Purchasing a Property
If you have already entered into a contract for purchase, the conveyancer should be asked any technical questions during a 'cooling off' period (if applicable) - it is then easy to start again if original contract needs alterations.
There are now two grants available to First Home Buyers, the Federal Government Grant is $7,000, whilst the State Government Grants kicks in $4,000. Both are similar in their application and both amounts are produced at settlement along with loan monies. The State Government initiative cuts out totally at $450K and reduces at rates of 8 per $100 of purchase price between $400K to $450K.
Again a typical transaction includes liaison with purchasers, lenders, vendors conveyancer etc. Net loan amounts (bank deduct their fees from gross loan) are then shown on your statement.
Sale of Property
When a real estate agent has successfully marketed your property and found a buyer a formal Contract of Sale will be entered into by both vendor (you) and purchaser (buyer).
The Law does not allow your agent to do the settlement part and so an agent needs to know who you want to use as a conveyancer. If you do not have anyone in mind you can choose to shop around (via the Internet for example) or you can ask an agent; bank manager finance broker for a recommended conveyancer.
Remember the Choice is Yours.
Once appointed, a conveyancer will if property is currently mortgaged set about obtaining payout amounts from the lender. All rates and taxes will be looked as to their current state. A tax invoice or settlement statement like the example 'Sales Invoice' will be provided showing all costs of sale etc. The conveyancer needs to liaise with many people during a transaction and upon satisfactory settlement will advise the selling agent of completion of proceedings.
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