Buying a Property – Harbourside Legal-Commercial

Buying a Property In Sydney

First of all, buying a property is one of the most stressful and expensive things you will ever do. So, using Expert Property Lawyers can make it easy for you. Our Property Lawyers have conducted hundreds of transactions over many years. They have the knowledge and expertise to guide you through the process. Furthermore, the firm offers fixed-price services and aim for a fast 48-hour turnaround on all property matters – making things that little bit easier! Get assistance from the Best Lawyers in Sydney.

Before You Start

The first round of decisions you will likely need to make is regarding finance. So, make sure you read everything thoroughly! This starts with the pre-contractual statement (outlining the fees and charges to which you’ll be subject to in the mortgage contract itself). Remember you are entitled to legal advice. You are no under any obligation to sign anything on the spot.

Pre-purchase Inspections

Once you find a property you like, you 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. They help you find out any potential problems that may be costly to resolve, and you may be able to use this information to negotiate a reduction in the purchase price. If you’re not sure who to trust to do the inspection, you can talk to Harbourside Legal Property Lawyers. We’ll arrange everything for you with one of our partners.

Making an Offer

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 and the Agent can take other offers. If in doubt, speak with one of our Property Lawyers, who will help you every step of the way.

Signing the Contract

If your offer is accepted, bring the contract to Harbourside Legal Services and our expert Property Lawyers will discuss the situation with you. A review of your contract can be done at a relatively small cost; you will also receive sound information and advice. There may be several things that can be negotiated in your favour, so it’s vital to be absolutely clear on all your rights and responsibilities before signing.

When you sign the contract you may need to pay the 10% deposit (unless one of our expert Property Lawyers negotiate a special condition on your behalf). The deposit 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 or conveyancer can advise on getting a deposit guarantee in lieu of the cash.

Settlement

After the contract has become binding, one of our expert Property Lawyers will complete a number of tasks 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 the Property Lawyers will attend a meeting, also attended by the Seller’s lawyer (or conveyancer), and any lenders involved. At the meeting, the funds will be handed over in exchange for the title and the keys.

Above all else, remember that buying property is one of the biggest financial decisions you can make. It is vital to get expert advice from knowledgeable and experienced Property Lawyers. Legal expertise and diligence are well worth the cost.