Buying a home is one of the most exciting and rewarding, albeit possibly stressful things you will ever do. It is vital that you seek legal advice from someone experienced in property law.
Before You Buy
The first decision you will need to make is in regards to financing your purchase. Make sure you read everything thoroughly, from the finance offer letter which sets out the fees and charges to which you will be liable under the loan agreement, to the actual mortgage and any other security documents.
Once you have found a property you like, you should consider arranging a pre-purchase building inspection report and perhaps a pest inspection report. These are written reports about the condition of the property and help you find out any potentially costly problems.
Auction & Signing the Contract
Most properties are sold via auction. If you are the successful bidder at the auction, you will be required to sign the Contract of Sale and Vendor’s Statement. You will also need to pay a deposit, which is usually 10% of the purchase price.
On the settlement day, your lawyer will attend a meeting that will include the vendor’s lawyer as well as any lenders involved and the funds will be handed over in exchange for the title and the keys. Stamp duty needs to be paid at this point and the transfer documents will be lodged at Land Victoria and you will become the legal owner of the property. Congratulations!