HAVE YOUR FINANCES IN ORDER

If you need finance to fund your purchase, meet with your chosen lender or mortgage broker early on in your search to get loan pre-approval (sometimes called approval in principle) and ascertain how much money you can borrow.

This way you will be ready to act as soon as you see something your keen to buy, with your lender quickly able to give you final approval for your purchase if you meet all of the necessary criteria.

ENGAGE A CONVEYANCER OR SOLICITOR

To undertake the conveyancing work for your purchase you will need to engage a solicitor.

Solicitors are often recommended when Contracts are not straightforward and are likely to require complicated legal work. However, as experienced conveyancers specialize in conveyancing work, they are ideal in most circumstances.

In fact, many law firms employ registered conveyancers to undertake their conveyancing work.

DUE DILIGENCE – PEST AND BUILDING INSPECTIONS

Carry out the necessary pest and building inspections which are an important part of the legal checklist for buying property.

The inspection involves ensuring the electrics and plumbing have been installed to meet requirements, that any renovations have been approved by Council, that the boundaries are in the correct position and that any pest issues are identified.

HAVE YOUR DEPOSIT READY

If you are buying a property by private treaty, you will usually need to pay the deposit upon exchange of the Contracts.

Make sure you have the deposit organized several days in advance if possible, to avoid any complications.