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Buying Property

Buying a home is one of the most stressful and expensive things you will ever do. It’s vital that you seek legal advice from someone experienced in property law and who knows the area.

Before You Start
The first round of decisions you will likely need to make is in regard to finance. Make sure you read everything thoroughly, from the pre-contractual statement which outlines the fees and charges to which you’ll be subject to the actual mortgage contract itself. Remember you are entitled to legal advice and are under no obligation to sign anything on the spot.

Pre-purchase Inspections
Once you have found a property you like, you will need to arrange a pre-purchase building inspection report and perhaps a pest inspection report. These are written reports about the condition of the property and helps you find out any potentially costly problems. You may be able to use this information to negotiate a reduction in the purchase price. If you’re not sure who to trust to do this inspection, talk to your lawyer. They will be well aware of which inspectors are worth hiring.

Making an Offer
If you’re happy to proceed, you can make an offer. You might be asked to pay a small sum as an initial deposit, but this is fully refundable if you don’t end up signing the contract. It does not mean that the property is yours yet either, as the agent can take other offers.

Signing the Contract
If your offer is accepted then take the contract you’ve been given to your lawyer/conveyancer and discuss your situation with them. There may be several things that can be negotiated in your favour, and you need to be absolutely clear on your rights and responsibilities before signing.

When you do sign the contract you will need to pay the 10% deposit, unless your lawyer/conveyance/settlement agent has negotiated a special condition otherwise. This is held with the real estate agent and is released to the seller after the property is settled. If you don’t have 10% available your lawyer/conveyancer can advise in regard to getting a deposit guarantee in lieu of the cash.

Settlement
After the contract has become binding, your lawyer/conveyancer has a number of tasks to perform including:

  • Arranging payment of stamp duty
  • Liaising with the lender in regard to the mortgage
  • Checking with various government authorities to see if they have a vested interest in the property
  • Checking to see if there are any outstanding debts to local council
  • Calculating adjustments for council, water and strata rates
  • Making final checks on the title

On settlement day your lawyer/conveyancer will attend a meeting that will include the seller’s lawyer/conveyance/settlement agent as well as any lenders involved and the funds will be handed over in exchange for the title and the keys.

Contact us to discuss the specific property you are considering buying.

We guarantee our costs are equal to, or less expensive, than any local settlement agent or lawyer. When buying or selling a property, it is also often timely to ensure your legal affairs are in order. Clients who complete their settlements receive a ‘legal health check’ which includes a substantial discount on wills and enduring powers of attorney.

COMMITMENT, EXPERIENCE, EXPERTISE, RESULTS

Petherick Cottrell is a Mandurah based firm of experienced, proficient and friendly lawyers committed to servicing your individual and business legal needs.

As a client of Petherick Cottrell, you will be benefited by our wealth of knowledge and professional experience as we protect and actively advance your interests in all areas of law.

Our Advantages

  • Top tier law firm experience, but at a local competitive price
  • Client focused
  • Outcome driven
  • Growing and innovative firm committed to quality practice
  • Friendly, professional and approachable staff

Our Services

  • Employment and OHS Law
  • Family and Divorce Law
  • Criminal Law
  • Wills, Estates and Probate
  • Property and Business Law
  • Civil and Litigation

Contact Us

62B Pinjarra Rd Mandurah WA 6210
PO Box 1891 Mandurah WA 6210

08 9535 4604
08 9535 4603
admin@petherickcottrell.com.au

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