Buying a property

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Buying a property: What steps are involved?

Examine the contract and other sale documents.

After you have done all your searching and think you have found a property, the first thing to do is examine the contract and other relevant documents. The principle of buyer beware applies to land contracts. This means that particular caution should be adopted by purchasers and that expert advice should be obtained regarding the range of certificates that may be relevant to a particular property.

Examine the property

You should have the property measured to ensure that boundaries and size are both accurate and, determine the availability of services.

Understand Insurance

There are statutory provisions which state that, where the land/dwelling to be purchased is damaged prior to settlement, the purchaser has the right to rescind the contract.

Cooling Off

In select instances, legislative provisions require a cooling off period after the purchaser signs the contract, but before settlement.

Between signing and settling

This stage of the process is generally conducted “behind the scenes”. It involves the acquisition of all necessary documentation, certificates, forms and conduct of final inspections. These tasks are usually completed by your conveyancer, however, you may be required to answer specific queries, or give instructions where circumstances demand it.

Settlement

The final step is the settlement at which time the Purchaser takes possession of the Property and the vendor (or their agent) receives payment – usually in the form of a bank cheque.

The Conveyancer

Generally, your conveyancer will do a number of things to assist during this busy time. These can be looked upon as either advice or services.

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