself, at which point there will be a legally binding agreement between the both of you.
- After any cooling off period has expired (if applicable), you will need to notify your bank that you have sold the property (if there is a mortgage over the property) and complete a discharge authority so that the bank can prepare for settlement. At settlement any mortgages or charges on title will need to paid from the sale proceeds. At GW Lawyers we can help take out some of the stress by liaising with your bank and any other relevant parties to ensure a smooth and timely settlement.
If you’re thinking of purchasing or selling contact GW Lawyers today to speak with an experienced and reputable property lawyer who can help guide and assist you throughout the process from start to end to ensure it remains an enjoyable and exciting journey.