Australia is undergoing a difficult time right now. Covid-19 has wrought havoc across all sectors, from the employment sector to the real estate sector. Despite that, now is a good time to purchase your first home, especially if you have a reliable income. But for first-time buyers, purchasing a property is fraught with pitfalls. That’s why you need a conveyancer on your side.
According to SQM Research, house prices could plummet by 30% if countrywide restrictions continue throughout Australia for the next six months. If you were looking to purchase your first home before Covid-19 struck, then the drop in price and competition makes this a good time to continue your search.
But purchasing a home is complicated. The legal side of things can overwhelm you if you aren’t prepared. With the help of a conveyancer, you can negotiate your way through the mountains of paperwork to the successful purchase of your first home. A conveyancer can help you in many ways.
1. To make sense of the paperwork
From pre-contract to post-completion, you’ll encounter various types of important paperwork and legal documents. Documents such as the contract of sale and for the transfer of land, among many others, can be difficult to understand. It’s important that you know when to prepare these documents and where to send them. A conveyancer takes care of all the paperwork for you.
2. To examine the contract of sale and identify hidden conditions
The contract of sale is the most important document in the property-purchase process. Only once you are completely happy with its terms and conditions should you sign it. But if you aren’t familiar with legal jargon, you might overlook a detail that requires you to pay an additional sum in the future, for example.
And when faced with an experienced property seller and their conveyancer, going over the contract together can be daunting. A conveyancer will remove all uncertainty.
3. To arrange for important property surveys and inspections
A conveyancer can also arrange a home and pest inspection for you before you commit to purchasing a property. This will identify any problems with the property. Sellers won’t always tell a potential buyer about existing issues with their property. It’s up to you, the buyer to find out for yourself before you commit to a purchase.
4. To ensure that you have the financial aspects covered
There are many financial aspects of a property purchase that first-time buyers aren’t aware of without expert guidance. For example, buyers pay for registration, surveys and stamp duty during the purchase process. And these are just three examples of the various costs that first-time buyers generally aren’t aware of.
5. To research properties and uncover potential issues
Not only can a conveyancer help you find a property that meets your expectations — and budget — but they can also check it for potential problems. They’ll do a thorough check on your chosen property’s background to ensure that there will be no issues in future with the council or neighbouring properties.
6. To keep you up to date with each step of the process
With a conveyancer on your team, you’ll never be unsure of what comes next. This is crucial when you are working with multiple people, such as the seller, your bank manager and the real estate agent. Their guidance is crucial if you are unfamiliar with the intricacies of property purchase.
Are you about to enter the property market to buy your first home? Then you need the services of an experienced and qualified conveyancer to see you through the purchasing process smoothly. Contact Wealthsource Legal today, and we’ll use our decade of professional experience to help you secure your dream home in these trying times.