Forum Replies Created
Namaste,
I am going to add a few things to your great reply to Ivana’s post. Forgive me if I change it a little. Also excuse my capitals but I want my reply to stand out. [
]Q Do you hire a solicitor or Conveyancer and what do they do exactly?
A Depends what state you are in. A solicitor can handle all the paper work, paying of fee’s and transfering of monies once you have put an offer on a house. You can also get them to look over the offer document before you sign. In some states you can use a “settlement agent”. I don’t know much about conveyancers – I have only used them to value a building and its fixtures/fittings for tax purposes.IN NSW A CONVEYANCER CAN HANDLE THE TRANSACTION AND IS CHEAPER THAN A SOLICITOR. IF SOMETHING GETS MESSY YOU WILL WISH YOU’D USED THE SOLICITOR.
Q Do you hand over a deposit cheque to the vendor before or after your loan is approved?
A Pre-approval is the best but if you don’t have that and you want to sign a offer document then ensure it has the clause “subject to finance approval” on it and take it to a solicitor/settlement agent before signing.TRUE. BUT THE DEPOSIT CHEQUE GOES TO THE SELLING AGENT WHEN YOU EXCHANGE CONTRACTS. IN NSW IT IS 10% UNLESS OTHERWISE NEGOTIATED.
Q Can you pay stamp duty on the day you settle?
A Yes. This is one of the things the solicitor/settlement agent should handle for you.YES. YOU CAN ALSO PAY IT UP TO 3 MONTHS LATER. CHECK THAT YOUR LENDER WILL ACCEPT THIS. ONCE AGAIN THIS IS NSW.
Q Can you pay for legal fees on the day of settlement?
A Same as above.YES. THEY WILL INSIST THEY BE PAID ABOUT A WEEK PRIOR. BUT IF YOU USE YOUR REGULAR SOLICITOR THEY WILL BE A BIT LESS STRICT ON PAYMENT.
Q Do you have someone survey the property before you actually buy it, or just after you sign the deposit cheque?
A Depends on what you mean by survey. If you are talking a building inspection report for faults or structural problems, once again make sure you have a clause “subject to satisfactory building inspection report” on the offer document before signing and handing over money. If you talking about having the building surveyed for tax purposes I do this after the settlement. BUT be aware of issues related to the depreciation rate allowable on some older buildings. Its a subject on it’s own and if you do a search of the forum I’m sure you will find some info on it.THERE IS ALSO A SURVEY ON THE ACTUAL LAND AND BUILDING WHERE SOMEONE MEASURES ALL THE BOUNDARIES. SOME LENDERS INSIST ON THIS BUT USUALLY IT IS YOUR CHOICE.
Q Can someone out there be kind enough to list s simple step by step process of the whole transaction of buying a house. From making an offer to leasing it out!!!!!?
A That will take me some time as I said I’m not that experienced and I fear I will miss a step or two. I will wait to see if someone with more experience can help us both with that one.My advice is to take it slow. There’s no rush. There will always be another property down the track so if you miss out on one because you take your time over getting everything right don’t worry. After you have done a few you will get faster and faster at it – so I’m told. Til then softly softly…
EXACTLY….THE DEAL OF A LIFETIME COMES AROUND PRETTY OFTEN.
Regards,
Karan.WELL DONE KARAN!!!
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I think they may be going through some major restructuring atm [
]I haven’t heard much from them for a year or so now.
Nivia was a particularly dynamic individual but I also heard she had to take a back seat for personal reasons. Hope she is back soon.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
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