3 Important Steps For First Time Property Buyers

At Tonkin Law, we understand that investing in your first property is often one of the most significant choices any of us will make in our lives. Whether a first-time buyer or someone well-versed in investing in property, you will want to make sure you have access to a team of specialised professionals who can help you make the right decision. Beyond just your real estate agent, you’ll want your network to include property lawyers, building inspectors and an expert in conveyancing in Melbourne.

Having access to a specialised network can be incredibly beneficial and give you peace of mind. You can rest assured that all legal aspects are taken care of, and you can focus on your future home.

As leading property lawyers, we understand that handling the process of property transfer can be a complicated process, especially for first-time buyers. Not only will the process require a lot of research and planning, but you will want to make sure you don’t run into any major issues along the line.

Engaging a network of experts on property and conveyancing in Melbourne is well worth the investment.

Step 1 – Do Your Due Diligence

So, you may already have a property in mind that meets all of your criteria. At this time, it’s imperative to ensure due diligence is carried out before submitting an offer to the Vendor’s agent.

Contact your conveyance specialist and review the Contract of Sale. This will enable you to consider any significant clauses regarding a deposit amount and settlement period. It also provides the opportunity to negotiate on any pain points.

You may also want to contact a pest & building inspector who will give a full building report. This will highlight any future issue you may have with the property.

Then, you can make your offer.

Step 2 – Contracts & Cool-Off

Once your offer has been accepted, your property lawyers will help you finalize and sign the contracts. Your deposit will be required, contracts will be exchanged, and that’s when your cooling-off period will begin.

In Victoria, a cooling-off period of 3 days applies. During this period, you can withdraw your offer and opt out of the sale. Especially in these cases, it’s good to have a team like Tonkin Law on your side.

Step 3 – The Settlement

During the settlement stage, the purchase will be concluded, the property title is transferred, and the keys are handed over.

Make sure you choose the right team when you decide to invest in property. Contact Tonkin Law today and know that you can rely on our property lawyers and experts in conveyancing in Melbourne. Call us on (03) 9435 9044.

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