House and Problems Essay example

Submitted By Manish4khatri
Words: 2904
Pages: 12

TO IDE GU UR YO
A ying nsW. u or b nt in f list rtme k chec or ApA A se hou

‘Do I really need a solicitor to make an offer on a house’?
The answer is that buying a home is often the biggest financial decision we’ll ever make (especially in Sydney, where property prices can be astronomical).
So making an offer and entering into a contract for sale without knowing your legal rights can have profound long-term consequences on your finances and your overall quality of life. This checklist answers common questions about the process for buying a home in NSW and how your solicitor will guide you through each step, including: • buying at auction • buying a strata title property • how the conveyancing process works.

conTenTS
Before you Buy Buying by private treaty Buying at auction Buying an apartment or townhouse once you’ve DecIDeD To Buy The contract for sale Buying on your terms Should you pay for inspections? What’s included in the sale? Your mortgage documents What is exchange? Signing the contract isn’t always final The first home owners grant Stamp Duty and other tax fInalISIng The Sale What exactly are you buying? What happens at settlement? Do you need to be present at settlement? Get in touch with a solicitor 3 3 3 4 5 5 5 6 6 6 7 7 8 8 9 9 9 10 10

Disclaimer: This publication provides general information of an introductory nature and is not intended and should not be relied upon as a substitute for legal or other professional advice. While every care has been taken in the production of this publication, no legal responsibility or liability is accepted, warranted or implied by the authors or the Law Society of New South Wales and any liability is hereby expressly disclaimed. © 2012 The Law Society of New South Wales. Except as permitted under the Copyright Act 1968 (Cth), no part of this publication may be reproduced without the specific written permission of the Law Society of New South Wales.

your guide to BuyiNg a home.

a checklist for buying a house or apartment in New South Wales

contentS

Before you Buy
Buying by private treaty
The most common way to buy a house or apartment in NSW is by private treaty. This is where a seller advertises the amount they’d like to achieve for their property and then negotiates with prospective buyers. The contract for sale becomes activated once you exchange contracts with the seller. At this time you’ll also have to pay the full deposit on your place (usually 10% minus any holding deposit you’ve paid). However, this doesn’t always mean you’re locked in. The standard contract for sale includes a ‘cooling off’ period during which you can change your mind. However, your solicitor can have this waived by signing a certificate and explaining the contract to you.

Buying at auction
Auctions can sometimes seem daunting; not least because there’s no cooling off period. If the gavel comes down and you’re the highest bidder you’re usually bound to go through with the purchase, no matter how unfair the contract might be. So long as you have your solicitor look over the contract for sale before you bid there’s no reason an auction needs to be any riskier than buying by private treaty (so long, of course, as you stick to your budget and don’t get too caught up in the moment!). Before the auction, your solicitor will identify any terms that might not be in your favour and negotiate with the vendor’s solicitor to change them. They’ll also make sure you’re buying exactly what you intended to and that it’s in the condition you expect. That way if your bid is the winning one, you can be sure the contract you sign will be in your interests.

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your guide to BuyiNg a home.

a checklist for buying a house or apartment in New South Wales

contentS

Before you Buy CoNtiNued
Buying an apartment or townhouse
Most apartments and townhouses in NSW are strata title which means when you’re not only buying real estate, you’re also buying into the rights and obligations…