BUYING A PROPERTY

What an exciting time for you! Buying a property is one of the greatest achievements of your life. It is also likely to be the most expensive so please consider legal advice before buying.

Conveyancing is the legal term for transferring ‘title’ of a property to someone else. If buying by private treaty, it usually involves inspecting a property, getting a copy of the contract, getting advice from your lawyer about the contract and, if you want to buy it, paying a deposit (usually 10%) on exchange of the contract.

Once you’ve exchanged the contract, there is usually 42 days/6 weeks to ‘settle’ or ‘complete’ the sale. This is when the balance of the deposit is paid and you receive ‘title’ to the property.

How much does it cost?

There are 2 components: solicitor fees and disbursements. Disbursements are things like government searches for the property. These charges vary depending on the area you’re buying your property. Vania Holt Legal can explain the costs in detail.

What if I purchase at auction?

As there is no ‘cooling-off’ period for buying a property at auction, you need to be prepared on the day to go ahead. You will need advice on the contract. Just in case you are not successful at the auction, we will not charge the whole fixed-fee – that would be unkind! Vania Holt Legal provides an advice service on auction contracts of $400 + GST.If you are successful at the auction and thus want to engage us as your lawyers, we will apply this charge to the fixed-fee cost of $1100 + GST. You may also be required to pay for property searches, etc, and we will advise you of the cost of these.

Can it be done online or do I have to come into the office?

Everything (except the inspection of the property) can be done online. Since COVID-19, the governments in Australia amended the law to allow certain documents to be signed online or over video.

If you would like to meet in person instead, that’s totally fine. We can come to you or you can meet us at our office – the choice is yours.

How Secure is it online?

Security is absolutely imperative for Vania Holt Legal and we have invested heavily in secure technology. For example, we use SecureXchange to sign the contract online.

We have partnered with INFOTRACK who provide security for fraudulent activity up to $500,000. PEXA is the online platform for conveyancing now in NSW and we are partners with PEXA.

What do I do now?

If you are thinking of selling your home, contact Vania Holt Legal for a free 20-min consultation to discuss next steps. You can reach us on 0425 736 057 or at vania.holt@vaniaholt.com.au

We have an office in Maitland but can meet you at your office if that is more convenient.

Click through to our book now to get in contact with us schedule an appointment now.