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CONVEYANCING FOR BUYERS
Choosing the right conveyancer when you are purchasing a home is a very important decision. At One Title e-conveyancing, we offer the best conveyancing for buyers in Sydney. All of our conveyancing team is highly experienced and dedicated to protecting your Interests.
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We respond to enquiries quickly, keep you and your agents up to date, and communicate with your lender on your behalf. Whether you are a first-time buyer, a second-time buyer, or an investor buying to let, our highly experienced team has the specific knowledge to make your house-buying experience as hassle-free as possible. Australian Property Law places all the responsibility of researching property on the buyer. It's known as 'caveat emptor' or 'buyer beware'. Our expert conveyancing team works on your behalf to make sure all of the necessary searches are carried out swiftly and that you're kept up to date with all of the results.
What sets us apart from our competitors? If you need to meet tight timeframes, our team keeps to a limited workload, in order to keep on top of response times. The average purchase takes 6-8 weeks so let us know if you need to complete faster.
What sets us apart from our competitors? If you need to meet tight timeframes, our team keeps to a limited workload, in order to keep on top of response times. The average purchase takes 6-8 weeks so let us know if you need to complete faster.
BUYERS CHECKLIST
- Before you start choosing the right loan.
- Do your research, plan and have the patience to make a successful purchase.
- Shop around for the right home loan that suits you and not the banks.
- Compare banks and their lending fees.
- Find the right finance broker.
- Your loan has a two-stage process (a) getting a pre-approval and (b) getting the loan unconditionally approved by your bank. Choosing what to buy.
- Always ask for a copy of the contract for sale from the agent.
- Ask one title e-conveyancing to look over the contract for you at no obligation.
- Arrange any necessary building, pest and strata reports.
- Inform your bank that you have found a property and forward them the front of the contract in order to carry out a valuation on the property if required.
- Visit the property on more than one occasion so as to be totally satisfied with the property.
- Make an offer. It is more preferable to have your offer in writing and shown to the vendor.
- Contact your bank and ask about the progress of your loan.
- Once your loan is unconditionally approved, and you have been notified in writing by your bank you may then proceed to exchange contracts.
- Contracts can be exchanged either with a cooling off or without a cooling off period.
- Gazumping
- Gazumping means when you have a verbal agreement with an agent or seller to buy a property at an agreed price, but the property is not sold to you in the end. "This usually happens when the vendor (the person selling the property) has decided to sell the property to someone else, usually for a higher amount.
- If you are gazumped, neither the agent nor the vendor is obliged to compensate you for any money you may have spent on legal advice, inspection reports, finance application costs or inquiries. However, your 'expression of interest payment (if you have paid one) must be refunded to you in full.
- Protect yourself
- Some ways to protect yourself from being gazumped are:
- Always have your loan finance pre-arranged, and ensure you can pay the 10% deposit, by Bank Cheque or a deposit bond so there is no delay before attempting to exchange contracts on a property.
- Obtain a copy of the sale contract as soon as possible and have it examined by one title e-conveyancing.
- Seek to exchange contracts with the vendor as soon as possible. Anyone purchasing residential property has a five-day cooling-off period commencing from the time of exchange of the contracts. Only the purchaser can waive the cooling-off period, and it can be extended by agreement.
- During this time, you can do a building and pest inspection and have the contract examined. However, if you rescind the contract during this period, you forfeit .25% of the purchase price to the vendor, as the property has been taken off the market for a period of time. The amount forfeited is recovered from the deposit you paid under the contract. If the amount of the deposit is insufficient, you will have to provide the necessary additional funds. You should find information relating to the cooling-off period in your contract.
- Negotiate firmly with the vendor or real estate agent. Insist on the agent passing your bonafide offers to the vendor and obtaining written proof of this occurring. The law requires agents to do this.
- Be ready to exchange with a signed copy of the contract and follow through on the exchange process yourself or with another trusted person to ensure the exchange. If you are advised that other offers have been made, demand to see written evidence. If you are certain that you want the particular property, be ready to possibly increase your purchase offer to the vendor.
- Be aware that the vendor is not generally compelled to sell to any specific person and can change their mind at any time prior to the exchange of contracts.
- Vendors may not necessarily sell to the highest offer but may accept a lower offer from a prospective purchaser.