November 1, 2017

The Five Things You Can do to Assist in a Smooth Transaction When Buying a Property

Buying a Property in Queensland

Looking to buy? It doesn’t matter if it’s your first home, an investment or if you have done it a dozen times, it’s a big deal.

Here are the top five things you can do to ensure your purchase runs as smoothly as possible:

1. Forward us a copy of the Contract before you sign:

It is extremely important that you know your rights under the Contract and the critical dates and conditions contained in it. We normally suggest inserting building and pest, finance and due diligence conditions into your Contract so you will have time to research the property to be completely satisfied with your purchase and make an informed decision as to whether to proceed or not. The usual timeframe you have to satisfy these conditions is 7–14 days.

2. Talk to your bank or mortgage broker

Ideally, you should talk to your bank or mortgage broker before you start looking for a property. This will give you an idea of your borrowing capacity and purchase price range. Once you sign the Contract, get a copy to your bank or broker immediately so they can start the unconditional approval process. This usually involves the bank doing a valuation of the property and you meeting and satisfying other loan conditions. As mentioned earlier, most Contracts have “subject to finance” conditions which will give you 7-14 days to obtain unconditional approval.

3. Book your building and pest inspection

Book your building and pest inspection as soon as possible. You need to know exactly what you are buying and identify if there are any issues with the property you are purchasing.

Is there a pool on the property? If so, ask your agent if a Pool Safety Certificate has issued for the property. If one hasn’t issued the onus may be on you under the Contract to obtain a Pool Safety Certificate.

If your Contract is subject to Due Diligence, we will suggest researching the Council records and obtaining information of current building approvals.

If any issues are identified relating to any of the above, please speak with us as soon as possible. There are a number of options available to you if you are not satisfied with your enquires.

4. Remember, “Time is of the Essence”:

Keep in mind with all Queensland Contracts, time is of the essence. This means the time limits and deadlines specified in a contract must be met in order for the Contract to stay afoot. If you are unable to meet a deadline, and an agreement for an extension of time is not made, the Contract could be terminated. A good conveyancer can be relied upon to keep you informed of those critical time limits and deadlines.

5. Keep in touch!

We are only a phone call and always here to help. It is extremely important to us that your purchase runs smoothly and we have you settling on time and moving into your new home. We will make sure you are kept informed as your matter progresses. We will also liaise on your behalf to ensure other interested parties, such as agents, brokers and banks, are also kept in the loop.

Buying a property is an exciting time, but things can go wrong. When they do, you will want to be assured that you have the legal skillset of an experienced team to act in your best interest. At Rouse Lawyers, our conveyancing department is backed by senior property lawyers who will down tools and work with our conveyancing team to ensure your problem is solved quickly.

Need expert advice about selling property? Speak to the Property team at Rouse Lawyers. Contact us today!