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Home | Property & Conveyancing Law | Buying & Selling Property

Considering Buying or Selling a Property?

Buying and selling your home or investment property is a very significant step in your life. There are many factors has to be considered and knowing your rights and obligations in these matters is of the great importance. Real estate is probably going to be the biggest financial venture during your life.

Tuner Freeman Lawyers can offer you experienced specialist property lawyers to assist you in your property dealings. Whether you are buying or selling a house, borrowing or refinancing a home loan; – we can provide you with prompt, concise and easily understood advice throughout and help to make your property transaction as smooth and rewarding as possible. There are very important steps in this process of buying or selling your home.

Our Buying or Selling a Property Process

FAQ

If I am selling my house, do I have to have a contract ready?

If I am selling my house, do I have to have a contract ready?

Yes. Neither you nor an agent can advertise a house for sale unless there is a contract available for the buyer to inspect.

Do I have to engage an estate agent to sell my house?

Do I have to engage an estate agent to sell my house?

No. Most people however find it easier to have an agent find a buyer for them. If you do, you must sign a contract with the agent that must specify amongst other things, the charges the agent will make, the agent's opinion of the value of your house and your expectations as to what price you will accept.

What are cooling off rights?

What are cooling off rights?

These entitle a buyer to cancel a contract within 5 business days of signing the contract. It is designed to apply when the contract has been signed with the agent and before legal advice. If you cancel the contract you forfeit 25% of the total price.

When I sign a contract, do I have cooling off rights?

When I sign a contract, do I have cooling off rights?

Not always. Cooling off rights do not apply in all situations and do not apply to non residential properties. You must always ensure you are aware of your rights in this regard.

Do I have to have a pest and building inspection of the house I want to buy?

Do I have to have a pest and building inspection of the house I want to buy?

No. However, you should remember that whatever house you are looking at buying will be sold to you "as is" with all its faults whether you can see them or not. It is highly advisable that you have the inspection done before you commit to buy, as if faults show up later you have no recourse against the seller and will have to proceed with the contract.

Do I need to have finance approved when I exchange contracts?

Do I need to have finance approved when I exchange contracts?

It is very important that buyers ensure that they have an approval before exchange. Firstly; you are assured that you have the money to complete the contract and secondly you will know the terms on which the money will be lent. Most contracts have time limits for settlement. If, as a buyer, you cannot settle at the due date, you run the risk of losing the property, losing your deposit and being sued for breach of contract.

What about home insurance?

What about home insurance?

For a residential property, the risk doesn't pass to you when you take early possession. However, you should make early arrangements to have home insurance in place so that it takes effect on the settlement date. If you are borrowing your insurance will also need to nominate your lender.

What should I do before settlement?

What should I do before settlement?

The contract gives you the right to one pre settlement inspection. You should arrange for this as near as possible to the settlement date. The house should be in the same condition as it was at exchange of contract subject only to reasonable wear and tear. If the property has been damaged or altered since, then you should advise your agent immediately.

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