Preparing to purchase your property:
Private Contract of Sale is when the purchaser (Buyer) has made an offer on a property and that offer has been accepted by the Vendor (Seller). The private Sale contract is allowed a “Cooling Off” period of 3 business days after signing the Contract of Sale. Private sale also allows purchaser to negotiate amendments to the Contract and added into the special conditions before the signing.
Auction Contract of Sale will have additional condition attached into the Contract of Sale and we call it “Auction Rules”, also there is no “Cooling Off” period and will have very little opportunity to negotiate any changes to the Contract of Sale.
Off-the-plan Contract is not your typical buying property by Private or Auction. The nature off-the-plan purchase occur is before the building process is complete, they come with attractive financial benefits involved in the process. Those main benefits are reduction to stamp duty and purchase value of the property is usually less than market value.
Buying your property can be a complicated, a lot of work and stressful time. At Viconveyancing, our conveyancers go through the buying process every day. So we appreciate what you’re going through at the moment, and will guide you through step by step of the way.
- Prepare, clarify and lodge legal documents – e.g. contract of sale, memorandum of transfer;
- Research the property and its certificate of title – check for easements, type of title and any other information that needs addressing;
- Deposit is generally paid to the Real Estate Agent and held in their Trust Account;
- Calculate the adjustment of rates and taxes;
- If there any issues arise during the settlement process, our experience conveyancer will deal with the Vendor’s representative on your behalf and provide constant updates to you for your peace of mind;
- We will work together with your Lender to ensure that the funds required to complete the purchase and all necessary documents are up-to-date and ready for settlement.
- Settle the property – act on your behalf, advise you when the property is settled, contact your bank or financial institution on when final payments are being made;
- Represent your interest with a vendor or their agent;
Stewart Title Insurance (Recommended):
Stewart Title insurance provides protection against a wide range of risks that can be apparent on any property or property transaction, basically insuring that the owner of that property has good title.
So, what can happen to mean that you may not have good title?
- Illegal building works being discovered that could result in the council ordering you to demolish or repair parts, if not all, of the property.
- Someone else claiming an interest in your land. This can occur between settlement of your purchase and the title being registered in your name.
- Fraud or forgery resulting in a challenger to your ownership, or in a fraudulent mortgage being registered against the property.
- Any issue that would have been revealed in an up to date survey.
- Zoning issues which prevent you from residing in the house.
- Outstanding rates and taxes from previous owner which you could become liable for after settlement.
Viconveyancing can arrange Stewart Title Insurance on your behalf while assisting you with your purchase. To find out more please visit Stewart First Title Insurance website, or contact our office for further information.