Conveyancing for Home Buyers
At Berryman Partners we understand that purchasing a property is one of the biggest financial decisions you will ever have to make. The consequences of getting it wrong will often be costly, time consuming and heart breaking. Often you are under pressure to make a decision, trying to sort out your finance and feeling overwhelmed. That’s why it’s crucial to get the right professional advice as soon as possible.
We are here to help you and ensure that the process is as smooth as possible and we make ourselves available to help guide you through the whole process.
There is no cost to call us and get the right advice as you begin the process of purchasing your home. Get it right to begin with and your purchase will be smooth and trouble free.
There are several things you need to consider when you begin your purchase.
Before Contracts are exchanged
Up until contracts are exchanged the property is not secured for you and could still be purchased by someone else. Exchange of contracts is where signed contracts, identical in terms are exchanged and dated. Only once contracts are exchanged is the seller legally bound to sell the property, until that time negotiations can be entered into with any number of prospective purchasers. We can help you keep this process moving as quickly as possible to minimise the chances of missing out on the property you want to buy.
You need to ensure that your application for finance is under way. Pre purchase inspections need to be organised such as Pest and Building Reports, and we can organise these on your behalf.
How are Contracts Exchanged
This generally occurs in two ways. Firstly the agent may want you to sign the contract and they will exchange contracts immediately. They will also require you to pay a deposit equal to 0.25% of the purchase price. If this occurs the property is secured and you have the benefit of a 5 business day cooling off period commencing the next business day after exchange. During this time the purchaser can pull out of the contract for any reason and not continue with the purchase, however the 025% deposit paid will be forfeited. The seller does not have the benefit of the cooling off period. If contracts are exchanged by this method then the cooling off period is the time during which you need to obtain your finance approval and inspection reports. We would strongly suggest that prior to the exchange of any contract you arrange for us to review the contract on your behalf which we can do quickly and efficiently.
The second way contracts are exchanged is between solicitors representing both parties. Typically once your offer has been accepted the agent will send a sales advice to both parties solicitors and the seller’s solicitor will then prepare the contract and forward it to the purchaser’s solicitor. Pre-purchase inspection reports are ordered and finance approval should be obtained. We will review the contract on your behalf and provide advice on the terms and conditions, how they will affect you and negotiate on your behalf any alterations as may be required to protect you. Contracts are then exchanged between the solicitors, the required 10% deposit is paid by way of cheque, cash or deposit bond and both the seller and purchaser are legally bound to the contract, subject to the cooling off period.
After Contracts are Exchanged
The standard period from exchange to settlement (settlement is when the balance of the purchase price is paid and you receive title to the property) is generally 35 or 42 days. During this time we will carry out the necessary property and title searches to ensure you receive good title to the property. Your lenders mortgage documentation will be signed and we will make sure your lender has the funds ready for settlement. We take care of everything on your behalf so you can collect the keys from the agent following settlement, move in and enjoy your dream home.
Our Property and Conveyancing team at Berryman Partners Lawyers will take care of the whole process for you and provide all the information and assistance you need. There is no cost to call us and get the right advice as you begin the process of purchasing your home or investment property. Remember get it right to begin with and your purchase will be smooth and trouble free.