Planning on buying a propery in Sydney?
Deciding to buy a property is one thing. But what many new Sydney home buyers find equally daunting, is the actual process of settling on the property.
This involves legal, finance, and of course dealing with the time pressures associated with cooling off periods and legal settlement without issue. And that’s why a conveyancer is so critical to your home buying process.
So what do you need to watch out?
We spoke to our very own Top 3 Local Choice member Sydney conveyancers on critical information you need to know.
Before signing the contract for sale
You can sign a contract with a vendor and request for amendments but the vendor does not have to agree or honour the requested changes.
This is why it’s important to call a conveyancer before you sign anything. You can negotiate the terms and make sure that it is accepted by both parties.
Contracts and cooling off period
A Sydney conveyancer or your real estate agent can arrange for the signing of the contract under a cooling off period. Normally, this takes five days but you can request for a longer period provided that your banker or mortgage broker believes a longer period is necessary.
Your conveyancer can explain the contract to you and liaise with your mortgage broker/banker to make sure everything is right.
This review will help you determine whether you’re ready to commit to the purchase.
This means you need to act quickly. You should arrange your conveyancer as early on as possible in the process so that you don’t lose critical time during the cooling off period.
After the contract exchange
You’ll have to meet your mortgage or loan broker/banker to sign the mortgage documents.
You will need the help of a conveyancer to liaise with the bank and provide all the documentation needed to prepare your loan.
Following these, you can discuss the settlement process with your conveyancer and finally take legal ownership of your new home.
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