Buying property is really exciting but can be stressful and expensive – especially if mistakes are made. We give our clients straightforward advice and strategies to help them negotiate with strength and confidence.
Starting out
Before looking to purchase, you will often need to consider your finances – this will include costing out moving expenses, setting up your new home, affording deposits and loan payments, taxes and purchase costs. This will involve asking for quotes – establishing what the quote does and doesnt entail is usually very important. Once you’ve settled on your costs, a visit to the bank or broker is next on the cards. After that, contacting a couple of real estate agents and letting them know what you are chasing is a good way of seeing properties before they hit the market (or online real estate website).
Inspections and initial searches
The next step is usually to carry out inspections of properties you like. Of course, finding out whether you like it is a priority. But you may also want to carry out some basic free searches like flood and allotment searches and other such searches. Click here for a Property Searches Summary Sheet. Discovering any issues with the property early on is a good way of avoiding the costs that would be incurred in having professionals engaged and paid that you may otherwise have not committed to – had you known about the issues.
Contract
If you offer to buy a property, an agent may prepare a sales contract for you to sign. Sometimes you may be put under pressure to sign the document before having it reviewed by professionals – such as a lawyer. It is wise to speak about your contract with an experienced lawyer before signing so that you understand what you are signing up for and understanding whether you may withdraw (or not) from the contract if there are later issues. We have prepared a list of Simple Contract Items Sheet to help you think about some initial matters.
Settlement
After the contract has become binding, your lawyer/conveyancer has a number of tasks to perform including:
- Dealing with the seller’s lawyer in preparation of any contract issues, transfer documents and settlement arrangements.
- Arranging stamp duty exemptions or payments (as applicable)
- Carrying out searches as instructed by you to check potential property issues
- Preparing a settlement statement with adjustments of outgoings (like rates and water)
- Carrying out final title checks and attending settlement on your behalf
- The agent will usually have the property keys and they will liaise with you to hand those over
We carry out property purchases all over Queensland and are not limited to Rockhampton or CQ properties.
