Buying A Home Or Other Residential Property - Initial Advice

Buying a home involves an area of law, known as residential conveyancing, where you cannot afford to make mistakes. Unless you have the time, and the necessary skills and knowledge, you should have a solicitor or residential conveyancer do it for you.

Residential Conveyancing is the branch of legal practise, where home titles are examined to ensure the legal conveyance of the title of the home from one person to another.

PRELIMINARY ISSUES.

Buying a home or any other residential property is an important decision for everyone. It doesn't matter whether you have done it once, or many times before. Home buying requires careful planning. Mistakes can cost you thousands of dollars. So, unless you can afford to lose money, you have to plan carefully to minimise your risks.

This is preliminary advice and tips on home buying to help guide you through the process and advise you as to the things you should think about and plan before you start home buying. It will help you understand some of the terms used, the costs of buying the home, the on-going costs, the initial steps in home buying, and what other people may be involved.

This advice is based on purchasing in New South Wales, however, many of the principles apply in any Australian State, even though the practise will vary from State to State.

The major questions when buying a home are:

Affordability?

Home Loan?

Loan Interest?

Stamp Duty?

Click for a detailed discussion on affordability.

Click to learn more about the home loan and interest.

There is a process in buying a home. It is very handy to understand how it works.

Click, if you would like more information on the process of buying a home.

There are a number of different professionals who can help and advise you.

Click, if you would like to learn more about the professionals who can advise and help you when buying a home.

When you purchase real property, you will be entering into a legal relationship with the vendor. This comes about through the contract for sale.

Click,if you would like to discover more information about what the contract for sale contains.

After you have finally agreed to buy the home, you need to exchange contracts.

Click,to learn how a contract can be exchanged .

STAMP DUTY

Unless you are buying your first home, and entitled to a stamp duty exemption, you will have to pay stamp duty on the purchase. This is a tax imposed by the State Government. This is a cost that has to be paid before you can settle on the purchase of a home. This is a one off payment, but it needs to be budgetted for.

If you are buying your home, and not entitled to an exemption, click to find out how much stamp duty you will pay in NSW.

Buying your home is called conveyancing, and is an area of law, where if mistakes are made, it can cost a lot of money. Unless you have the necessary skills and knowledge, and the time, you should get a solicitor or residential conveyancer do it for you.

Contact:

Phone 02-4333 5313        Fax 02-4333 5144