Purchasing a home or investment requires sound legal advice. There are, however, a number of things which you as a buyer need to know about generally, such as legal fees, finance approval time frames and rescission, which is what I propose to touch on in this article.
I am a Melbourne based lawyer named Glenn Duker who has conveyancing experience.
The first item on the agenda is the issue of Solicitor's Legal Fees and Sundries (Conveyancing Melbourne). It is most advantageous that you are up to speed on the method used to calculate legal fees for your matter. You are best to seek out a fixed fee service for the legal conveyancing work which will be done on your behalf; you would be prudent to understand the whole costing procedure before appointing a conveyancing lawyer. Be prepared also for other standard costs, for instance stamp duty, titles office fees and , if you choose, a building and/or pest inspection.
It is very important to obtain an unconditional finance approval early on and in anticipation of settlement (Conveyancing Melbourne). Although a conditional approval is good, an unconditional approval is imperative. Although you may meet lending criteria, plenty of time needs to be left available to finalise this process. If you end up not being ready to settle on the settlement date, the vendor will most likely expect penalty interest, which is a matter at the seller's discretion if the delayed settlement is the buyer's fault. This happens not infrequently.
Lastly, I want to make mention of the Notice of Rescission (Conveyancing Melbourne). If you are late under the terms of the Contract - whether it is being late for settlement or late paying the deposit - the lawyer for the vendor may be asked by the vendor to issue a Notice of Rescission. You have not more than 14 days in Victoria to remedy a Notice of Rescission, which if not complied will result in the Contract ending automatically. These are more common in a booming market when the seller wants to sell to someone else at a higher price. For instance, in the case of an off the plan purchase, you may not get an extension of settlement because in a rising market the value of the property may have risen not insignificantly. Thus be very organised.
Purchasing a property does not have to be a headache. Only remember to be aware of your legal fees at the start and make sure you can settle on time. Please note that this short article is designed to be informational only. Seek legal advice about your personal situation.
I am a Melbourne based lawyer named Glenn Duker who has conveyancing experience.
The first item on the agenda is the issue of Solicitor's Legal Fees and Sundries (Conveyancing Melbourne). It is most advantageous that you are up to speed on the method used to calculate legal fees for your matter. You are best to seek out a fixed fee service for the legal conveyancing work which will be done on your behalf; you would be prudent to understand the whole costing procedure before appointing a conveyancing lawyer. Be prepared also for other standard costs, for instance stamp duty, titles office fees and , if you choose, a building and/or pest inspection.
It is very important to obtain an unconditional finance approval early on and in anticipation of settlement (Conveyancing Melbourne). Although a conditional approval is good, an unconditional approval is imperative. Although you may meet lending criteria, plenty of time needs to be left available to finalise this process. If you end up not being ready to settle on the settlement date, the vendor will most likely expect penalty interest, which is a matter at the seller's discretion if the delayed settlement is the buyer's fault. This happens not infrequently.
Lastly, I want to make mention of the Notice of Rescission (Conveyancing Melbourne). If you are late under the terms of the Contract - whether it is being late for settlement or late paying the deposit - the lawyer for the vendor may be asked by the vendor to issue a Notice of Rescission. You have not more than 14 days in Victoria to remedy a Notice of Rescission, which if not complied will result in the Contract ending automatically. These are more common in a booming market when the seller wants to sell to someone else at a higher price. For instance, in the case of an off the plan purchase, you may not get an extension of settlement because in a rising market the value of the property may have risen not insignificantly. Thus be very organised.
Purchasing a property does not have to be a headache. Only remember to be aware of your legal fees at the start and make sure you can settle on time. Please note that this short article is designed to be informational only. Seek legal advice about your personal situation.
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To find out more or if you thinking about getting legal advice for your purchase, go to Conveyancing Melbourne. To find out more about the purchase process, please go to: Conveyancing Melbourne - Residential Purchase.
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