Once you are ready to buy a property it is important that you follow these steps before you sign a Contract:

• Speak with your Bank or a Broker to be certain of the amount that you can borrow and get a written pre-approval;
• Make sure that the price you are paying is realistic for the area by speaking to local real estate agents and/or looking at a site such as www.realestate.com.au;
• Contact Platinum Property Law and ask us to look at the Contract for you. We can explain the terms and conditions, covenants, easements etc applicable to the property so that you know exactly what the Contract says;
• Decide whether you want to purchase with a ‘cooling-off’ period where you have five working days to carry out more enquiries and only risk losing 0.25% of the purchase price, or whether you want to have an unconditional exchange, whereby you are locked into the Contract and forfeit up to 10% of the purchase price should you change your mind. Sometimes the Seller will not allow a ‘cooling-off’ period which means that the property remains on the market until you are ready to Exchange Contracts unconditionally. If there are several buyers interested in the property this means you need to arrange your finance and conduct all required property inspections quickly so that you do not miss out on the property. Platinum Property Law can help you with this.

 

Deposit

At the time the Contract is signed (Exchanged) you pay a deposit of:

(a)  0.25%  of the purchase price if you are going on to a “cooling off” period and the

balance of the 10% deposit at the end of the “cooling off” period; or

(b) 10% of the purchase price if it is an unconditional Exchange.

The deposit is usually paid to the Agent to be held in Trust until Settlement.

 

Next Steps

Once Contracts are Exchanged it is essential Platinum Property Law will let your Lender know as they will:

• need to prepare the mortgage documentation for you to sign; and
• get ready to release the funds for Settlement.

 

Platinum Property Law will also conduct searches and enquiries in relation to the property and issue requisitions on title to the Seller’s conveyancer and consider the replies. It is our job to protect your interests.

We keep you up to date on our progress, collect the stamp duty from you to pay to the Office of State Revenue (unless you are borrowing the Stamp Duty from your Lender) and arrange Settlement.

At Platinum Property Law we work with you from day one to ensure that your purchase is completed smoothly and professionally. No-matter what problem may arise you can be confident that we have seen it before and are experts at coming up with creative solutions.

We love working with you and pride ourselves on our exceptional customer service and unrivalled professional expertise.

We know the property business inside out. We are your one-stop property and lease shop.

If you have any questions on buying a property please call Property Platinum Law.

 

For More Information Call Us Now On : 02 9627 7400